Corporate Governance

New York -- Retail sales growth in the United States will rebound from the third quarter this holiday season, but will be down on the previous  two years' robust gains, according to a new report by Moody's Investors Service. The study, "Holiday Sales Will Overcome the U.S. Fiscal Policy Grinch," also finds that earnings growth will be slightly stronger.

Nashville, Tenn. -- Kirkland's Inc. lost $416,000 for the period ended Oct. 27, compared with a profit of $1.2 million a year earlier. Analysts had predicted a bigger loss.

Revenue inched down to $96.7 million from $97.1 million. Same-store sales were down 4.7%.

Kirkland's also announced that president and CEO Robert Alderson is taking a temporary medical leave of absence, starting on Monday. SVP and CFO Mike Madden will serve as acting president and CEO until Alderson returns.

New York -- Macy’s has unveiled the redesigned shoe department of its Herald Square flagship in New York City. Described as the “world’s largest shoe floor,” the 63,000-sq.-ft. space features more than 250,000 pair of women’s shoes in an upscale environment.   

Toronto -- Canada's Hudson's Bay Co. is set to raise C$365 million ($367 million) in its initial public stock offering, Reuters reported. The amount is lower than the retailer’s original target of about C$400 million.

Hudson’s Bay has priced the offering of 21.48 million shares at C$17 apiece, which is at the bottom of the company's already lowered range of C$17 to C$18.

Memphis, Tenn. -- Fred's on Tuesday said third-quarter net income dropped 27% amid rising costs and declining same-store sales, as sales in its established stores dropped and its costs rose.

The company reported Tuesday that it earned $6.6 million in the three months through Oct. 27, compared with $9 million a year earlier.

Revenue rose 1% to $450.6 million. Same-store sales were down 2.5%.

General expenses rose 4% to $118.1 million, fueled in party by higher labor costs and new store opening costs.  

Mooresville, N.C. -- Lowe’s Companies announced that that Marise Kumar has joined the company as senior VP strategy and modeling. She joins Lowe’s with more than 25 years of experience in brand management, general management and executive leadership, serving most recently as chief customer experience officer and chief marketing officer for Best Buy.

New York -- RCS Real Estate Advisors said it has been retained by Bella Terra Cosmetics to help facilitate the rollout of Forever Flawless mall locations throughout the U.S.

As part of an initiative to expand the Forever Flawless luxury skin care brand, RCS will be selectively identifying and pursuing 1,500- to 2,000-sq.-ft. real estate opportunities within the best malls primarily in California, Florida and Texas.

Forever Flawless products are currently sold in seven locations throughout Las Vegas, Miami Beach and Nantucket.

Chicago -- GoldMax USA said it has opened a store in Rancho Santa Margarita, Calif., marking the chain’s 50th store in the state. It operates more than 200 stores nationwide.

GoldMax said it has plans to open eight more California stores within the next 30 to 60 days in City of Industry, El Cajon, Los Angeles, Murrieta, Norco, Orange, Rancho Cucamonga, San Juan Capistrano, and Upland.
 

Philadelphia -- Pennsylvania Real Estate Investment Trust (PREIT) said that Apple has opened a new store at its Willow Grove Park property in suburban Philadelphia.

The 8,300-sq.-ft. store opened on Nov. 17, bring the total number of Apple stores in PREIT’s portfolio to four.

“The addition of Apple to this already dominant mall will further drive traffic and sales and allow us to enhance the merchandise mix and quality of the shopping experience at Willow Grove Park,” said Joseph F. Coradino, CEO, PREIT.
 

Dayton, Ohio -- Brixmor Property Group said that Five Below will open a 8,095-sq.-ft. store at South Towne Center, located in Dayton, Ohio.

Brixmor, based in New York City, is the owner of South Towne Center.