Strategy

Chicago -- An overwhelming majority of retail CFOs (96%) expect merger & acquisition (M&A) activity to increase or remain consistent with 2013 levels during 2014. According to the new BDO Retail Compass Survey of CFOs, two-thirds of CFOs anticipate that the majority of deal activity will occur in the U.S., followed distantly by Asia-Pacific (17%) and Europe (8%).

American Greetings has promoted Gregory Steinberg to CFO, effective March 1. Steinberg was most recently the company's corporate treasurer.  

He will be responsible for all finance functions at the company. The previous CFO, Stephen J. Smith, recently resigned to accept another employment opportunity.

Columbus, Ohio – L Brands Inc. saw its fourth-quarter profit increase 19% as the prior year was negatively impacted by special charges. The owner of Victoria’s Secret, Bed, Bath & Body Works and other brands earned $489.6 million for the quarter that ended Feb. 1, compared to $411.4 million, in the prior year.

Revenue for the quarter, which included an extra week, declined to $3.82 billion from $3.86 billion. Same-store sales were up 1%.

For the full year, L Brands earned $903 million, and reported sales of $10.77 billion.

As far as sales go, Sears Holdings didn’t have a very happy holiday. But the company was still able to narrow its loss for the fourth quarter, as it lowered expenses and reduced inventory.

The company said the costs of transforming into a member-centric retailer using an integrated online platform and the omnichannel Shop Your Way membership program fueled its net losses. It attributed declining revenues to lower same-store sales and having fewer stores in operation.

Menomonee Falls, Wis. – Kohl’s Corp.’s reported disappointing fourth-quarter results amid markdowns during the holiday period and increased shipping costs for its e-commerce business.

The chain posted a profit of $334 million for the quarter ended Feb. 1, down from $378 million a year earlier. Total sales dropped 3.8% to about $6.1 billion from $6.34 billion. Same-store sales were down 2%. Kohl’s cited the impact of the 53rd week in fiscal 2012 as a driver of its declines.

San Francisco -- Gap Inc. is bringing its Old Navy brand to China, with the opening of a store on March 1 on Shanghai’s famous Nanjing West Road.

The 22,000 –sq.-ft., three-level Shanghai Old Navy store is located in the Jing’an District, a major commercial area known for shopping, sightseeing, hotels and office buildings that draws thousands of locals and overseas visitors. The store features iconic elements from Old Navy’s U.S. flagship and such interactive features as touch-screen video games and game tables.

Hoffman Estates, Ill. - Sears Holdings Corp. narrowed its loss for the fourth quarter as it lowered expenses and reduced inventory.

Sears said Thursday that it lost $358 million for the period ended Feb. 1, compared with a loss of $489 million a year ago.

Sales plunged 14% to $10.6 billion, from $12.3 billion. Sears’ revenue performance was hurt partly by having one less week in the latest quarter and having fewer Sears and Kmart stores, the company said.

Aventura, Fla. -- Aventura Mall, in the Miami suburb of Aventura, plans a significant expansion that will include a new three-level, 241,000-sq.-ft. retail wing and parking garage. Construction is expected to begin in 2014.

Located between Miami and Fort Lauderdale, Aventura Mall currently measures 2.7 million sq. ft.