News

Jacksonville, Fla. -- Stein Mart Inc. reported Friday that its third-quarter loss widened after correcting for a computer problem that caused an error in prior results.

The retailer posted a revised loss of $3.1 million for the quarter, instead of the $1.8 million loss previously reported. That loss compares to a profit of $4.3 million in the year-ago quarter.
 

Washington, D.C. -- The National Retail Federation said it was pleased with the decision by federal regulators to allow truck drivers to continue driving 11 hours a day, but expressed concern over a new requirement for longer weekly breaks.

San Francisco -- Christopher & Banks Corp. reported Thursday a loss of $28.2 million for the quarter ended Nov. 26, widened from a loss of $9.2 million in the year-ago period and reflecting a one-time charge.

Sales rose to $123.9 million, from $120.9 million a year ago, matching Wall Street expectations. Same-store sales for the quarter were flat. 

Washington, D.C. -- A report released Friday by the Commerce Department showed that U.S. consumer spending edged up 0.1% in November, less than forecast and reflecting an economy that continues to struggle.

Incomes also grew 0.1% in November, the weakest in three months, after a 0.4% rise in October. The median estimate for spending in a Bloomberg News survey of economists called for a 0.3% advance.

I’m feeling pretty good about our industry after attending the ICSC New York Deal Making Conference earlier this month. In a marked change from recent years, the mood at the annual convention was noticeably upbeat. And, surprisingly — in a good way — there was an obvious buzz in the air about expansion plans. There are some intriguing new retail concepts in the pipeline and the recent influx of international brands making their brick-and-mortar entry into the U.S. market gives us what I think are genuine reasons for optimism in the New Year. 

PLEASANTON, Calif. — Safeway, in a release issued Wednesday, thanked its customers and employees for their generosity for donating food and toys to a number of Safeway Foundation charities this holiday season.

RICHMOND, Va. — Amazon.com announced that it plans to open two fulfillment centers in Virginia, investing a total of $135 million. The company said it will invest $85 million and create more than 1,000 jobs in Chesterfield County, and invest $50 million in Dinwiddie County, creating more than 350 jobs.

WHITE PLAINS, N.Y. — Heineken has announced the appointment of Stacey Tank as SVP corporate relations. She will begin her role on Jan. 3, 2012.

Tank joins Heineken USA from General Electric, where she most recently led corporate relations for “Healthymagination” – GE’s $6 billion commitment to bringing better health to more people. Additionally she led the launch of a $1 billion global cancer campaign in September 2011, which included a $100 million open innovation challenge around breast cancer diagnostics.

NEW YORK — U.S. consumer confidence rose more than forecast in December, to a six-month high, amid declining unemployment and lower gas prices.  The Thomson Reuters/University of Michigan consumer sentiment index climbed to 69.9 from 64.1 at the end of November.   The metric averaged 89 points in the five years leading up to the recession.

NEW YORK — Best Buy has informed some customers that it will not be able to fill their online orders, just days before Christmas, according to the Associated Press.

The chain said late Wednesday that "overwhelming” demand for some products from Bestbuy.com has led to a problem redeeming online orders made in November and December, the report said.