Finance & Capital Management

Many retailers opened on Thanksgiving this year but regional discounter Fred’s remained closed and the impact of that decision was evident when the company reported a 2.3% decline in November same store sales.

Fred’s stores were open on Thanksgiving Day last year, but the operator of 702 stores closed its stores this year which made for a challenging comparison against the prior year period.

Istanbul, Turkey - Annapolis, Maryland-based architectural firm Roy Higgs International has been retained to design the retail portion of Metropol İstanbul, a global mixed-use project and architectural landmark of Istanbul that is rising within the borders of the Istanbul International Financial Center in Ataşehir.

“Metropol İstanbul will breathe new life into this vibrant city, elevating its architectural significance,” said Elif Ozbay, design manager for Metropol İstanbul.

Memphis, Tenn. - Fred's Inc. total sales for November 2014 increased 2% to $154.3 million from $151.2 million in November 2013. Same-store sales for the month decreased 2.3% compared to flat sales in the same period last year.
Fred’s said that same-store sales were in line with previously issued guidance and that the decision to close stores Thanksgiving Day pushed same-store sales from flat to negative growth.

New Albany, Ohio – The cool kid might still be cool, after all. Abercrombie & Fitch reported net income of $18.2 million in the third quarter of fiscal 2014, compared to a net loss of $15.6 million in the same period the prior year and beating Wall Street forecasts.

Evansville, Ind. – Net income dipped to $10.8 million in the third quarter of fiscal 2014 from $10.9 million the same period the prior fiscal year. Net sales fared better, climbing 7% to $254.69 million from $235.77 million, ahead of previously issued guidance.

Bentonville, Ark. – Wal-Mart reportedly plans to improve efficiency in its China operation by eliminating 250 jobs, and also open nine new stores and a new distribution center in China by the end of 2014. According to Bloomberg, the positions that will be cut are mostly marketing and merchandising roles, along with some cuts in departments including tax and asset protection.

Home Depot has agreed to buy the hardware business unit of HD Supply Holdings Inc., the industrial distributor that was once part of the home-improvement retailer and has since been a longtime partner.

"Our companies have had a long-standing relationship," said Craig Menear, CEO and presiden of Home Depot. "By formally bringing the business into the Home Depot family, we expect to further enhance our supply chain capabilities and hardware product offerings."

Shoppers at Kmart who are looking for that must-have toy this holiday season will be also able to help raise money to end childhood cancer and other diseases.

Kmart has announced that beginning this Sunday through Dec. 13, the retailer will donate $1 to St. Jude Children’s Research Hospital for every purchase from its annual Fab 15 toy list, up to a maximum donation of $25,000.