Finance & Capital Management

Expense from a pension settlement and higher selling, general and administrative costs drove Havertys into the red for the fourth quarter of fiscal 2014.

As Macy’s undergoes aggressive changes to better compete in an omnichannel retailing world, the company reported a decline in profit for the fourth quarter.

For the quarter ended Jan. 31, profit fell to $793 million from $811 million. Per-share earnings were $2.26 a share, up from $2.16 a share a year earlier. Same store sales grew 1.7% Revenue increased 1.8% to $9.36 billion.

Chicago -- Skincare products retailer H2O+ announced the appointment of Joy Chen as the company's new president and CEO.

Chen most recently served as the CEO of YES TO Inc. where she managed the YES TO skin and bodycare portfolio’s expansion of North America and International distribution. She brings over 20 years of industry experience and a proven track record of driving sales and profit growth, in demanding, complex turnaround situations.

Bentonville, Ark. – In a reversal of corporate policy that did not offer workers paid sick leave until their second day of absence, Wal-Mart Store Inc. is reportedly now allowing employees to collect sick pay on their first day of not reporting to work due to illness. According to the Wall Street Journal, the change in policy is part of a larger effort to improve employee morale.

Los Angeles – Frederick’s of Hollywood is reportedly closing at least 31 of its 93 stores as part of a broader re-engineering effort. According to the Wall Street Journal, Great American Group is overseeing liquidation sales at 31 stores, including the flagship location in Los Angeles.

Jackson, Miss. – Fast-casual restaurant chain Newk's Eatery is expanding to Columbia, South Carolina, as part of growth plans that include nearly 30 new corporate and franchised stores in 2015. The Columbia expansion is in partnership with its newest franchisees, Chris and Pam Corn.

The Corns will open their first Newk's in City Market in the Vista in late 2015 and have plans to open two additional locations in Columbia and the surrounding area.

Fairfax, Va. – A competitive promotional environment and delivery problems had a negative impact on net income and revenues at Geeknet, parent company of online retailer ThinkGeek.com and licensed merchandise distributor ThinkGeek Solutions, during the fourth quarter and full year 2014. Net income for fourth quarter 2014 was $1 million, down 80% from net income of $5.1 million in the same period a year earlier.

Total revenue for fourth quarter 2014 was $72.4 million, a decrease of 3% from $74.3 million.

Lingerie retailer Frederick’s of Hollywood is reportedly closing at least 31 of its 93 stores as part of a broader re-engineering effort. 

According to the Wall Street Journal, Great American Group is overseeing liquidation sales at 31 stores, including the flagship location in Los Angeles. The number of stores to be shuttered may rise slightly.

Best Buy is looking to drive growth through innovation by opening a new technology center in the Seattle area this spring.

The company joins a growing array of retailers, including Staples and Sears, that have been opening or expanding offices in Seattle in order to tap into the city’s wealth of tech talent.