News

Bentonville, Ark. -- Wal-Mart Stores reported Tuesday that profit for the quarter ended July 31 rose to $3.8 billion, up from $3.6 billion in the year-ago period. Overall revenue, up 5.4% to $109.37 billion, topped Wall Street’s expectations.

Yet, the world’s largest retailer is feeling the pinch from a tight economy that is slow to loosen. Wal-Mart U.S., the company's biggest unit, posted a 0.9% drop in same-store sales, the ninth consecutive quarterly drop and beneath analysts' estimates for a 0.6% fall.

New York City -- Saks reported Tuesday that it has tightened its losses in the quarter ended July 30, posting a loss of $8.4 million compared with a loss of $32.2 million in the year earlier period.

The luxury retailer cited increased full-price selling for the improvement, but warned Wall Street that it was heading into the fall selling season with caution because of the uncertain economic conditions.
 

Eden Prairie, Minn. -- Restaurant chain Cosi said Monday it has selected WAND Corp. as its exclusive vendor for all digital menu board technology. Cosi said it plans to install the WAND Digital Menu Board system in all new and remodeled corporate restaurants and will encourage its franchisees to follow suit.

NEW YORK — Gap’s Old Navy unit rolled out more than 1,000 sports-oriented store-within-stores Tuesday, selling branded goods of more than 70 Division I schools, as well as National Football League teams.

The Super Fan Nation in-store concepts are being launched with a seven-figure marketing campaign that will include advertising at college stadiums and arenas, in-store appearances by college bands, cheerleaders and mascots, and a 10-day national television advertising campaign.

PITTSBURGH — The combination of new store growth, a 2.5% same-store sales increase and expanding gross margins enabled Dick’s Sporting Good to produce earnings per share of 52 cents and exceed analysts’ estimates by two cents. However, a cautious outlook regarding the future caused the company’s third quarter profit forecast to be two cents less than analysts forecast, and same-store sales were projected to grow in the low single digits.

FRAMINGHAM, Mass. — TJX announced that net sales for the second quarter of fiscal 2012 increased 8% to $5.5 billion and consolidated comparable-store sales increased 4%. Net income for the second quarter was $348 million and diluted earnings per share were 90 cents, compared with 74 cents per share last year. 

ATLANTA — Sales increased 4.2% at The Home Depot, the company reported Tuesday morning.

The Atlanta-based company posted $20.2 billion in sales for the period. The company's net earnings for the quarter were $1.4 billion, compared with net earnings of $1.2 billion in the same period of fiscal 2010. 

Encouraged by the growth, the world's largest home improvement retailer raised its fiscal 2011 diluted earnings-per-share guidance to an expectation of $2.34 for the year, up 16%.

Framingham, Mass. -- TJX Cos. reported Tuesday that net income for the second quarter rose 14% to $348 million, compared with $305 million in the year-ago period.

The parent of TJ Maxx and other discount concepts saw revenue climb 8% in the quarter, to $5.47 billion, topping analysts' estimated $5.44 billion.