Strategy

NEW YORK — Foot Locker Inc. grew its fourth-quarter profit 42% amid higher sales and cost cuts.

The company earned a better-than-expected $81 million in the three months that ended Jan. 28, up from $57 million in the year-ago period.

Revenue increased 8% to $1.5 billion, from $1.39 billion. Same-store sales were up 7.5% in quarter.

During fiscal 2011, Foot Locker opened 70 new stores, relocated or remodeled 182, and closed 127. The chain had 3,369 total stores as of Jan. 28, down from 3,426 at the end of the previous fiscal year.

Suffern, N.Y. -- Ascenta Retail Group Inc., whose brands include Dressbarn, Maurices, and Justice, said its fiscal second-quarter profit rose 50% on higher sales. The company raised its earnings forecast for the current fiscal year.

Ascena said that during the quarter ended Jan. 28 it earned $63.7 million, compared with $42.5 million in the same period a year before.

Revenue during the quarter rose 15% to $862 million. E-commerce sales jumped 61% to $52 million in the quarter.

GREEN BAY, Wis. — General merchandise retailers Shopko Stores and Pamida has completed their merger that will create a $3 billion company that serves largely rural communities in 22 states.

The combined entity will retain the Shopko name. Shopko will be headquartered in Green Bay and Pamida’s corporate headquarters in Omaha, Neb., will be consolidated into the Green Bay office over the next several months.

NEW YORK — Nestlé Nutrition has promoted Steve Goodyear to VP retail sales for Nestlé Nutrition's U.S. division.

Hoffman Estates, Ill. -- Sears Holdings Corp. said Thursday that it has earned the U.S. Environmental Protection Agency Energy Star program’s highest honor: the Energy Star Corporate Commitment Award.

The award was given in recognition of Sears leadership in energy efficiency and commitment to continuous improvements. Sears is the fifth corporation to earn the distinction in the EPA's history, and is the first company to receive the award since 2005.

The surge in February same-store sales Target reported Thursday morning didn’t come as a surprise to incoming CFO John Mulligan who alerted the market to the above plan performance when Target reported fourth-quarter results on Feb. 23.

Cincinnati -- The Kroger Co. reported on Thursday that it posted a loss in the quarter ended Jan. 28, attributing the loss to costs associated with consolidating its pension plan for union workers.

The grocer, which counts among its banners Kroger, Ralphs and Food 4 Less, lost $306.9 million in the quarter, compared with a profit of $278.8 million in the year-ago period.

Total sales in the quarter rose 7.7% to $21.4 billion. Excluding fuel, sales rose 5%. Same-store sales increased 4.9%.

Chelmsford, Mass. -- The Kronox Retail Labor Index released by the company on Thursday showed that retail hiring is on the rise, even as fewer people seek jobs in the retail sector.

The Index jumped to 4.2%, up nearly 7% from last year, indicating a potential recovery in the labor market. The number of applications edged down 1.3% , which is down nearly 6% from its level one year ago, pointing to applicants seeking employment in other growing industries.