News

New York City -- Loehmann’s on Monday filed for bankruptcy.  The off-price retailer said it had negotiated a restructuring plan with owner Istithmar Retail Investments and noteholder Whippoorwill Associates before the filing that would cut debt by $115 million. Istithmar and Whippoorwill agreed to invest $25 million in the company, according to court papers.

Pittsburgh -- Dick’s Sporting Goods’ net income for the quarter ended Oct. 30 dropped to $16.9 million, compared with net income of $18.9 million for the year-ago period.

Sales rose 9% to $1.08 billion, from $990 million.

Same-store sales increased 5.1%, with a 3.8% increase in Dick’s Sporting Goods stores, a 2.4% increase in Golf Galaxy and an 82.4% increase in e-commerce.

Chicago -- Black Friday sales are expected to increase by 3.8% and Cyber Monday sales to grow by 2.5% this holiday season, according to BDO USA’s Retail Compass Survey of CMOs, which polls chief marketing officers at 100 leading U.S. retailers. Black Friday and Cyber Monday expectations are more bullish this year compared with 2009 when both were expected to rise by 1.8%.

Boston -- Portrait Software, a provider of customer interaction optimization software and now a part of Pitney Bowes Business Insight, announced Tuesday that T-Mobile Austria has selected Portrait Uplift Optimizer following a successful trial that demonstrated improved customer retention and reduced costs, compared with previous approaches.
 

Philadelphia -- Urban Outfitters recorded earnings of $73.1 million for the quarter ended Oct. 31, a 17% hike over the $62.4 million recorded in the prior year period, helped by higher sales and improved growth in comparable store net sales. Quarterly earnings were ahead of the analysts' expectations, while sales came in short of the consensus.

Revenue rose 13.4% to $573.6 million, missing Wall Street estimates of $580 million.

New York City -- Saks reported Tuesday that its net income rose to $36.3 million for the quarter ended Oct. 30, up from $6.3 million in the year-ago period. Third-quarter 2010 results were helped by a surge in luxury spending and a $26.7 million gain related to income tax reversals.

Revenues rose to $658.8 million for the quarter, compared with $631.4 million the prior year. Same-store sales increased 5.7%.

Framingham, Mass. -- The TJX Cos.' fiscal third-quarter earnings rose 7%, topping its own forecasts, as the discount retailer's sales improved.

The company reported a better-than-expected profit of $372.3 million, up from $347.8 million in the year-ago period. Net sales rose 5% to $5.53 billion, from $5.24 billion. Same-store sales increased 1%.