Gap same-store growth slows in August
San Francisco – Gap reported same-store sales growth in its three global retail brands in August of this year that was significantly lower than in the same month last year. Gap global same-store sales rose 2% compared to 6% last year. At Banana Republic, same-store sales increased 2% compared to 8% last year, and Old Navy same-store sales grew 1% compared to 12% last year.
Net sales for the month were $1.23 billion, up 2.5% from net sales of $1.2 billion for the same month last year.
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Report: Home Depot CEO expects higher sales
Atlanta — The Home Depot reportedly expects a continuing recovery in the U.S. housing market to improve its sales later this year. In an interview with Bloomberg, Frank Blake, CEO of Home Depot, Inc., said steady improvement in the housing market should lead to private equity firms and investors renovating properties for rental.
Blake said Home Depot runs an entire unit dedicated to providing products to rental property owners who value durability and ease of replacement more than style. Bloomberg reports that analysts expect rising interest rates to cut into sales of big-ticket home items such as refrigerators.
Well, we can't blame Home Depot for expecting higher sales later this year. I mean, more people are into home remodeling nowadays. One of the stores in great demand when it comes to home supplies is Home Depot.
Stein Mart leads off-pricers with launch of e-commerce
Jacksonville, Fla. — Stein Mart Inc. has officially opened its online store, which offers both brick-and-mortar store merchandise and unique online-only offerings. The chain is among the first in the off-price category to enter e-commerce
Stein Mart plans to continue expanding the site’s assortment, including a limited selection of shoes, during the next several weeks. As Stein Mart executives explain in the current August/September issue of Chain Store Age, the key drivers for becoming one of the first off-price retailers to have a fully functional e-commerce site were expanding the customer base and responding to requests from existing customers for 24-hour shopping access.
“We are excited to announce that we are in the e-commerce business and happy to be able to serve our customers who like to shop online," said Jay Stein, CEO of Stein Mart. “As we learn more and grow this business, we anticipate that this channel will rapidly become our largest flagship ‘store.’”
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