News

A five-year plan spearheaded by Walmart, Gap and other U.S. retailers requiring factories in Bangladesh to be inspected within a year is under fire, according to a Bloomberg report.

JACKSONVILLE, Fla. — Stein Mart reported total sales for the five-week period ended July 6, of $109 million, an increase of 2.6% from $106.3 for the prior-year period. Comparable store sales increased 6.5%.

Walmart, Target, Best Buy and other retailers created a cooperative nearly a year ago to develop a mobile payment approach and this week they welcomed another major player to the fold.

BRISBANE, Calif. — Global specialty retailer Bebe reported retail sales of $109 million for the fourth fiscal quarter ended July 6, a decrease of 8.5% compared to $119.1 million for the fiscal quarter ended June 30, 2012. 

Comparable store sales for the quarter decreased 7.1% compared to a decrease of 2.5% in the fourth fiscal quarter of the prior year. The decrease was primarily driven by the negative comparable store traffic during the quarter, with April being the most negative. 

New York -- A Thursday report by Reuters said that RadioShack is considering bringing in a financial advisor to guide the struggling chain toward managing its looming debts and spiraling sales.

According to the report, which cited unidentified sources, RadioShack will hear pitches from financial advisers in the coming weeks, looking for the right fit to deal with $216.4 million in convertible notes coming due August 1, as well as falling sales capped off by a 7.6% drop in the first quarter of 2013.

New York -- Bloomberg reported that Best Buy Co. has increased the size of its first bond offering since 2011 from $350 million to $500 million as it prepares to repay an equal amount of notes due July 15.

According to the report, who cited an unidentified source, the five-year securities may yield 5%; proceeds may be used to refinance debt, fund working capital or repurchase stock.

San Diego -- Warehouse club operator PriceSmart reported Thursday that profit for the quarter ended May 31 rose 18% to $18.5 million, compared with $15.7 million in the year-ago period but missing Wall Street estimates.

Revenue rose 13% to $571.7 million, beating analysts’ expected $568.6 million in sales. Same-store sales rose 9.7%.

By Niclas Qvist, Pricer

New York -- U.S. retailers' June sales suggest overall consumer spending is improving, even though lower-end shoppers are holding back on nonessential purchases. Same-store sales increased 3.9% in June compared to the year-ago period, according to a preliminary tally of 12 retailers by the International Council of Shopping Centers. The association had expected a 3% to 3.5% increase.

Austin, Texas -- Research results released Thursday by coupon site Offers.com found that 67% of U.S. parents with school-aged children plan to spend more than $100 per child on back-to-school shopping this year.