Strategy

Dallas -- Neiman Marcus Group reported a fiscal fourth-quarter loss on debt-related expense and slightly lower margins, even as its revenue rose 11%.

For the quarter ended July 30, Neiman Marcus lost $61.4 million, compared with a year-earlier loss of $32.8 million. Excluding a $42.7 million after-tax loss on debt extinguishment, the adjusted loss was $18.7 million. Gross margin narrowed to 30.5% from 30.9%.

MINNEAPOLIS — Earnings and comparable-store sales slipped at Best Buy, where the retailer suffered slower sales in key departments and a slowdown in consumer spending. Best Buy  has reported net earnings of $177 million, or 47 cents per diluted share, for its fiscal second quarter ended Aug. 27, compared with $254 million, or 60 cents per diluted share, for the prior-year period.

Greensboro, N.C. -- Apparel giant VP Corp. announced that it has completed its previously-announced acquisition of The Timberland Company in a deal valued at $2.3 billion.

Timberland will become part of VF's Outdoor & Action Sports Coalition, which includes The North Face. The formerly family-held company will remain headquartered in Stratham, N.H.

DALLAS — While the still struggling economy may have rendered most Americans cautious spenders, such luxury retailers as Neiman Marcus remain resilient. The company reported that total revenues for the fourth quarter were $919.7 million compared with $826.3 million for the prior year. Comparable revenues increased 11%. Operating earnings for the fourth quarter of fiscal year 2011 were $17.5 million compared with $4.5 million for the fourth quarter of fiscal year 2010.

New York City -- A series of retailer moves on Madison Avenue has allowed for expansion and improved adjacencies in one of Manhattan’s luxury shopping meccas.

According to Prudential Douglas Elliman’s Retail Group, Italian luxury sportswear retailer Paul & Shark has opened in the Hartz Mountain Building at 667 Madison Avenue, replacing Michael Kors. In turn, Michael Kors will move to the current Steuben store and open a new flagship when the glassmaker departs the space.

Tustin, Calif. -- Coreland Cos. of Tustin, Calif., announced that Kim Talley has been named senior associate, retail brokerage.

Talley was previously senior associate with CB Richard Ellis. She has completed transactions with TJ Maxx, Wells Fargo, TruValue Hardware, Starbucks and Citibank.

HOUSTON — Stage Stores has announced that Mike Searles has joined the company as president and COO of its South Hill division, which is headquartered in South Hill, Va. Searles, who will report to Rich Maloney, EVP and chief merchandising officer, will be responsible for all operations of the South Hill division, including merchandising, planning and allocation, and store operations.

Houston -- Stage Stores announced that Mike Searles has joined the company as president and COO of its South Hill Division, which is headquartered in South Hill, Va.

Searles will be responsible for all operations of the South Hill Division, including merchandising, planning and allocation, and store operations. He has served as chairman and CEO of Wilsons Leather Stores, and Factory 2-U Stores, in addition to holding senior executive level positions at several other national retail chains.