News

WASHINGTON — The National Retail Federation is putting its faith in the holidays by upgrading its spending forecast for the season.

After initially anticipating sales growth of 2.8%, the NRF said it now expects holiday sales to rise 3.8% to $469.1 billion. The projection may be lower than the 5.2% increase the retail industry saw last year, but the group said a number of factors, such as strong year-over-year sales and the fact that not all consumers have completed their holiday shopping lists, could provide the industry with a great gift after all.

Fort Worth, Texas -- Pier 1 Imports Inc.'s third-quarter profit climbed 10% to $23 million from $21 million a year earlier, better than analysts expected. 

Revenue increased 8% to $382.7 million from $353.8 million, boosted by a higher average ticket and more traffic.  Same-store sales were up 7%. 

The retailer also said Thursday that its sales so far in December are strong and that it expected the momentum to continue until Christmas. 

WEST DES MOINES, Iowa — Ric Jurgens, chairman and CEO of Hy-Vee plans to retire on June 1, 2012.

Jurgens, said he will ask the company's board to elect Randy Edeker, president and COO, to succeed him.

FORT WORTH, Texas — Pier 1 Imports continued its streak of strong same-store sales for the third quarter, reporting that same-store for the quarter ended Nov. 26 sales increased 7% versus last year’s increase of 10.2%. Net income for the quarter was $23 million, or 21 cents per share, which included an income tax provision of $12.4 million.

CAMP HILL, Pa. -- Rite Aid Corp. reported Thursday that it lost $54.5 million in the fiscal quarter, narrowed from a loss of $81.5 million a year earlier. The chain has trimmed its projected loss for fiscal 2012 based on the results.

Revenue rose almost 2% to $6.31 billion, compared with $6.2 billion in the year-ago period and surpassing Wall Street’s expected $6.29 billion in revenue. Same-store sales increased 2%. 

Rite Aid is upping its store improvement spending and has focused efforts on building its Wellness Plus rewards program.

WEST DES MOINES, Iowa — Ric Jurgens, chairman and CEO of Midwestern supermarket chain Hy-Vee, will retire on June 1, the company said Wednesday.

Jurgens, 62, began working for Hy-Vee 42 years ago while a student at Iowa State University, taking a full-time position after his graduation. In 1995, he was named SVP and chief administrative officer, becoming president in 2001, CEO in 2003 and chairman in 2006. Jurgens said he will ask the company's board of directors to elect president and COO Randy Edeker as chairman and CEO.

WASHINGTON, D.C. -- The National Retail Federation said Thursday that it has upwardly revised its holiday forecast, now expecting holiday sales to rise 3.8% this year to a record $469.1 billion. 

NRF’s initial forecast, announced on October 6, called for anticipated sales growth of 2.8%. While a 3.8% sales increase is considerably above the 10-year average sales increase of 2.6%, it is still lower than the 5.2% increase the retail industry saw last year, said NRF.

SAN FRANCISCO — JoS. A. Bank's mobile checkout on Black Friday saw an increase of over 3,000%, compared with its previous daily average.

The m.josbank.com site, powered by 5th Finger's RedShop, has been in operation since early 2011 and offers on-the-go shoppers a detailed product catalog, reviews, educational tools and offers. "JoS. A. Bank considers mobile a critical part of its multichannel strategy, and another way to provide customers with a friendly, quick, and convenient shopping experience,” said Pete Zophy, divisional VP of Ecommerce.