News

Swedish clothing retailer H&M will be celebrating the July 17 opening of its museum-inspired Fifth Avenue flagship store with the help of artist Jeff Koons.

The partnership — H&M’s first artist collaboration — will take the form of a handbag that Koons designed in the shape of his famous stainless steel balloon dog sculpture. The handbag will be sold starting July 17 at H7M stores in New York, Dallas, Chicago and Los Angeles.

City of Commerce, Calif. — 99 Cents Only Stores LLC reported net income of $9.57 million in the first quarter of fiscal 2015, up from $897,000 in the same quarter a year earlier. 

Net sales rose $477.9 million, up 7% from $445.2 million in the first quarter of fiscal 2014. 

The drought’s effect on fresh produce in California and the timing of this year’s Easter holiday adversely affected 99 Cents Only Stores’ comparable-store sales in the first quarter of fiscal 2015.

Same-store sales decreased 0.5%, calculated on a comparable 13-week period of the prior year. The company reported net sales of $477.9 million, an increase of 7% from $445.2 million in the first quarter of fiscal 2014.

Wayne, N.J. — Toys “R” Us reported a net loss of $196 million in the first quarter of fiscal 2014, up from a $111 million net loss in the year-ago period, amid a decrease in income tax benefit and  rise in expenses that included investments in e-commerce and U.S. store maintenance. But the struggling retailer saw its sales improve.

GNC financial chief and EVP Michael M. Nuzzo is exiting the company to take an executive position at a private equity funded consumer products company.

Nuzzo will remain with the company at least through July 18, which will include preparation of its second quarter earnings release and 10Q, both of which are expected to be issued on the normal schedule in late July or early August.

The Children's Place has added Susan Sobbott to its board of directors as a Class II director to serve for a three-year term.

BOULDER, Colo. — More shoppers are purchasing private label (store brand) products in 2014 compared to the prior year. According to a recent study of more than 6,200 consumers by Market Force Information, 98% of shoppers purchase private label food items or cleaning products at least some of the time, on the rise from 96% in 2013. 

Walgreens and Paula’s Choice online customers will be getting their orders faster now that they have eBay Enterprise and its regional fulfillment centers at their disposal.

ebay Enterprise said that Walgreens had renewed its agreement that will utilize the Reno, Nevada, fulfillment center to better reach its West Coast customers.