Strategy

Sears Canada said a one-time charge of $41 million related to restructuring and asset impairment affected its third quarter results, which resulted in a net loss of about $46.7 million USD — more than double the net loss of $21 million it posted in the same quarter of the previous fiscal year.

In addition, revenues of $940.7 million were down about 6% from $1 billion. In one bright spot, same-store sales climbed 1.2%. Sears Canada is in the middle of a three-year turnaround program launched in 2012.

Fort Worth, Texas -- At the conclusion of the current fiscal year on December 31, RadioShack will align its fiscal year-end to a traditional 52-week retail calendar with the fiscal year ending on the Saturday closest to January 31st. RadioShack says this is the format used by the majority of retailers today.

Unilever wants to sell its Soft & Beautiful, TCB and Pro-Line Comb-Thru brands to Strength of Nature. The sale excludes TCB’s business in Africa.

Terms of the deal were not disclosed and it is expected to close in early December.

Toronto -- Sears Canada posted a net loss of about $46.7 million USD in the third quarter of fiscal 2013, more than double the net loss of $21 million it posted in the same quarter of the previous fiscal year. One-time charges of $41 million related to restructuring and asset impairment helped widen the company’s net loss.

In addition, revenues of $940.7 million were down about 6% from $1 billion. In one bright spot, same-store sales climbed 1.2%. Sears Canada is in the middle of a three-year turnaround program launched in 2012.

Atlanta -- The Home Depot reported net earnings of $1.4 billion for the third quarter of fiscal 2013, up 48% from $948 million in the same quarter of the prior fiscal year.  The retailer raised its 2013 forecast for the third time this year amid rising home prices.

"Our third quarter results reflect the continuing improvement in the housing market and our solid operational performance," said Frank Blake, chairman & CEO.

Cincinnati -- The Kroger Co. announced its succession plan for secretary and general counsel.

Paul W. Heldman, 62, a 31-year Kroger veteran who has been serving as the company's general counsel since 1989, secretary since 1992, and executive VP since 2006, will retire in the spring of 2014.

America’s Thrift Stores has hired former Tiffany executive Mike Kane as its new chief operations officer. Kane joins the leadership team at the largest privately owned thrift store company in the Southeast.

At Tiffany, Kane served as VP of manufacturing and prior to that, as a division president.

"I am excited about joining such a passionate group of people," said Kane, "and I see tremendous dedication to do whatever it takes to achieve the mission we have started."

Best Buy warned that its margins may take a hit this quarter in what is shaping up to be an extremely competitive environment, following third quarter results. The company posted a net income of $54 million for the quarter amid tight cost controls, compared to a net loss of $10 million during the same period a year earlier.

The chain posted revenue of $9.36 billion, which was flat with last year and below analyst expectations of $9.37 billion.