News

WASHINGTON — Sears Holdings VP tax James Misplon testified on behalf of the National Retail Federation, urging Congress to focus on jobs and the economy as lawmakers explore options for corporate tax reform.

Misplon testified before the House Ways and Means Committee this morning during a hearing on how corporate tax reform can encourage job creation. Sears Holdings is an NRF member and Misplon chairs the NRF Taxation Committee.

BENTONVILLE, Ark. — To celebrate Men's Health Month, Sam's Club is offering free men's health screening tests this weekend at select stores, which will be sponsored by Unilever brands, including Dove Men's deodorant and body wash.

HOFFMAN ESTATES, Ill. — Sears Holdings has announced the winner of its "Tu Empresa, Tu Futuro/Your Company, Your Future Business" grant competition, which provides grants to Hispanic small business owners.

The four $5,000 grants were awarded to:

• Tayde Aburto, The Hispanic Chamber of E-Commerce

• Jennifer Burrell, The Frock Shop

• Elizabeth Tarpley, Targeted Tech Solutions

• Kristen Harris, Party Palette

Bentonville, Ark. -- A report Thursday by the Associated Press said that Wal-Mart Stores executives met Thursday to discuss the proposed Massmart acquisition, which is expected to close in June.

According to the report, as Wal-Mart expands its international business, the company wants to bring ideas it gains from the South African chain to other markets.

Greensboro, N.C. -- The Fresh Market reported Thursday that net income for the quarter ended May 1 rose to $13.5 million, compared with $12.2 million in the year-ago quarter.

Sales increased 10% to $264.5 million and same-store sales increased 4.1%.

During the first quarter, the retailer opened one new store in Peachtree City, Ga., bringing the current store count to 101. Fresh Market said it expects to open 12 to 14 new stores during fiscal 2011.
 

Kansas City, Kan. -- A report released Thursday by Compdata Surveys found that although the economy is still struggling to make significant strides towards recovery, small improvements are starting to become more evident.

The 2011 Compensation Data Services survey results found pay increase budgets remained relatively stable at 2.4%, reflecting a slight increase from 2.2% in 2010. Pay increase budgets are projected to continue slowly increasing in 2012 to 2.5%.

New York City -- Luxury, high-end jewelry and e-commerce enjoyed strong growth in May, as did the restaurant category, according to MasterCard Advisors SpendingPulse, which tracks national retail and services sales. Apparel also continued to show gains, the report found, while housing-related sectors such as furniture, electronics and appliances all saw sales decline compared with the same period in 2010.

New York City -- The Jones Group has acquired Kurt Geiger, Europe's largest luxury shoe retailer from Graphite Capital, a leading United Kingdom mid-market private equity firm, for approximately $350 million in cash, inclusive of debt acquired.

The acquisition further extends Jones' reach into the designer footwear business through Kurt Geiger's portfolio of high-end brands and presence in leading department stores, such as Harrods and Selfridges.

Fort Worth, Texas -- Pier 1 Imports said Thursday its same-store sales rose 10.2% in the first quarter, helped by better traffic, more purchases being made and a higher average receipt. The retailer also gave a first-quarter earnings forecast above Wall Street's expectations.

Total revenue for the period ended May 28 climbed 10% to $335 million from $306 million.
 

Camp Hill, Pa. -- Rite Aid said its same-store sales rose 1.3% in May. Pharmacy revenue grew 1% and prescriptions edged 0.1% higher. Front-end sales rose 1.8%.