FINANCE

The nation's largest shopping center operator is suing Starbucks Corp. over its plan to shutter the retailer's 78 Teavana stores in Simon malls.   In a lawsuit filed Aug. 21, Simon Property Group said that Starbucks is breaching its leases by closing the Teavana stores and “shirking its contractual obligations at the expense of Simon’s shopping centers and the dozens of communities they serve and support,” reported the Indianapolis Business Journal.   

Although up against a soft comparative from the prior year, it is fair to say that Best Buy has produced a very robust set of second quarter numbers. The 4.9% increase in domestic sales underlines that the company is more than holding its own in the electricals market and should put pay to the oft repeated fiction that retailers of its ilk will struggle to survive in the era of Amazon.  

The deals at Ollie's Bargain Outlets were too good for shoppers to pass up in the retailer's second quarter, which topped analysts' expectations.   The value retailer, whose motto is "Good Stuff Cheap," said that its net income increased 50.1% to $19.7 million, or $0.30 per diluted share, in the quarter ended Aug. 29, from $13.1 million, or $0.21 per diluted share, in the year-ago period. Adjusted net income, increased 34.0% to $17.8 million, or $0.27 per diluted share, in the quarter.   

Best Buy reported better-than-expected profit and sales for its second quarter amid growth for smartphones, connected home and wearable devices. But the retailer added a slight caveat going forward.   Best Buy's same-store sales rose 5.2% in the quarter ended July 29, easily topping analysts’ estimates for a 2.1% gain. But on the chain's quarterly call with analysts, CEO Hubert Joly said that he did not think that the mid-single-digit rise in comparable sales would continue, and that it did not represent a "new normal."

Abercrombie & Fitch Co. is entering a new market in the Middle East.    The teen retailer announced that, in partnership with Dubai-based Majid Al Futtaim, it will open the first Abercrombie & Fitch store in Saudi Arabia, at the Red Sea Mall in Jeddah. The store is part of the previously announced franchise agreement between Majid Al Futtaim Fashion and Abercrombie.  

The Finish Line's board on Monday adopted a shareholders right plan as the retailer warned of a grim second quarter and a steep decline in sales and profits for the year.    

The nation's largest discount retailer of perfumes and specialty celebrity and designer fragrances has filed for bankruptcy protection with a goal of moving its business forward — and closing more stores.    

Hurricane Harvey, the first Category 4 Hurricane to make U.S. landfall since Charley in 2004, is poised to have the same, if not larger, economic impact.