News

Philadelphia -- Urban Outfitters Inc.’s third-quarter profit fell 31% amid a decline in same-store sales and as merchandise markdowns continued to weigh on margins.

For the quarter ended Oct. 31, Urban Outfitters posted earnings of $50.7 million, down from $73.1 million in the year-ago period.

Gross margin narrowed to 35.4% from 41.1%, partly due to increased merchandise markdowns at Anthropologie and Urban Outfitters. Total inventories grew by $78 million.

Mooresville, N.C. -- Lowe's Cos. reported Monday that net income for the quarter ended Oct. 28 dropped 44% as store-closing charges undercut a slight uptick in quarterly sales.

The home-improvement retailer reported net earnings of $225 million, compared with $404 million in the year-ago period. Charges related to store closures amounted to a pre-tax earnings reduction of $336 million.

Sales increased 2.3% to $11.9 billion, up from $11.6 billion a year earlier. Same-store sales edged up 0.7%, reversing declines in two prior quarters.

By Jacqueline Zenn, [email protected]

Plano, Texas -- J.C. Penney Co. reported Monday a loss of $143 million for the quarter ended Oct. 29, compared with a profit of $44 million in the year-ago period. Sagging comps and shrinking margins led to the performance decline.

For the quarter, sales dropped 4.8% to $3.99 billion, reflecting the company’s exit from its catalog and catalog outlet businesses, which it sold off during the quarter. 

As previously reported, same-store sales dipped 1.6%.

WASHINGTON — The National Retail Federation announced that it has urged the Senate to approve legislation that would help create jobs by making it quicker for citizens of Brazil, China and India to obtain visas needed to travel to the United States on business or to shop in U.S. stores.

HOFFMAN ESTATES, Ill. — Sears Holdings Thursday expressed support for S. 1832, the Marketplace Equity Act, introduced by U.S. Sens. Enzi, Alexander and Durbin. The legislation will level the sales tax collection playing field for local businesses by granting the states authority to enforce existing laws and require out-of-state, online-only retailers to collect and remit sales taxes on sales made to state residents.

HOFFMAN ESTATES, Ill. — Sears Holdings announced that its Sears Outlet stores will honor competitor's Black Friday ads through Nov. 30. Customers may bring in a Black Friday ad they find online, and if Sears Outlet has the same item model, brand and color in the store, they will match the price at the time of purchase, even if it is before Black Friday. Full price match details are available at www.searsoutlet.com/holidaypricematch.

MOORESVILLE, N.C. — Lowe’s announced that it has named Eric Wiseman, president and CEO of apparel manufacturer VF Corp., to its board of directors. Wiseman will serve on the board’s compensation and governance committees. 

Wiseman has been CEO of VF Corp., whose brands include The North Face, Timberland, Vans and Wrangler, since January 2008. Before being named CEO, Wiseman served as president and chief operating officer from 2006 to 2007, responsible for VF’s global business and day-to-day operations.

WAYNE, N.J. — Toys"R'Us will be the exclusive retailer of an assortment of toys inspired by Happy Feet 2, RetailingToday.com learned Friday.

Toys available only at Toys"R"Us include talking plush dolls from Thinkway Toys. The 12-inch stuffed birds say phrases from the film when their left wings are pressed. Characters, which are sold separately include Erik, Ramon, Sven and Atticus.

WASHINGTON — Pamela Bailey, president and CEO of the Grocery Manufacturers Association, has announced the appointment of Jennifer Kaleda as VP industry affairs, operational effectiveness.