FINANCE

J.Crew Group Inc. managed to narrow its loss in the first quarter even as it continued to struggle with sluggish sales.

The retailer’s net loss for the quarter totaled $8.4 million, significantly less than the net loss of $462.41 million from the first quarter of fiscal 2015. Reductions in cost of goods sold, selling, general and administrative (SG&A) expenses and impairment losses helped trim net loss.

Total revenues fell to $567.5 million from $581.8 million. Same-store sales dropped 7%.

As Sears Holdings Corp. continues to struggle to turn its business around, the chain announced it is exploring ways to expand distribution of its key brands outside its own stores. The troubled retailer also announced its CFO is leaving.

Sears lost $471 million in its first quarter, ended April 30, compared with $303 million in the year-ago period. Loss per share came to $4.41, or $1.86 adjusted for certain items. Analysts estimated a loss of $3.20 per share.

Costco Wholesale Corp. exceeded Wall Street expectations with improved net earnings in the third quarter of fiscal 2016.
 
Net income for the quarter totaled a better-than-expected $545 million, up 6% from $516 million the prior-year period.

Net sales increased 2% to $26.15 billion, just short of forecasts, and up from $25.52 billion last year.

Tiffany & Co. missed Wall Street expectations for profit and revenue in a lackluster start to fiscal 2016, but still plans to open 11 new stores worldwide.

The retailer reported net earnings of $87 million during the first quarter, down 17% from $105 million the same period a year earlier. Lower gross profit and higher selling, general and administrative (SG&A) expenses drove the reduction in profit.

Specialty apparel retailer Express Inc. did not reach Wall Street expectations with declining profit and flat sales in a generally sluggish first quarter of fiscal 2016.
 
Net income slipped 1% to $12.9 million from $13.1 million in the same quarter the previous fiscal year. Outlet- and IT-related expense growth helped drive down profit.

Net sales stayed essentially flat at $502.9 million, compared to $502.4 million a year earlier. Same-store sales fell 3%, including a 1% dip in e-commerce sales.
 

Chico's FAS Inc. has appointed Susan Lanigan as executive VP and general counsel.
 
Lanigan has 25 years of professional experience and more than 15 years of business experience in the retail industry, including serving as executive VP, general counsel of Dollar General Corp.
 

Japanese specialty retailer Uniqlo has been losing money with its U.S. stores for the past five years, but is not ready to throw in the towel.

According to Reuters, Uniqlo parent Fast Retailing Co. Ltd. is making a U.S. turnaround a top priority.

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Increases in cost of sales, operating expenses and depreciation resulted in net income dropping at Kirkland’s Inc. during a generally disappointing first quarter of fiscal 2016.
 
The specialty home décor chain’s net income totaled $916 million, down 64% from $2.53 billion in the first quarter of the previous fiscal year. Net sales rose 10% to $129.91 million from $118.31 million, below expectations. Same-store sales edged up 0.5%.