Weekly Retail News Recap July 30, 2010

WEEKLY RETAIL RECAP

  • Golfsmith profit dips in Q2
    Golfsmith International Holdings said Thursday that net income for the quarter ended July 3 dropped to $6.2 million, from $6.8 million a year earlier.
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  • Best Buy forms partnership to offer broadband service
    Best Buy Co. announced Thursday that its subsidiary Best Buy Connect and wireless service provider Clearwire Corp., based in Kirkland, Wash., have forged a wholesale relationship that will allow Best Buy to use Clearwire’s 4G network to offer mobile Internet service to customers under the Best Buy Connect service.
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  • Guess to open Manhattan flagship
    Guess will open its largest U.S. store to date, a two-level, 13,000-sq.-ft. flagship on Fifth Avenue in Manhattan, in December, according to Women’s Wear Daily.
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  • Brookstone loss widens in Q2
    Brookstone reported Tuesday that it recorded a loss of $12.5 million in the quarter ended July 3, compared to a loss of $10.5 million in the year earlier period.
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  • Supervalu profits plummet 40% in Q1
    Supervalu, operator of Albertsons, Jewel-Osco, Shaw’s, Save-A-Lot and Cub Foods, reported Tuesday that its first-quarter net income dropped 40%, earning $67 million in the quarter ended June 19, compared with $113 million in the year-ago period.
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  • Target takes Manhattan
    Target officially opened its first-ever store in Manhattan, a 174,000-sq.-ft. outlet at East River Plaza in East Harlem.
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  • Amazon.com Q2 profit up 45%
    Amazon.com reported that net income increased 45% to $207 million in the second quarter, compared with net income of $142 million in the year-ago period.
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