News

The Model S is the world’s first premium sedan built from the ground up as an electric vehicle and has been engineered to elevate the public’s expectations of what a premium sedan can be. Model S has received many of the industry’s most prestigious awards and accolades during its first year on the market.

By Gary Ambrosino, president, TimeTrade

The November Consumer Confidence Index made headlines as the numbers slumped to the lowest point within the last six months. On the surface, this could cause concern for retailers this holiday season. However, when you’re in a store, how often do you actually think about an economic indicator when you’re deciding how much to spend?

Anaheim, Calif. – Pacific Sunwear experienced explosive growth in net income during the third quarter of fiscal 2013, skyrocketing to $17.2 million from $948,000.

Net sales fell 4% to $206.6 million from $215.5 million, while same-store sales grew 1%.

Pittsburgh – American Eagle reported disappointing results for the third quarter of fiscal 2013. Net income plummeted 68% to $24.9 million from $78.6 million, missing Wall Street projections.

Total net revenue of $857 million decreased 6% compared to $910 million last year. Same-store sales fell 5%.

Waldorf, Germany -- Black Friday social mentions more than doubled those of Cyber Monday this year. But a new infographic from SAP shows that consumers felt the most excited and happy about Cyber Monday.

Hoffman Estates, Ill. – Sears Hometown and Outlet Stores reported mostly negative financial results for the third quarter of fiscal 2013. Net earnings fell about 12% to $7.69 million, from $8.76 million.

A 2% decrease in same-store sales and unfavorable calendar shift due to the 53rd week in fiscal 2012 offset slight growth in net sales to $561.1 million from $556.9 million.

Nashville, Tenn. – Genesco’s net earnings fell 34% to $27.7 million, from $42.1 million during the third quarter of fiscal 2013 for Genesco. The company also reported a slight increase in net sales, to $666.3 million from $664.4 million, during the same period.

Columbus, Ohio – Big Lots reported a net loss of $9.5 million for the third quarter of fiscal 2013, up from a net loss of about $6 million in the year-ago period. The retailer also said it will exit the unprofitable Canadian market, which it entered through an acquisition in 2011.

Net sales grew about 2% in the same period, to $1.15 billion from $1.13 billion, and consolidated same-store sales declined about 2.5%.

Washington, D.C. -- The retail industry will lose an estimated $8.76 billion to return fraud this year, and $3.39 billion during the holiday season alone, according to the National Retail Federation’s 2013 Return Fraud Survey. Overall, 5.8% of holiday returns are fraudulent, up slightly from 4.6% last year.

Hoffman Estates, Ill. — In a not-so-unexpected move, Sears Holdings Corp. on Friday said it had filed to spin off its Lands' End unit.

Sears has been selling or spinning off assets during the past few years as it struggles to turn around its business. The company sold its Orchard Supply Hardware Stores and its Sears Hometown and Outlet Stores businesses last year. In October, Sears said it would consider strategic alternatives for its line of auto centers. Sears also is selling some store leases in Canada.