FINANCE

Home Depot’s Q2 hits new highs

BY Ken Clark

The big get bigger.

The Home Depot reported record sales and net income as it revised upward its expectations for the full year.

The world’s largest home improvement retailer Tuesday morning posted second quarter sales of $26.5 billion, up 6.6% from the second quarter a year ago. Comparable store sales were up 4.7%, and up 5.4% in the U.S.

Net earnings were $2.4 billion, up from $2.2 billion.

“We had a solid quarter, achieving the highest quarterly sales and net earnings results in company history as housing continues to be a tailwind for our business,” said Craig Menear, chairman, CEO and president.

The Atlanta-based retail giant reaffirmed its fiscal 2016 sales guidance and expects sales will be up approximately 6.3% and comp sales will be up approximately 4.9%. The company raised its diluted earnings-per-share guidance for the year and now expects diluted earnings per share to grow approximately 15.6% from fiscal 2015 to $6.31.

The retailer operates 2,275 retail stores — the same number as it reported in the first quarter.

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C-SUITE

Teen retailer names its first chief digital officer

BY Marianne Wilson

Tilly’s has appointed Jon Kubo to serve in the company’s newly created position of chief digital officer, effective Aug. 15.

Kubo will oversee e-commerce and digital marketing to define a long-term vision for the specialty retailer’s digital commerce efforts and create consistency in digital consumer experiences across all interaction points.

Prior to joining Tilly’s, Kubo served as chief digital officer at Boot Barn Holdings since May 2015. He served at The Wet Seal as executive VP, chief digital officer from October 2014 to May 2015, and as senior VP, e-commerce and CIO from March 2005 to October 2011.

“I am excited to have Jon working with our team to lead our critically important e-commerce business, along with digital marketing, said Ed Thomas, president and CEO, Tilly’s. “Jon’s tremendous vision and innovative leadership will bring great value to Tilly’s as we make progress toward delivering on our long-range plans.”

Tillys, which operates 224 stores and its website, sells West Coast inspired apparel, footwear and accessories, with brands rooted in action sports, music, art and fashion.

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DEALS

Tanger gains full ownership of Savannah outlet center

BY Al Urbanski

Tanger Factory Outlet Centers, Inc., acquired 100% ownership of Tanger Outlets Savannah, adjacent to the Savannah International Airport. The deal it made with its lone partner in the 420,000-sq.-ft. center included a $15 million cash payment and assignment of all outparcels on the property.

"The center is currently 99% occupied and is undergoing a second expansion to accommodate retailer demand for space," said Steven B. Tanger, president and CEO.

The center houses nearly 100 brand name and designer outlet stores, including Brooks Brothers Factory Store, Columbia Sportswear, H&M, Hot Topic, Nike Factory Store, and Zumiez.


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