News

To understand what makes Target cool look no further than the Olympics.

Target doesn’t have any stores in London, the United Kingdom or Europe. Its first international stores won’t open until next year and those are located in Canada.

MINNEAPOLIS — July same-store sales at Target increased 3.1%, in line with the company’s guidance.

Target credited an increase in average transaction size as the primary driver of a 3.1% same-store sales increase during the July reporting period. An increase in the number of transactions also contributed to a 3.1% gain that was in-line with the company’s guidance for a low to mid single digit increase on top of a July 2011 increase of 4.1%.

PLEASANTON, Calif. and FRAMINGHAM, Mass. — Retailers of discounted apparel should feel pretty good heading into back-to-school season, as shown by the strong monthly performance of Ross Stores and TJX Cos. With both delivering another month of comps growth, it’s clear value-oriented stores remain popular with consumers.

Sales at Ross increased 12% to $709 million for the month, up from $635 million for same period last year. Comparable-store sales for the month grew 7% on top of a 7% increase last year.

NEW YORK — Many retailers reported better-than-expected results in July as warm weather and clearance sales drew shoppers into stores. Thomson Reuters reported that three-quarters of retailers reported results beat expectations. Costco Wholesale Corp., Target Corp., Limited Brands and Gap Inc. all reported gains above expectations.

WASHINGTON, D.C. — NewBrandAnalytics , a global leader in social market intelligence, has appointed two celebrated names in the world of business service software – Kristin Muhlner and Barton Phillips.
 
Muhlner was named CEO and was appointed to the company's board of directors to serve alongside investment giants, New Enterprise Associates (NEA) and Revolution LLC. Muhlner brings to NewBrandAnalytics 20 years of expertise in building mission critical technology solutions used by Fortune 500 companies.
 

INDIANAPOLIS — Hhgregg's first quarter loss widened to $5.7 million, or 16 cents per diluted share, from a loss of $0.8 million, or 2 cents per diluted share, for the comparable prior year period, thanks to same-store sales decline of 5.1% and increased expenses.

NAPERVILLE, Ill. — OfficeMax reported net income of $10.7 million for the second quarter, besting Wall Street predictions and representing a strong turnaround from last year’s $3 million loss stemming from store closures and severance expenses.
 
Revenue for the quarter slipped 2.7% to $1.6 billion, missing analysts’ forecasted $1.64 billion in revenue. The office supply retailer said it will reinstate its quarterly common stock dividend, which it suspended more than three years ago.

NEW YORK — Avery Dennison's office and consumer products division and the UPS Store have signed on as the inaugural sponsors of  Martha Stewart Living Omnimedia's"American Made," a multimedia celebration of American artists, artisans and entrepreneurs. The program will celebrate 10 rising stars from a range of lifestyle arenas in a special feature in the November issue of Martha Stewart Living.

CHICAGO — Claire's Stores announced that Jay Friedman, president of Claire's Stores North America, has resigned effective immediately. Claire's has commenced a search with the executive recruiting firm of Spencer Stuart to fill the open position.  Until a replacement is appointed, James Fielding, Claire's CEO, will assume Mr. Friedman's duties.

The addition of retired KPMG International chairman Timothy Flynn to the Walmart board gives the retailer some compliance expertise amid ongoing investigations into alleged violations of the Foreign Corrupt Practices Act.