Finance & Capital Management

New York -- Target Corp. plans to cut “several thousand” jobs, mainly at headquarters, during the next two years and invest $1 billion in technology and supply chain in 2015 as part of an ambitious and wide-reaching plan to transform its business for a digital age. (Target expects to invest between $2 and $2.2 billion in total capital expenditures in 2015.)
 

The CEO of Dick’s Sporting Goods says the growth of the retailer’s omnichannel network and improved marketing led to better-than-expected earnings in the fourth quarter.

Edward Stack, chairman and CEO at Dick’s, said the company reported a profit of $156 million, or $1.30 a share, up from a profit of $139 million, or $1.11 a share, a year earlier. Revenue grew 11% to $2.16 billion. Same store sales jumped 3.4%.

Stage Stores' approach to operating department stores in small to mid-sized towns enabled the company to grow holiday season sales and profits faster than some of its big city rivals.

The company’s 853 departments stores, operating under the banners of Bealls, Goody’s, Palais Royal, Peebles and Stage, grew sales 6.6% to $525 million and profits from continuing operations increased 35% to $43.7 million during the fourth quarter ended Jan. 31. Same store sales increased 6.4% and the company’s e-commerce business grew 30%.

Pittsburgh – Strong omnichannel performance, as well as successful marketing and merchandising execution, helped Dick’s Sporting Goods Inc. deliver fourth quarter fiscal 2014 net income beyond previously issued guidance. Dick’s reported net income of $155.5 million, up 12% from $138.6 million a year earlier.

Dick’s plans to open 54 new stores during fiscal 2015, including 45 namesake stores and nine Field & Stream stores.

Publix continues to be a blockbuster in its industry, as the grocery chain posted a 7.4% increase in profits in the fourth quarter.

The Florida-based retailer reported a profit of $453.3 million in the fourth quarter, compared to $422 million in 2013. Earnings per share for the fourth quarter increased to $0.58 for 2014, up from $0.54 per share in 2013. Publix reported net sales of $7.9 billion; same store sales increased 6.4%.

Costco has a new credit card partner for its stores, and it’s a brand name that shoppers may already be very familiar with.

The retailer has entered into a new co-brand credit card program agreement with Citi and an acceptance and co-brand incentive agreement with Visa.

New York -- The "60 Minutes" episode alluded to in last week's Lumber Liquidators earnings conference call was apparently more damning than some analysts expected.

As a result, the company's shares tumbled Monday morning, with pending news prompting a pause in trading that resumed again after the stock price fell more than 24%.

Issaquah, Wash. - Costco Wholesale Corp. has entered into a new co-brand credit card program agreement with Citi and an acceptance and co-brand incentive agreement with Visa. Under the arrangements, Citi, an issuer of consumer credit cards, will become the exclusive issuer of Costco's co-brand credit cards and Visa will replace American Express as the credit card network for Costco in the U.S. and Puerto Rico beginning April 1, 2016.