News

New York -- Retailers reported somewhat disappointing same-store sales for September.  While only a handful of chains still report their monthly revenues, the tepid results of those that do raised concerns about the upcoming holiday season.
    
Gap Inc. reported that its same-store sales in September 2013 net sales were down 3% versus a 6% increase for September 2012. Net sales were flat compared with last year, totaling $1.46 billion compared with net sales of $1.45 billion for the year-ago period.

Fremont, Calif. – The Men’s Wearhouse has rejected the unsolicited proposal by Jos. A. Bank to acquire the company for $48 per share, or about $2.3 billion.

Men’s Wearhouse said in a press release that the offer significantly undervalues the company, is inadequate and not in the best interests of the company or its shareholders.

On shelf availability at Walmart and the retailer’s newest technology tool will be the topic of discussion next week when Doing Business in Bentonville hosts an event on October 16 featuring a panel of speakers that includes Walmart’s director of supplier innovations Mike Graen.

The focus of the 7 a.m. to 9 a.m. breakfast session will be Walmart’s SPARC program, an initiative born out of the desire to improve the on shelf availability of products by creating a Supplier Portal Allowing Retail Coverage (SPARC).

Stein Mart experienced strong sales in linens, ladies' boutique, gifts, ladies' career sportswear and women's in September, which bolstered the company’s total sales for the month.

Total sales were $112.20 million, an increase of 7.3% compared to September 2012. Comparable store sales increased 5% compared to last September’s increase of 2.4%.

West Chester, Pa. - Liberty Interactive Corporation plans to create a QVC Group tracking stock as part of a recapitalization of the Liberty Interactive Group tracking stock. The QVC Group class of common stock will track the value of QVC, Inc. and Liberty's approximate 38% interest in HSN, Inc., along with cash and certain liabilities.

The Men’s Wearhouse has appointed Vitamin Shoppe director B. Michael Becker to its board of directors. 

Becker has served as a director at Vitamin Shoppe since January 2008 and is chairman of its audit committee. He spent his career as an audit partner for Ernst & Young LLP from 1979 until his retirement in 2006. He was a senior consultant on airline risks to Pay Pal from August 2008 to November 2009.

New York - The Deloitte Consumer Spending Index moved down again in September, showing the second month of small declines. The Index tracks consumer cash flow as an indicator of future consumer spending.

Following a successful launch in China earlier this year, Hershey is ready to introduce its first new brand to the U.S. market in three decades.