News

Jacksonville, Fla. -- Stein Mart Inc. announced Friday that it will restate its financial statements for fiscal years 2009, 2010 and 2011, its quarterly data for the first quarter of 2012 and for all quarters in 2010 and 2011, as well as its selected financial data for the relevant periods due to merchandising accounting errors.

Sam’s Club’s decision to open at 7 a.m. on Black Friday is a definite "swim upstream" move on the part of the warehouse club operator given retail industry trends and Walmart’s decision to offer its Black Friday deals on Thanksgiving.

Washington -- The National Retail Federation on Friday said it will explore all legal options following a judge’s preliminary approval of a proposed class-action settlement of an antitrust lawsuit over the $30 billion a year in credit card swipe fees charged by Visa and MasterCard.

Pleasanton, Calif. — Safeway on Friday announced it will expand its support of America's military veterans by hiring at least 1,000 military veterans in 2013 to add to the 1,300 hired to-date in 2012. In addition, the company is raising money this Veterans Day weekend for organizations that help veterans recover from service-related injuries and/or return to the civilian workforce.

Seattle -- Nordstrom reported third-quarter net earnings of $146 million, up 15% from $127 million for the same quarter last year. Its results were slightly below analysts’ expectations.

The company said that its third quarter same-store sales, which reflected a timing shift that moved a week of the company’s important Anniversary Sale event into August this year, increased 10.7%. Top-performing merchandise categories included men’s shoes, men’s apparel and kids’ apparel.

NORTHFIELD, Ill. — Kraft Foods Group reported that new product sales, increased advertising investment and improved productivity have contributed to profit gains for the quarter ended Sept. 30.

WAYNE, N.J. — Toys"R"Us has partnered with Canada’s leading maternity fashion brand Thyme Maternity to provide its Babies"R"Us customers across the United States with a new collection of maternity apparel and accessories. The collection is available at www.Babiesrus.com and is scheduled to be featured in approximately 150 Babies"R"Us stores nationwide in the coming weeks.

Seattle -- Starbucks Coffee Co. on Thursday started will accepting Square’s mobile payment application, Square Wallet, in approximately 7,000 U.S. Starbucks stores.

The new application, which allows customers to pay at Starbucks and explore nearby businesses, browse menu information, store hours and transaction history on their phone, is in addition to Starbucks own mobile payment applications on iOS and Android.