News

Despite a net income drop of 70% in the second quarter ended Aug. 2, American Eagle’s results were still better than analysts’ expectations.

The retailer earned $5.8 million, down from $19.6 million a year earlier. Revenue decreased 2% to $710.6 million from $727.3 million. Analysts expected revenue of $689.5 million in the quarter. Same-store sales decreased 7%.

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%.

New York -- Overstock.com will allow international customers to pay in Bitcoin, beginning on Sept. 1. The move makes the online retailer, which started accepting Bitcoin for domestic orders in January, the largest American retailer to extend the payment option to foreign customers.

Overstock plans to introduce a new payments system on its international website, O.co, that will allow customers to make purchases using the virtual currency, the New York Times reported.
 

PetSmart is exploring strategic alternatives to maximize shareholder value, including a possible sale of the company. The news comes on the heels of its second quarter results, and just a little less than two months after activist investor Jana Partners acquired a 9.9% stake in the company and began looking to make changes.

Staples chairman and CEO Ron Sargent said that the company has more work to do to stabilize its retail business, following a 20% decline in net income to $81.88 million for the second quarter, from $102.53 million in the prior year.

Sargent added that the company will continue taking steps toward improving customer traffic, reduce expenses and close underperforming stores.

Target’s U.S. sales held up reasonably well in the second quarter, but weak results in Canada and expense pressures prompted the company to reduce its full year profit expectations a week after Brian Cornell became chairman and CEO.

Mooresville, N.C. -- Lowe's second-quarter net income rose a better-than-expected 10%, helped by improving weather. But the chain lowered its full-year revenue outlook slightly, citing its year-to-date sales and prior assumptions for the second half.

For the three months ended Aug. 1, Lowe's Cos. earned $1.04 billion, up from $941 million in the prior year.

Revenue increased 6% to $16.6 billion, topping Wall Street's estimates.

Same-store sales were up 4.4%.