News

Memphis -- Fred's said Tuesday that its third-quarter net income surged 56%, partly because of its improved merchandise mix and remodeled and upgraded stores.

The discounter’s net iFred's said Tuesday that its third-quarter net income surged 56%, partly because of its improved merchandise mix and remodeled and upgraded stores.ncome rose to $7.8 million for the period ended Oct. 30, compared with $5 million in the year ago period. The performance topped analysts’ estimates.

Hartford, Conn. -- Connecticut environmental regulators on Tuesday said that CVS has agreed to pay a nearly $269,000 penalty to settle allegations that the chain's drug stores improperly disposed of photo processing and pharmaceutical wastewater.

The state Department of Environmental Protection announced that dozens of the chain's Connecticut stores this year and last year discharged photo-processing chemicals into onsite septic systems or sanitary sewers without permits.

Retailers and developers from around the country are preparing to attend the International Council of Shopping Centers’ New York deal-making convention in New York City on Dec. 6 and Dec. 7. Chain Store Age talked with Ivan L. Friedman, president and CEO of New York City-based retail real estate advisory firm RCS Real Estate Advisors, about what the industry has in store for the New York show and beyond.

As retailers prepare to attend the New York deal-making show in early December, how would you describe the current state of retail?

By Carsten Thoma, [email protected]

Mobile is not just another customer communications channel; it is rapidly evolving into an effective commerce channel. Strengthening the link between existing channels such as physical and online stores, mobile now enables customers to start shopping using their mobile devices and finish the process online, via a contact center, in the brick-and-mortar store, or even on the mobile device itself.

New York City -- Belk is investing $150 million to boost online sales and upgrade its IT systems, The Charlotte Observer reported.

The department store operator plans to focus on improving its e-commerce functions and replace its current systems for ordering and allocating merchandise, according to the report.

Belk has sought to boost its online presence in recent years to keep up with competitors in a marketplace where online sales are growing rapidly.

St. Louis -- Brown Shoe Co., parent of Famous Footwear and Naturalizer shoe stores, said Tuesday that its fiscal third-quarter profit rose to $18.6 million from $16.3 million, topping analysts estimates.

Sales in the quarter ended Oct. 30 rose 14.5% to $716.1 million, from $625.6 million.

Dallas -- Zale Corp.’s first-quarter loss widened as a debt-related charge hit the bottom line but a slight drop in revenue was offset by higher margins. The jewelry retailer reported a loss of $97.9 million, up from $59.7 million a year earlier.

Sales fell 0.7% to $327 million, from $329 million. Same-store sales in the quarter ended Oct. 31 fell 1.1%.