News

Columbus, Ohio -- Express reported Wednesday that profit for the second quarter fell 43% to $12.6 million, compared with $22.1 million in the year-ago period. Results still topped Wall Street expectations, and the company has upped it s forecast for the third quarter and full year.

Revenue rose nearly 10% to $446 million from $407.3 million, beating analysts' average forecast for $439.6 million in revenue. Same-store sales rose 6%.

NEW YORK — Victoria's Secret announced that it has launched a new line of workout gear called "VSX Sexy Sport." The collection will feature sports bras, yoga pants, tank tops, athletic shorts, accessories and other workout clothing pieces all designed with fit in mind, the company reported. 

The collection is available in a variety of colors in sizes XS to large. Items are priced from $24.50 to $68.50.

Evansville, Ind. -- Shoe Carnival reported Thursday that net income for the quarter ended July 30 dropped to $2.7 million from $4.1 million in the year-ago period. Sales edged up 0.8% to $166.7 million, and same-store sales dipped 1.1%.

The shoe retailer said it expects to open 17 new stores and close four stores in fiscal 2011.
 

GOODLETTSVILLE, Tenn. — Dollar General and NASCAR have announced the first-ever national retail program around the Chase for NASCAR Sprint Cup. As part of the partnership, Dollar General will launch the "Race to Win" sweepstakes on Aug. 28. The sweepstakes, which runs through Nov. 12, offers customers the chance to win more than 9,000 prizes including free gas for a year, a trip to Las Vegas and $250,000.

The sweepstakes will be promoted by NASCAR superstar Dale Earnhardt Jr. in stores, online and on national radio. 

COLUMBUS, Ohio — Despite a comps dip during its second quarter, Big Lots performance was enough for the company to raise its fiscal 2011 guidance.

Big Lots reported net income of $35.7 million, or 50 cents per diluted share, for the second quarter of fiscal 2011 ended July 30.  This compares with net income of $38.9 million, or 48 cents per diluted share, for the second quarter of fiscal 2010. 

New York City -- A Wednesday report by Bloomberg said that Borders and Books-A-Million reached an agreement for a lease sale involved 14 Borders superstores and specialty stores for $934,209.

Citing documents filed Wednesday in U.S. Bankruptcy Court in Manhattan, the report said the store locations include Portland, Maine; Canton, Ohio; Concord, N.H.; and Mays Landing, N.J.

The agreement is conditional on approval by the bankruptcy court by Aug. 29. A deal for Books-A-Million to buy 30 Borders locations fell through in July.

Suppliers to Walmart will have plenty of opportunities to hear from Walmart EVP merchandising Duncan Mac Naughton in the months ahead.

First up is Walmart’s annual meeting for financial analysts held each fall and slated for Oct. 11 to 12 this year. An agenda isn’t yet available, but Mac Naughton presumably will be a featured participant, or at least he should be considering Walmart’s ongoing efforts to revive U.S. sales and recent moves Mac Naughton has made to the structure and leadership of the merchandising organization.

Warrendale, Pa. -- Rue21 reported Wednesday that net income for the quarter ended July 30 rose 20% to $7.7 million, from $6.4 million a year earlier. Revenue surged 21% to $172.8 million, topping Wall Street expectations.

Same-store sales for the period for flat, and the teen retailer said it faced dwindling inventory on summer merchandise, which it plans to remedy in the 2012 summer shopping season.

During the second quarter, Rue21 opened 34 stores, closed one and converted 14 to the larger rue21 etc! format.