Although same-store sales at Gap were flat in the second quarter, the company reported a better-than-expected quarterly profit, buoyed by strong sales at Old Navy, and raised its full-year profit forecast as a result.
Four years after it opened its first location in New York City, teen and pre-teen bargain retailer Five Below is set to open its first location in Brooklyn at the borough’s Gateway Center Aug. 29. The 7,500-sq.-ft. store will feature all of the company’s merchandise, all priced at or below $5.
Dollar Tree delivered its 26th consecutive quarter of positive comparable store sales growth in the second quarter, but profit declined 2.6% thanks to increased freight costs and investments in higher-value products.
PetSmart is exploring strategic alternatives to maximize shareholder value, including a possible sale of the company. The news comes on the heels of its second quarter results, and just a little less than two months after activist investor Jana Partners acquired a 9.9% stake in the company and began looking to make changes.
Staples chairman and CEO Ron Sargent said that the company has more work to do to stabilize its retail business, following a 20% decline in net income to $81.88 million for the second quarter, from $102.53 million in the prior year.
Target’s U.S. sales held up reasonably well in the second quarter, but weak results in Canada and expense pressures prompted the company to reduce its full year profit expectations a week after Brian Cornell became chairman and CEO.