Finance & Capital Management

Amazon.com may have achieved record fourth-quarter sales of $25.6 billion, but its top line was well below what analysts expected and so were profits.

The company’s sales increased 20% to $25.6 billion during the fourth quarter ended Dec. 31, compared to $21.3 billion the prior year. Analysts had forecast sales of slightly more than $26 billion. Meanwhile, Amazon said it earned profits of $239 million, or 51 cents a share, well ahead of prior year figures of $97 million and 21 cents a share, but substantially below the 74 cents analysts were expecting.

New York -- Record levels of engagement helped Facebook grow revenue in its fourth quarter, ended December 31, by 63% to nearly $2.59 billion. Full year revenues advanced 55% to nearly $7.9 billion.

Net income increased 116% to $1.13 billion, from $523 million, or three cents a share.

New York -- Testifying Wednesday before the Senate Judiciary Committee, U.S. Attorney General Eric Holder confirmed that the Justice Department is investigating the consumer data breach at Target Corp.

"While we generally do not discuss specific matters under investigation, I can confirm the Department is investigating the breach involving the U.S. retailer, Target," Holder said in his statement to senators,.”

Cincinnati -- The Kroger Co. said it has completed its acquisition of Harris Teeter Supermarkets for about $2.5 billion. Under the terms of the merger agreement, Harris Teeter shareholders will receive $49.38 per share of Harris Teeter common stock.

The Woodlands, Texas -- Conn’s announced the opening of four Conn’s HomePlus stores, with locations in Albuquerque, N.M.; Amarillo, Texas; Chandler, Arizona; and Shreveport, Louisiana.

The new HomePlus store format showcases furniture and mattresses in addition to the leading brands and the latest technologies in consumer electronics and home appliances.  

Los Angeles — CBRE Group has promoted Curt Grantham to president, global corporate services, Americas. In his new post, Grantham will oversee client management and account operations as well as all GCS regional leadership in the Americas. He will report to Jim Wilson, global chief operating officer, GCS, CBRE.

In his new position, Grantham will join CBRE’s Americas operations management board. He will continue to serve on CBRE’s GCS executive committee.

Los Angeles — CBRE’s national retail investment group has arranged the sale of Oak Grove Plaza, a 120,491-sq.-ft. retail center anchored by Kroger Signature, to Chicago-based LaSalle Investment Management.

CBRE marketed the property, which is located in the Dallas suburb of Sachse, Texas, on behalf of Invesco Advisers.

Oakbrook Terrace, Ill. — Shopping Center development in Chicagoland has improved significantly in recent years. Activity showed a 98.7% increase in total sq. ft. from 2012 to 1013, according to the “Chicagoland 2014 Shopping Center Report” just issued by Mid-America Real Estate Corp.

In 2013, owners developed approximately 2.26 million sq. ft., compared to 1.14 million sq. ft. in 2012.

New Orleans — Smoothie King Franchises has announced that it is targeting Atlanta for franchise expansion. The company, which will unveil its new store design next month in South Florida, plans to open 25 new locations in the Atlanta region over the next five years.

Leading global brand extension agency Beanstalk has promoted Allison Ames to president of the company. In her new role, Ames will assume many of the day-to-day leadership and operational responsibilities for the company globally.

She will also work alongside CEO Michael Stone on many of the company’s short and long-term strategic growth initiatives.