Strategy

Dallas -- In another sign that the luxury market is turning around faster than other retailing segments, Neiman Marcus’ third-quarter profit more than doubled.

The company's net income for the three months ended April 30 rose to $46.2 million, from $18.5 million.

Revenue rose 10% to $983.8 million, from $895.2 million last year. Same-store sales increased 9.7%.

Neiman Marcus operates 41 Neiman Marcus stores across the United States, 30 Last Call clearance stores and two Bergdorf Goodman stores in New York.

SAN FRANCISCO  — PowerReviews, a provider of social commerce solutions, announced that it has appointed former Google executive Keith Adams as CFO. 

MIAMI, Fla.  — Winn-Dixie has completed the remodeling of its Miami-area store in Aventura that wil better cater to the community's Jewish residents with expanded kosher offerings.

The remodeled store also featuresa cleaner and more modern and attractive setting, hardwood flooring throughout the produce, deli and bakery departments, and a dedicated area offering free Wi-Fi access and complimentary coffee, the company reported.

San Francisco -- Gap will enter the Italian outlet center market, opening a namesale store at the Vicolungo Outlet Center near Milan, on June 2.

Leader footwear retailer Brown Shoes Company officially has a new president and CEO following its annual shareholders’ meeting. Diane Sullivan was named to both roles back in January, but the company implemented the change gradually as Sullivan assumed responsibilities from Ronald Fromm, who will continue to serve as chairman of the company best known for its Famous Footwear and Naturalizer store banner.

New York City -- Regulators in South African on Tuesday approved Wal-Mart's 17 billion rand (about $2.4 billion) bid to buy a controlling share of Massmart Holdings Ltd. The Competition Tribunal of South Africa approved the deal on the condition that no job cuts take place for two years. It also requires the merged entity to give employment preference to 503 Massmart employees who lost their jobs.

Shares of Target are on sale. After beginning the year slightly above the $60 mark, it has been a steady slide downward for the first five months of this year, and now shares regularly trade below $50.

Santa Ana, Calif. -- In follow-up to its prior announcement that it would explore strategic alternatives, including a potential sale or merger, real estate services and investment firm Grubb & Ellis Co. said Tuesday that is exclusivity period with Colony Capital LLC, which had expressed interest in exploring a strategic transaction with Grubb & Ellis, ended on May 29. Grubb & Ellis said that, while it will continue its discussions with Colony, it will engage in additional discussions with other parties.