News

Fans of rapper Wiz Khalifa’s line of Converse shoes will have more to choose from this fall.
 
The shoemaker announced that it would unveil a collection of shoes inspired and designed by the rapper for the upcoming season. The new line is Kahlifa’s second collaboration with Converse, and will feature a new twist on the classic Chuck Taylor shoe — the All Star ILL.
 

Grapevine, Texas -- GameStop Corp. on Thursday reported a second-quarter profit of $24.6 million, up from $10.5 million in the year ago period.

Revenue rose 25% to a better-than-expected $1.73 billion, helped by new game releases as well as solid sales of gaming hardware.

Secaucus, N.J. -- The Children's Place, Inc. reported a loss of $10.7 million in the quarter ended Aug. 2, compared to a loss of $23.6 million in the year-ago period. Sales edged up to $384.6 million, from $382.4 million for second quarter 2013.

Same-store sales increased 0.8%.

Jif is rolling out two new varieties of its new Jif To Go Dippers with a social media contest. To promote the new product, which pairs two varieties of peanut butter comes in two varieties—chocolate peanut butter with chocolate flavored spread, and creamy peanut butter — with pretzels, the company has launched the #GetGoing photo promotion.

Hoffman Estates, Ill. -- Sears Holdings Corp. on Thursday reported a bigger-than-expected loss in its second quarter – the retailer’s ninth consecutive quarterly loss – amid weak sales. The retailer also announced it may close additional stores on top of the 130 closures already underway this year.

Sears also said Thursday the company plans to explore options with lenders to achieve more long-term capital-structure flexibility in the coming six to 12 months.

Four years after it opened its first location in New York City, teen and pre-teen bargain retailer Five Below is set to open its first location in Brooklyn at the borough’s Gateway Center Aug. 29. The 7,500-sq.-ft. store will feature all of the company’s merchandise, all priced at or below $5.

Minneapolis -- Target Corp. on Wednesday reported a 61.7% drop in Q2 earnings. The chain also lowered slashed its annual profit outlook as it continues to deal with weak results in Canada, sluggish U.S. sales and the lingering effects of its data breach.   

Target earned $234 million in the quarter ended Aug. 2, down from $611 million in the year-ago period.

Revenue rose 1.7% to $17.4 billion, slightly above the $17.38 billion analysts had expected.

Pittsburgh -- American Eagle's second-quarter net income was down 70% amid weak sales. But its results were better than analysts estimates.

For the period ended Aug. 2, American Eagle Outfitters Inc. earned $5.8 million, down from $19.6 million a year earlier.

Revenue decreased 2% to $710.6 million from $727.3 million, topping estimates of $689.5 million. Same-store sales fell 7%.