News

Framingham, Mass. -- TJX Cos. reported Tuesday that net income for the quarter ended Oct. 27 rose to $461.5 million, from $406.5 million last year.

Sales rose 10.7% to $6.41 billion; same-store sales climbed 7%.

The parent to T.J. Maxx and Marshalls said it expects same-store sales during the holiday quarter to be flat to up 2%.

Minneapolis -- In his Tuesday address to investors and stockholders in New York City, newly minted Best Buy Co. CEO Hubert Joly acknowledged that sales and profits are on a decline, and presented a plan to shore up finances and operations by cutting expenses, rethinking footprints and improving both offline and online customer satisfaction. Part of the plan involved tapping former Williams-Sonoma exec Sharon McCollam as its new CFO.

Melville, N.Y. -- A&G Realty Partners said Tuesday it has been retained by Charming Shoppes to exclusively manage the resolution of all remaining Fashion Bug real estate leases in the United States.

On June 14, Ascena Retail Group acquired Charming Shoppes and announced plans to cease operating and close down the Fashion Bug arm by early 2013.

"We're pleased to be working with A&G Realty Partners to wind down our remaining Fashion Bug store leases,” said Jonathon Graub, executive VP real estate, Charming Shoppes.

Toronto -- Sears Canada Inc. reported Tuesday a loss of $21.85 million, compared with a loss of $44 million in the same period last year.

Revenue dropped 6.8% to $1.04 billion, and same-store sales slid 5.7%.

DLC Management Corp., based in Tarrytown, N.Y., is one of those savvy shopping center companies that seems to instinctively know what to buy, what to sell, what to redevelop, what to re-merchandise.  

And, most of all, DLC knows what will turn a shopping center on its ear.

Framingham, Mass. -- TJX Cos. reported Tuesday that net income for the quarter ended Oct. 27 rose to $461.5 million, from $406.5 million last year.

Sales rose 10.7% to $6.41 billion; same-store sales climbed 7%.

The parent to T.J. Maxx and Marshalls said it expects same-store sales during the holiday quarter to be flat to up 2%.

Atlanta -- An improved housing market boosted Home Depot in its latest quarter, as the home-improvement retailer reported Tuesday that net income for the third quarter rose to $947 million from $934 million in the year-ago period.

Revenue climbed 4% to $18.13 billion, edging Wall Street’s estimated $17.92 billion in revenue. Same-store sales rose 4.3% in the U.S. and 4.2% overall.

Pittsburgh -- Dick's Sporting Goods reported Tuesday that net income for the quarter ended Oct. 27 surged 21% to $50.1 million, compared with $41.5 million in the same period last year. The retailer cited strong online sales for the improved performance.

Revenue rose 11% to $1.31 billion, just edging Wall Street’s expected $1.3 billion, and same-store sales rose 5.1%. Online sales soared 46.7% in the quarter, comprised of a 3.9% jump at namesake stores and a 2.3% increase at Golf Galaxy.
 

New York -- Saks Inc. reported Tuesday that net income for the third quarter climbed 27.2% to $22.6 million, compared with $17.8 million in the same period last year. Results surpassed analysts’ expectations.
 
Revenue edged up 3% to $713.2 million, widely missing Wall Street’s expected $762.6 million in revenue. Same-store sales rose 3.3%.

By Craig Johnson, [email protected]