Strategy

A 2.9% third quarter same store sales increase and the sale of its credit card business pushed Target’s third quarter profit up 17.6% to 96 cents a share.

Total sales increased 3.4% to $16.6 billion in third quarter due to the 2.9% comp increase and the benefit of a net increase of 18 stores compared to the prior year. Target ended the period with 1,781 stores and was up against a challenging prior year comparison when comps advanced 4.3%.

Seattle -- Starbucks Coffee Co. announced Wednesday it will acquire specialty tea chain Teavana Holdings for $620 million in a move to gain traction in the $40 billion global tea industry.

According to Starbucks chairman, president and CEO Howard Schultz, the coffee company plans to grow and expand Teavana’s 300 mall-based stores as well as add a neighborhood store concept to accelerate Teavana’s domestic and global footprint.

Kearney, Neb. -- The Buckle reported Thursday that net income for the quarter ended Oct. 27 rose 9% to $41.9 million, boosted by online strength and higher same-store sales.

Overall revenue rose 4% to $284.1 million, beating Wall Street’s predicted $282.8 million. Same-store sales climbed 2.4%.

Columbus, Ohio -- Limited Brands Inc. reported Thursday that net income for the quarter ended Oct. 27 dropped to $73.4 million from $94.3 million in the same quarter last year. Results still managed to beat Wall Street expectations.

Limited, which also owns Victoria’s Secret and Bath & Body Works, saw sales slip 5.7% to $2.05 billion from $2.17 billion, but results matched analysts’ forecasts. Same-store sales climbed 5%.

San Francisco -- Gap Inc. raised its outlook for the year after reporting better-than-expected net income for the third quarter on growing sales. It was the latest sign that the long beleaguered chain may be finally entering a turnaround.

For the three months ended Oct. 27, the company said it earned $308 million, compared with $193 million in the year

STAMFORD, Conn. — Nestle Waters North America has named Tim Brown as its new president and CEO. Brown replaces current Nestle Waters North America president and CEO Kim Jeffery, who plans to assume a non-executive chairman position effective Feb. 1, 2013.

New York -- GameStop plans to close 200 stores by next year, Bloomberg reported.

The closings were announced on a conference call, shortly after the chain reported better-than expected third-quarter results, excluding an impairment charge.

For the third quarter ended Oct. 27, GameStop posted a net loss of $624.3 million after impairment and goodwill costs of $678.8 million, mostly tied to international operations. That’s compared with net income of $53.9 million a year earlier.

Washington, D.C. -- The National Retail Federation said Wednesday that, for the first time in three months, retail sales ticked down slightly as consumers cooled discretionary spending in the face of inclement weather and uncertainty in Washington.

October retail sales (excluding automobiles, gas stations and restaurants) decreased 0.3% seasonally adjusted from September yet increased 3.9% unadjusted year-over-year.