FINANCE

Dollar Tree profit rises 22% in Q2

BY Staff Writer

Chesapeake, Va. — Dollar Tree reported Thursday that net income for the quarter ended July 31 surged 21.7% to $94.9 million, compared with $78 million in the year-ago period. The rise marks the fifth straight quarter of double-digit profit increases.

Revenue rose 12% to $1.54 billion, just missing Wall Street estimates. Same-store sales increased 4.7%.

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FINANCE

Ross Stores profit rises 15% in Q2

BY Staff Writer

Pleasanton, Calif. — Ross Stores reported Thursday that profit for the quarter ended July 31 rose 15% to $148.3 million, compared with $129.3 million a year earlier.

Sales for the quarter increased 9% to $2.1 billion, and same-store sales rose 5%.

“Our ability to increase the percentage of fresh name brand bargains our customers see, while also strictly controlling inventories and expenses, has enabled us to capitalize on our favorable position as a value retailer," said Michael Balmuth, vice chairman and CEO.

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OPERATIONS

NRF survey: Back-to-school shoppers using smartphones and tablets

BY Staff Writer

Washington, D.C. — A survey released Thursday by the National Retail Federation found that nearly one third of tablet owners will use the device to purchase back-to-school items.

According to NRF’s 2011 Back-to-School and College surveys conducted by BIGresearch, consumers with smartphones and tablets will use their devices to research products, redeem coupons, look up store information, and even make purchases.

“Retailers are using everything in their arsenal to attract customers whenever and wherever they want to shop — and mobile retailing is a big part of that strategy,” said NRF President and CEO Matthew Shay. “Consumers looking to save time and money while shopping for school items will be able to find their favorite brands in an instant, complete their checklists, and purchase what they need all with a swipe of their finger.”

Though shopping via a smartphone or tablet device is still an emerging trend, many Americans are already keen on the concept. The survey found four in 10 (39.6%) college shoppers and three in 10 (30.2%) K-12th grade shoppers with tablets say they plan to use their tablet devices to purchase products for back to school this year.

When it comes to smartphone shopping, 18.8% of K-12 grade shoppers and 16.8% of college shoppers with smartphones say they will make purchases via their device.

Of the college shoppers with tablets, juniors, graduate students and freshmen will be the ones using tablet devices the most to purchase their school items. Nearly half of surveyed juniors (47.5%), graduate students (47.4%) and freshmen (47.2%) say they plan to purchase school products via their tablet.

According to data released in July, NRF found the average family with children in grades K-12 and in college will spend $603.63 and $808.71 respectively.

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