By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Hoffman Estates, Ill. — Sears Hometown and Outlet Stores posted disappointing first-quarter results following a promising first-year showing.
Net income for the three months, ended May 4, fell 27 percent to $15 million, net sales slipped 3.2 percent to $601.1 million, and comp sales declined 5 percent year over year.
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The Woodlands, Texas – Conn’s said mattress and furniture sales and store remodels and openings drove double-digit revenue and profit gains during its fiscal first quarter.
The multiregional specialty chain reported a 92 percent increase in net income, to a record $22.2 million, and a 25 percent rise in net sales, to $209.4 million, for the three months ended April 30.
Hoffman Estates, Ill. — Sears Holdings returned to the red last quarter with a $279 million loss vs. year-ago profits of $189 million, and is looking to sell off its in-house extended-warranty business to boost liquidity.
Net sales for the three months, ended May 4, fell nearly 9 percent to $8.5 billion, and U.S. comp sales slid 3.6 percent.
Mooresville, N.C. — Lowe’s reported higher net earnings on relatively flat sales in its fiscal first quarter, ended May 3.
Net earnings were $540 million for the quarter, a 2.5 percent increase over the same period a year ago. Sales for the quarter decreased 0.5 percent to $13.1 billion, from $13.2 billion in the first quarter of 2012, while comparable sales for the quarter decreased 0.7 percent.
Minneapolis — Target reported relatively flat sales and a 28 percent drop in net earnings during its first fiscal quarter, ended May 4.
First-quarter net earnings were $498 million, down from the prior year’s $697 million. Net sales were $16.7 billion, up 1 percent from the prior year’s $16.5 billion.
Framingham, Mass. — Staples reported lower sales and earnings for its fiscal first quarter.
Net income declined 9.1 percent to $169.9 million, and net sales slipped 3 percent to $5.8 billion for the three months, ended May 4.
The No. 1 office-supply chain said sales were impacted by the closure of 97 stores in North America and Europe during the preceding 12 months and unfavorable foreign exchange rates.
Operating income fell 12 percent to $170 million as the company continued to pay down debt and make capital investments to accelerate growth.
Atlanta — The Home Depot reported higher sales, comp sales and net earnings in its fiscal first quarter, ended May 5.
Sales were $19.1 billion for the first quarter, a 7.4 percent compared with the prior year. Due to the 14th week in the fourth quarter of fiscal 2012, first-quarter sales benefited from a seasonal timing change that added approximately $574 million to sales.
On a like-for-like basis, comp-store sales for the first quarter of fiscal 2013 were positive 4.3 percent, and comp sales for U.S. stores were positive 4.8 percent, the chain said.
Minneapolis — Best Buy reported an $81 million loss for the first fiscal quarter, ended May 4, compared with year-ago profits of $158 million, as promotions and more competitive pricing took their toll.
Total revenue fell 9.6 percent to $9.4 billion and comp-store sales slipped 1.3 percent for the three-month period.
Indianapolis — Weaker sales and margins, and higher taxes and costs, led to sharply lower fourth-quarter and full-year profits for hhgregg.
For the fourth quarter, ended March 31, net income fell 81 percent to $9.9 million as net sales slipped 2.6 percent to $597.6 million and comp-store sales declined 9.8 percent.
Bentonville, Ark. — Wal-Mart Stores reported slightly higher net sales and income for the first quarter, ended April 30.
Net sales for the first quarter were $113.4 billion, an increase of 1 percent over last year. Net sales last year benefited by 1 percent from the extra day due to leap year. On a constant currency basis, net sales would have increased 1.8 percent to $114.2 billion.
Consolidated net income attributable to Walmart for the first quarter was $3.8 billion, up 1.1 percent.