J. Crew Q2 profit nearly doubles, but cuts 2010 outlook
New York Improved sales and margins helped drive J. Crew Group’s net income up sharply in the second quarter but the retailer lowered its full-year outlook. The retailer reported earnings of $34.9 million, up from $18.6 million for the year-ago period.
Total revenue grew 14% to $407.5 million. Online and catalog sales jumped 16%, but sales trends in its stores softened. Same-store store sales rose 11%, while direct sales increased 16% in the quarter.
In a conference call, chairman and CEO said the company was pleased with the quarter’s results. But in remarks similar to those made by many other retail heads, he said continued economic uncertainty led J. Crew to take a more conservative outlook for the back half of the year.
Best Buy launches video-game trade-in service
MINNEAPOLIS Best Buy announced that it has launched a video-game trade-in service in nearly 600 stores.
“The expansion of our trade-in program reaffirms our commitment to consistently pursue new ways to bring a better gaming experience to consumers,” said Chris Homeister, SVP and general manager for the home entertainment group at Best Buy. “Fall marks the launch of several highly-anticipated gaming titles and new technology, and we’re thrilled to provide gamers with innovative ways to connect with the games they love.”
Consumers can now bring their previously played video games into Best Buy and trade them for an instant Best Buy gift card to use for purchasing anything in the store, including any game or gaming accessory. Soon, they will be able to purchase a pre-owned game as well, the company reported.
Target launches customizable ad server
MINNEAPOLIS Target has announced the launch of “My TargetWeekly,”a new customizable version of its popular online weekly ad. With My TargetWeekly, guests can create customized views and deal alerts to learn when their favorite items are on sale, the company reported. They also can view coupons, see top 10 deals, share via Facebook and Twitter and create their own customized mobile shopping lists for their next visit in-store or online.
“We are excited to provide our guests with yet another innovation to simplify their lives and improve their shopping experience,” said Steve Eastman, president of Target.com. “As the only retailer offering this technology, we are proud to give our guests more ways to make the most of their dollar, which helps us deliver on our ‘Expect More. Pay Less.’ brand promise.”
My TargetWeekly can also be found on the Target Facebook fan page and guests can share products and shopping experiences with friends to create smart recommendations. The more guests “love” a product, the smarter the recommendation engine becomes, the company said.