Strategy

There’s a lot going this week at the Daytona, Fla., area Walmart stores as NASCAR gears up for the start of its season with the Daytona 500. Between special activities in store parking lots and promotions involving NASCAR merchandise, Walmart has effectively positioned itself as the one-stop destination for race fans. While the Daytona 500 is a big deal, it’s really just a warm up act for Walmart.

Profits grew faster than sales at Walmart’s international division last year, despite investments to drive record expansion and inventory growth, as EDLP took hold in more markets.

Fourth-quarter same-store sales at JCPenney declined 1.8%, and the company lost $87 million, but those details are being overlooked for the time being as execution of the transformation strategy envisioned by CEO Ron Johnson began less than a month ago.

SAN FRANCISCO — Gap Inc.'s fourth-quarter net income plummeted 40% on higher costs and aggressive discounting during the holiday selling season.

The company reported that net income for the quarter ended Jan. 28 was $218 million, compared with $365 million a year earlier. Sales dipped to $4.28 billion in the quarter, from $4.36 billion, matching Wall Street estimates.

NEW YORK — Kenneth Cole Productions' board of directors has formed a special committee of independent directors to consider a non-binding proposal from Kenneth Cole, chairman and chief creative officer, that would take the company private.

LITTLE ROCK, Arkansas — Dillard's ended its fiscal year with higher income and increased sales, and heads into 2012 on the heels of a record-setting performance.

The company reported income for the fourth quarter ended Jan. 28 of $141.5 million, or $2.77 per share. For the prior year fourth quarter, Dillard's reported net income of $109.6 million, or $1.75 per share.

Dallas -- Blockbuster parent Dish Network confirmed Thursday that it will close 500 underperforming Blockbuster video stores in the first quarter, which equates to about a third of its stores.

The company, which acquired Blockbuster in 2011, said it plans to expand Dish Services offerings in the remaining Blockbuster stores. It currently offers the services in 150 stores.

New York City -- A Friday report in Crain’s New York Business said that Dallas-based 7-Eleven, which currently has 12 c-stores in Manhattan, plans to open another 14 in 2012.

Parent company Seven & I Holdings Co. said some of the 14 spaces were leased last year, but others have not been sited yet. Neighborhoods to be developed include Midtown, Greenwich Village, Chelsea and the Upper East Side. The Financial District is also on the boards, according to the report, which said that another 20 locations are planned between 2013 and 2017.

Vancouver -- J. Crew has announced three new Canadian store openings, according to a report in the Financial Post.

The new locations include stores in Vancouver, Edmonton and Toronto, and will join the sole store already open in the country as well as herald the launch of the retailer’s men’s apparel line in Canada.

New York City -- Kenneth Cole Productions' board of directors has formed a special committee of independent directors to consider a non-binding proposal from Kenneth Cole, chairman and chief creative officer, that would take the company private.