Retail Stores

Williams-Sonoma reported that net income for the quarter ended May 1 hiked 62 percent to $31.6 million from $19.5 million a year earlier, topping company expectations.

Look who’s leading a luxe charge in retail: Saks Inc. posted a soaring 51 percent gain in profits for its fiscal first quarter on net income of $28.4 million, or 16 cents a diluted share, from $18.8 million, or 11 cents, a year earlier.

GameStop reported record sales and earnings for the first quarter ended April 30. Total sales for the first quarter of 2011 increased 9.5 percent to $2.28 billion, in comparison to $2.08 billion in the prior year quarter. 

Target posted a bigger-than-expected rise in quarterly profit as strength in its credit card business mitigated the impact of some sluggish sales at its stores. Shoppers visited the discount chain for food and other basics, but spent cautiously. Sales of discretionary goods have been under pressure as shoppers digest higher costs for food, gasoline and other essentials.

Abercrombie & Fitch says that international sales helped pushed the preppy teen retailer to first-quarter profitability. Abercrombie reported net income of $25.1 million, or 28 cents per share.

Dick's Sporting Goods reported that net income for the first quarter rose to $37.5 million, compared with $26.2 million a year earlier. Net sales increased 6.3 percent to $1.1 billion. Same-store sales rose 2.1 percent. The retailer will also open 34 new Dick's Sporting Goods stores in 2011, as well as remodel 14 existing locations. It also plans to open approximately three Golf Galaxy stores and relocate one Golf Galaxy store this year.

Wal-Mart said that profits jumped almost 4 percent last quarter, even as the retail chain's U.S. sales dipped for the eighth straight quarter.

TJX reported that net income for the first quarter plummeted 20 percent on the closing of its A.J. Wright stores, but strong sales buoyed the retailer’s full-year forecasts. TJX earned $266 million in the quarter ended April 30, compared with $331.4 million in the year-ago period.

According to research, 50 percent of retailers and almost as many manufacturers (48 percent) utilize rebate programs as part of their customer loyalty and promotions mix.

Import cargo volume at the nation’s major retail container ports is forecast to level off this month after nearly 18 months of year-over-year gains. It's expected to remain steady into mid-summer before resuming gains, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.