Strategy

New York -- Fashion retailer Cache reported Thursday that net income for the fourth quarter ended Dec. 31 was $1.9 million, compared with a loss of $14.2 million the year-ago period.

Sales surged 12.5% to $62.9 million, from $55.9 million in the fourth quarter of fiscal 2010. Same-store sales increased 12.4%.

Year to date the company has closed 12 underperforming stores and said it expects to close five more stores and open two in fiscal 2012.

Bentonville, Ark. -- Wal-Mart Stores Inc. said Thursday it will reduce prices on groceries by $1 billion in 2012, in hopes to draw customers in and encourage them to cross-shop in other areas of the store.

Wal-Mart had $145 billion in grocery sales last year in the United States, making it the largest player in terms of domestic grocery sales. It says the price reductions in food and consumables are an investment and won’t impact margins especially if shoppers respond as planned with additional traffic and loyalty.

STOCKHOLM, Sweden — Fans of H&M will soon have a new place to shop as the Swedish fashion retailer Hennes & Mauritz AB confirmed Thursday that it will open a new chain in 2013 that will build on the 2007 launch of its upscale Collection of Style (COS). No name for the new concept has been revealed yet.

MINNEAPOLIS — In a move to tighten its footprint and reduce costs, Best Buy Co. said Thursday it will close 50 of its signature big-box stores and open 100 of its small mobile locations in the United States in fiscal 2013. The shift will help cut $250 million in costs by 2013 and $800 million by 2015, said the electronics retailer.

Hoffman Estates, Ill. -- Multiple reports on Thursday said that Sears Holdings Corp. is considering a sale of its Lands’ End mail-order catalog business, as part of its move to raise up to $2 billion.

The New York Post reported that Sears is in talks with several private-equity firms about the potential sale.

Sears chief Eddie Lampert is said to be likely to hire Goldman Sachs to find a buyer for Lands’ End.
 

PARSIPPANY, N.J. — Jackson Hewitt Tax Service, the nation's second largest tax preparation firm, has been named Supplier of the Year by Walmart's financial services division. Jackson Hewitt was recognized for: its aggressive expansion into over 750 new Walmart locations for the 2012 tax season, which increased its nationwide kiosk coverage in Walmart U.S.

Houston -- A report in the Houston Chronicle said that grocer Trader Joe’s is opening two additional Houston-area locations — one in the Memorial area and one in Montrose.

In November Trader Joe’s announced its first planned Houston area store in The Woodlands Crossing Shopping Center.

All three stores are slated to open this year. The Memorial-area store will be 14,000 sq. ft., the Montrose store will be 14,500 sq. ft. and the store at The Woodlands will be 13,500 sq. ft.

Framingham, Mass. -- Staples announced the appointment of Willem Vos as director of e-commerce, Staples Europe.

Vos will report to Peter Howard, senior VP, head of Staples online and marketing, Staples Europe.