For many retailers, the fiscal second quarter appears to be a bright spot on the profit report. Happy – or at least satisfied – companies include Best Buy, Kroger and Pier 1 Imports.
Best Buy (Eden Prairie, Minn.) said its second-quarter profits sailed a bit beyond expectations, increasing by 32 percent. Looking ahead, executives said they foresee a successful fall and winter season, which will complement 40 store openings planned for the next three months.
Kroger (Cincinnati) announced a 17 percent second-quarter profit increase — good news for the grocery giant that has endured charges associated with its Fred Meyer Inc. merger last year. Since the deal was made, the company's net income has continually met analysts'expectations.
Pier 1 Imports (Fort Worth, Texas) tops the charts with a second-quarter sales increase of 49 percent. Executives making the announcement cited new pricing and merchandising strategies for the comeback since last year's profit plunge.
On a more somber note, Stride Rite Corp. (Lexington, Mass.) reported a lower-than-estimated second-quarter profit. Decreased sales at department stores appear to be the culprit, dropping the shoe seller's shares by 50 cents to $5.25.