Memphis, Tenn. -- Discount-store operator Fred's Inc. said Wednesday that its same-store sales increased 1.2% during the four weeks ended July 28, helped by markdowns that increased customer traffic. The company also raised its earnings guidance for the second quarter, citing a tax settlement with the state of Tennessee. Total sales for the month rose 5% to $136.7 million. Fred's said that it completed negotiations with the state of Tennessee to settle a tax matter, which will help offset costs related to store closings and July sales markdowns, in the second quarter.
New York -- As discounters such as Target, Stein Mart and warehouse club operator Costco posted disappointing same-store sales results in June, TJX Cos. and Ross Stores shone with gains that surpassed Wall Street estimates. TJX saw a same-store sales rise of 7% in June, beating the 4.2% rise predicted by analysts. Ross was up 7% for the month, after Wall Street forecast a 4.8% increase. Sales rose 12% to $886 million in June. Both chains raised their second-quarter profit forecasts. Target reported weaker-than-expected same-store sales growth, as June same-store sales rose 2.1% and missed the expected 2.4% rise.
Most Recent Articles On Fashion Scoops More Articles By David Moin CELESTINO TO TAHARI: Elie Tahari has tapped Michael Celestino, the former Barneys New York executive, to be president of retail, according to sources. Celestino left Barneys in February 2011 after a 20-year career at the luxury chain where he last served as executive vice president of store operations and played a crucial role during the two-year stretch that Barneys operated without a chief executive officer until the arrival of Mark Lee in the fall of 2010. Celestino was on the front lines in the stores, talking to managers
NEW YORK — In a month that was solid overall, the discount sector showed its muscle, turning in a strong February same-store sales performance nearly across the board. After suggesting last week that sales had accelerated and returned to a pre-holiday pace, Target reported Thursday that same-store sales for the month rose 7%, beating Wall Street’s expected 5.2%. Total sales during the period rose 8% to $5.13 billion, boosted by strength in the food, healthcare and beauty categories. Accessories and apparel performed above average as well. Meanwhile, TJX saw same-store sales surge 9%, beating the 7% gain expected by
New York City -- Discounters and warehouse clubs turned in robust performances in June, led by Costco Wholesale Club, whose same-store sales in the United States rose 12%, while internationally same-store sales jumped 18%. Excluding the impact of inflation in gasoline prices and stronger foreign currencies, Costco said same-store sales in June rose 8%. Its results beat expectations. BJ’s Wholesale Club also beat Wall Street estimates with a 7.3% same-store sales gain in June, which included a fuel sales contribution of 3.8%. Total sales rose 10.3% to $1.18 billion. Target topped estimates, posting a same-store sales gain of 4.5%,
New York City -- Costco Wholesale Corp. reported a January same-store sales increase of 9%, topping Wall Street expectations and leading the performances of the discount retail category. Analysts polled by Thomson Reuters expected a smaller same-store sales increase of 6.1%. Target Corp. didn’t show the same strength, missing expectations because of strong winter storms during the month. Same-store sales edged up 1.7% for the month, missing the 1.9% increase predicted by Wall Street. "Target's January comparable-store sales were below expectations, particularly in portions of the South and the Northeast," said CEO Gregg Steinhafel. Target said it expects February