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Stein Mart reports higher profit in first quarter

BY Katherine Boccaccio

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Jacksonville, Fla. — Stein Mart reported Thursday that net income for the first quarter rose to $14.7 million from $10.8 million.

Total sales increased 3.8% to $321.4 million, while same-store sales rose 1.2%.

The retailer said it expects to open four new stores, relocate two stores and close two stores during the second half of the year.

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M.Jhonson says:
May-28-2013 12:22 pm

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M.Jhonson says:
May-28-2013 12:22 pm

Ohh wow. Great post and amazing facts. Completely unaware of it. Thanks for sharing. Nanny Agency

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Children’s Place sales, profit down in Q1

BY Katherine Boccaccio

Secaucus, N.J. — The Children’s Place Retail Stores said Thursday that net income for the first quarter dropped to $19.3 million, from $28.3 million in the year-ago period.

Revenue declined 3.5% to $423.2 million, compared to $438.5 million last year, and same-store sales fell 5.5%.

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Macy’s, Target file suit against Visa and MasterCard

BY Katherine Boccaccio

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New York — A group of large U.S. retailers – including Macy’s, Target and J.C. Penney – filed suit against Visa and MasterCard on Thursday, abandoning a proposed $7.2 billion settlement reached last year over allegedly inflated credit card processing fees.

The lawsuit was filed in the U.S. District Court in Manhattan. Among the plaintiffs are also Kohl’s and TJX Cos., as well as other retailers that opted out of receiving proposed damages from the pending settlement that would end litigation by merchants that accused Visa and MasterCard of inflating swipe fees.

The lawsuit seeks compensatory and triple damages, as well as other remedies.

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