International Business

Stockholm, Sweden -- Swedish fast-fashion retailer Hennes & Mauritz reported Thursday that net profit for the fourth quarter dipped to $997.2 million from $1.1 billion in the year earlier period. Sales in December, the first month of H&M's fiscal first quarter, were up 13% year-on-year in local currencies, against a forecast 12%. Same-store sales were up 4%.

"Most indicators suggest that the macro-economic climate in many of our markets will continue to be tough during 2012," said CEO Karl-Johan Persson.

ALISO VIEJO, Calif. — Buy.com has announced that Bernard Luthi, a 15-year veteran of e-commerce, technology and consumer electronics, has joined the company as chief marketing officer. Previously, Luthi was VP marketing, web management and customer service at Newegg.com.

In his new role, Luthi will lead Buy.com’s marketing initiatives, including web site experience, advertising, BuyTV, public relations and promotions. In addition, he will work closely with Buy.com parent company Rakuten on overall corporate branding. 

WASHINGTON — After President Barack Obama delivered his State of the Union address on Tuesday night, the National Retail Federation issued a response regarding his remarks on job creation.

NRF said it welcomed the President's emphasis on job creation, saying that it will help restore the nation's economic state.

Washington, D.C. -- The National Retail Federation said it welcomed the emphasis on job creation in President Obama’s State of the Union address, saying that it will help restore the nation's economic state.

Bensalem, Pa. -- Charming Shoppes has promoted Bryan Eshelman to executive VP, chief supply chain officer. Eshelman started with the chain in 2010 as senior VP operations.

Eshelman retains his previous duties of overseeing technology, logistics, technical design and quality assurance. His new responsibilities include directing the retailer’s global direct sourcing from buying offices in such locations as Hong Kong and India, and ensuring supply chain compliance with trade and customs regulations.

NEW YORK — Hudson's Bay Company, the Canadian retail conglomerate, and one of the oldest department-store operators in the world, announced Tuesday that it has completed its acquisition of its affiliate, Lord & Taylor Holdings, LLC, the U.S. department-store company.

According to a company press release, Hudson's Bay will now operate the two leading retail banners in North America, The Bay and Lord & Taylor. Prior to the transaction, Hudson's Bay Company and Lord & Taylor were side-by-side affiliate entities.

MINNEAPOLIS — Target has promoted John Mulligan to the position of EVP and CFO, effective April 1. Mulligan currently serves as SVP finance. He replaces Doug Scovanner, Target’s EVP and CFO for the past 18 years, who announced his retirement in November 2011, effective March 31. 

LEXINGTON, Mass. — Collective Brands Performance and Lifestyle Group has announced the appointment of Rick Blackshaw as president of the Keds brand. Blackshaw has extensive footwear experience with brands including Converse, Timberland, and the former division of Reebok, Avia, and most recently served as VP and general manager for the Chuck Taylor All Star Division of Converse Inc. He will start in his new role Jan. 24 and succeeds Kristin Kohler Burrows who recently departed the position to pursue career opportunities closer to her home in New York. 

New York City -- Coach Inc. reported Tuesday that net earnings for the quarter ended Dec. 31 rose 15% to $347.5 million, compared with $303.4 million in the year-ago period.

Sales increased 15% to $1.45 billion, beating Wall Street’s expected $1.43 billion in revenue.

Jacksonville, Fla. -- Regency Centers announced it has closed on the acquisition of its first New York property, the 141,382-sq.-ft. Lake Grove Commons, for $72.5 million with its co-investment partner First Washington Realty.

Located on Long Island, Lake Grove Commons is a Class A property anchored by the only Whole Foods Market in Suffolk County along with LA Fitness and Petco. Built in 2008, the center is fully leased to six national tenants.