By Lisa Johnston
New products on display at the American International Toy Fair, held in N
The Woodlands, Texas — Conn’s said rising comp-store sales and product margins led to sharply higher earnings and revenue for its second fiscal quarter.
Net income rose 65.1 percent to $19.2 million for the multiregional furniture, appliance and CE chain, while net revenues rose 30.5 percent to $270.7 million for the three months, ended July 31.
Despite the strong results, the quarter came in shy of Wall Street estimates due to declines in Conn’s credit segment and the company’s share price fell in early morning trading.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
Grapevine, Texas — GameStop’s second quarter profits fell by half, to $10.5 million, and net sales slipped 10.7 percent, to $1.4 billion, as customers waited out the introduction of new gaming platforms this fall.
The No. 1 gaming specialty chain said earnings were better than expected, given the industry pause as Microsoft and Sony prepare for the launch of their next-generation Xbox One and PS4 systems.
Hoffman Estates, Ill. – Sears Holdings said store closings, sales declines and promotional costs contributed to a steeper loss in the second quarter.
The company also reported comp sale declines for its core major appliance business at Sears, and lower CE comps at Kmart.
The net loss widened to $194 million for the three months ended Aug. 3, compared to a loss of $132 million for the year-ago quarter, while total revenues decreased 6.3 percent to $8.9 billion.
Framingham, Mass. – Staples said store closings, tight margins and capital expenditures led to lower second-quarter sales and profits.
Earnings at the No. 1 office-supply chain fell nearly 15 percent to $102.5 million for the three months, ended Aug. 3, due to lower product margins, the negative impact of fixed expenses on lower sales, and investments in Staples.com and other strategic initiatives.
Net sales slipped 2 percent to $5.3 billion, due to the closure of 103 stores in North America and Europe during the trailing 12 months, the company said.
New York – Barnes & Noble founder and chairman Leonard Riggio said today in an SEC filing that he has suspended his attempt to buy the company’s retail store operation.
As part of BN’s 2014 first quarter financial report, Riggio stated he needs to focus his attention on the company.
Minneapolis – Best Buy’s second-quarter profits rose over 2,000 percent to $266 million as cost cuts and stabilizing comp sales helped boost the bottom line.
But the company said short-term disruptions from the installation of Samsung and Microsoft in-store shops blunted sales during the period.
Total revenue slipped 0.4 percent to $9.3 billion and comp sales edged down 0.6 percent for the three months ended Aug. 3.
Bentonville, Ark. — Wal-Mart Stores reported higher net sales and net earnings corporately but lower comp sales for Walmart U.S. stores in its second fiscal quarter, ended July 31.
Corporate net sales were $116.2 billion, an increase of 2.4 percent over last year. Consolidated net income attributable to Walmart was $4.1 billion, up 1.3 percent.
U.S. comp-store sales were down 0.3 percent for Walmart U.S. and up 1.7 percent at Sam’s Club locations in the U.S.
Iwaki, Japan — Alpine posted a 23.7 percent revenue gain in its fiscal first quarter ending June 30 and a 6.4 percent gain in operating income, but net income slid 24.3 percent.
First-quarter revenues in the fiscal year ending March 2014 hit 68.3 billion yen, while operating income grew to 1.43 billion yen. Net income fell to 1.31 billion yen.
Issaquah, Wash. – Costco said total sales rose 7 percent last month to $7.9 billion with little contribution from CE.
The No. 1 wholesale club said CE comp sales fell in July, led lower by “softer sales” of TVs, cameras and computers.
Total U.S. comps rose 3 percent excluding gasoline sales, traffic rose 4 percent, and average transaction size was flat.