Retail

JCP to Close Stores, Cut Jobs

J.C. Penney

PLANO, Texas-J.C. Penney said it will close about 40 stores throughout the nation during this year, and cut about 2,250 jobs. Responding to a request for comment by HFN, Kate Coultas, a spokesperson for the department-store retailer, said most of the store closings would occur by April 4. “While it’s never an easy decision toMore »

Last updated: January 9, 2015

Macy’s Inc. to Merge Buying Teams

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CINCINNATI-Macy’s Inc. said it is restructuring the central merchandising and marketing functions at both its Macy’s and Bloomingdale’s nameplates by combining the brick-and-mortar and online buying teams within each brand. The goal, the company said, is for each brand to present its assortments seamlessly across channels and provide a single omnichannel view in all productMore »

Last updated: January 9, 2015

Bed Bath & Beyond Q3 Net Falls

Bed Bath & Beyond Net Edges Up 1.8 Percent in Sluggish Q3

UNION, N.J.-Bed Bath & Beyond’s third-quarter net income fell 5 percent to $225.4 million as the company continues to invest in its omnichannel operations. As Steven Temares, the company’s CEO, said yesterday on a conference call to financial analysts, this investment is very timely given the changes in the retail environment. “This past holiday seasonMore »

Last updated: January 9, 2015

Container Store Q3: From Loss to Profit

The Container Store

COPPELL, Texas-The Container Store posted net income of $6.2 million in its fiscal third quarter ending on Nov. 29, as opposed to a net loss of $9.5 million in last year’s third quarter. The move from red ink to black on the bottom line resulted partly from the absence of $15.6 million in the distributionMore »

Last updated: January 9, 2015

Family Dollar Net Tumbles in Q1

H09-FamilyDollar3_R1

MATTHEWS, N.C.-With its expenses rising and margins under pressure, Family Dollar reported a 47 percent drop in first-quarter net income, to $41.4 million. Selling, general and administrative expenses rose 5 percent in dollars and 79 basis points as a percentage of sales, to 30.3 percent. Higher occupancy costs—including rent, depreciation, property taxes and utilities—added toMore »

Last updated: January 8, 2015

Target to Launch Lilly Pulitzer Line

Target, Facebook Align for Cartwheel App

MINNEAPOLIS-Target is preparing for the April 19 debut of its limited-edition collection Lilly Pulitzer for Target. The 250-piece line will include home accents, outdoor entertaining accessories, apparel, accessories and shoes for women and girls, beach gear, travel essentials “and more,” according to a Target statement. It will be available exclusively in all Target stores inMore »

Last updated: January 8, 2015

‘Fresh New Product’ Boosts Havertys’ Q4

Havertys

ATLANTA-Thanks in part to a freshened-up merchandise assortment, Havertys’ fourth-quarter sales jumped 8.6 percent to $213 million, including an 8.3 percent pickup in same-store sales, according to a preliminary report from the retailer. Clarence Smith, the specialty retailer’s chairman, president and CEO, noted that the same-store increase came on top of a 9.5 percent riseMore »

Last updated: January 8, 2015

Happy Holidays for JCP

J.C. Penney

PLANO, Texas-In what CEO Myron Ullman III described as another step toward the company’s recovery, J.C. Penney reported a same-store sales gain of 3.7 percent for the holiday sales period, consisting of the nine weeks straddling November and December. In its statement on this result, J.C. Penney also said it now expects fourth-quarter same-store salesMore »

Last updated: January 7, 2015