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lululemon Reports Second-Quarter Online Sales Jump 157 Percent Year-Over-Year

by Alex Tostado

Vancouver — lululemon Athletica Inc. (Nasdaq: LULU) has reported online sales jumped 157 percent in the second quarter compared to Q2 2019. The Vancouver-based retailer closed stores in its North American, European and Asian Pacific portfolio in the first quarter due to the coronavirus pandemic. lululemon began reopening stores in the second quarter. As of Aug. 2, 492 of 506 company-operated stores were open. The clothing store reported in-store sales were up 3 percent year-over-year. “We’re pleased with our overall business results for the second quarter, as lululemon increasingly lives up …

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Company newsEntertainmentNew JerseyNews

AMC to Reopen All 27 New Jersey Theaters Over Next Week

by Alex Tostado

New Jersey — AMC Theatres (NYSE: AMC) will open all 27 of its theaters in New Jersey over the course of the next week, which began with the reopening of AMC Jersey Gardens 20 and AMC Wayne 14 on Friday, Sept. 4. An additional seven locations opened Monday, Sept. 7, with all remaining theaters then opening Thursday, Sept. 10. New Jersey is AMC Theatres’ sixth-largest market by screen count.

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Company newsNew YorkNewsRetailers

Former Taubman Executive Joins Odyssey Retail Advisors as Managing Partner

by Alex Tostado

New York City — Rick Strauss has been hired at Odyssey Retail Advisors as a principal managing partner of landlord advisory business, the New York City-based firm announced. Strauss spent more than 20 years as a group vice president at The Taubman Co. and executive vice president at Westfield Corp. With Odyssey, Strauss will focus on landlord advisory and consulting, including project visioning, merchandising, marketing, proformas and execution of deals. “My passion is to make shopping environments highly competitive in today’s marketplace by broadening appeal through merchandising and creating engaging …

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Company newsNew YorkNewsRetailers

Macy’s Reports 53 Percent Surge in Online Sales, 34.7 Percent Drop in Overall Sales in Second-Quarter

by Alex Tostado

New York City — Macy’s Inc. (NYSE: M) reported approximately $3.56 billion in net sales across its Macy’s, Bloomingdale’s and Bluemercury brands during its fiscal second quarter ending Aug. 1, a 34.7 percent decline from that period in 2019. However, the New York City-based retailer said its second-quarter performance exceeded expectations, thanks largely to a 53 percent spike in year-over-year sales across its digital platforms. Digital sales represented 54 percent of Macy’s total revenue figure for the quarter. Macy’s CEO Jeff Gennette also said that the successful reopening of a …

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CaliforniaCompany newsNewsRetailers

Year-Over-Year Online Sales for Gap Surge 95 Percent in Second Quarter

by Alex Tostado

San Francisco — Driven by a 95 percent surge in online sales, San Francisco-based Gap Inc. (NYSE: GPS) reported a 13 percent increase in its comparable sales for the fiscal second quarter, which ended Aug. 1. Gap’s decision to make face masks early on in the COVID-19 pandemic paid off, bringing in $130 million in sales, according to the company. Gap has produced face masks for individuals as well as the city of New York, the state of California and Kaiser Permanente. Net sales were down 18 percent year over …

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Company newsNewsOhioRetailers

Big Lots Store Sales Increase 31.3 Percent Year Over Year

by Alex Tostado

Columbus, Ohio — Big Lots Inc. (NYSE: BIG) has reported net sales of $1.6 billion in its fiscal second quarter, which ended Aug. 1. This figure is 31.3 percent higher than the second quarter of 2019, which totaled $1.2 billion. Bruce Thorn, president and CEO of the Columbus-based retailer, says the “record-breaking results” were driven by both in-store and online activity. Big Lots also reported net income of $452 million, which includes $341.9 million in earnings due to the sale-leasebacks of several distribution centers. Big Lots, which sells toys, furniture, …

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Company newsNewsPennsylvaniaRetailers

Dick’s Sporting Goods Reports Record Earnings, 194 Percent Increase in E-Commerce Sales

by Alex Tostado

Pittsburgh — Dick’s Sporting Goods (NYSE: DKS) reported a record level of quarterly earnings for its fiscal second quarter, which ended Aug. 1. The company reported $276.8 million in consolidated net income and boosted its earnings per share by 155 percent relative to the second quarter of 2019. The Pittsburgh-based retailer cited booming e-commerce sales, which rose by 194 percent year over year, as a key driver in the company’s growth. In addition, Dick’s noted that through the first three weeks of the third quarter, same-store sales have already increased …

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Company newsMinnesotaNewsRetailers

Best Buy’s Online Sales Increase 242 Percent in Second Quarter

by Alex Tostado

Minneapolis — Best Buy Co. Inc. (NYSE: BBY) reported that its online sales increased 242 percent for the 13-week quarter that ended Aug. 1 compared with the same time period last year. Products that help people work, cook and learn at home such as computing, appliances and tablets were the largest drivers of sales growth for the second quarter, according to Corie Barry, CEO of the Minneapolis-based retailer. Sales at open stores grew by 5.8 percent. However, growth is not likely to continue at the same pace and the retailer …

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CaliforniaCompany newsNewsRetailers

Skechers Donates 1 Million Masks in Partnership with United Way

by Alex Tostado

Manhattan Beach, Calif. — Skechers is donating 1 million masks to essential workers and communities in need. Skechers is partnering with the United Way of Greater Los Angeles and more charities across the country to deliver the masks directly to those who will most benefit. The 1 million masks, which are non-medical, triple-layer surgical style, will be donated to nonprofit organizations that typically do not receive personal protection equipment (PPE) from government institutions, with a focus on economic hardship. This includes community and public education centers, health and rehab outreach facilities, …

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Company newsMallsNewsRetailersTennessee

CBL Properties Staves Off Bankruptcy with Debt Restructuring, Loses Four Malls to Foreclosure

by Alex Tostado

Chattanooga, Tenn. — CBL Properties (NYSE: CBL) announced this morning that it has struck a deal with its lenders on a restructuring plan that will eliminate $900 million in debt and reduce annual interest expense by $20 million. Although the official press release from CBL did not mention bankruptcy, a representative from the company told the Chattanooga Times Free Press that the company plans to use the Chapter 11 bankruptcy process to complete the restructuring. The announcement follows yesterday’s second-quarter earnings call, where CBL revealed that it had drawn down its entire …

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