FINANCE

In a move that will help it focus on its North American stores, Staples is selling its Australia- and New Zealand-based operations.   Staples announced Tuesday, March 13, that private equity firm Platinum Equity will acquire these stores for an undisclosed sum. The transaction is expected to close in the second calendar quarter of 2017.  

Weak traffic and unseasonably warm weather impacted Bon-Ton’s earnings for the fourth quarter.   For the period ending January 28, 2017, the department store chain reported net income of $44.7 million, or $2.09 per diluted share. These earnings fell short of analyst estimates by 37 cents.   The chain reported revenue of $900 million for the period, and comparable store sales decreased 4.7%.  

Gander Mountain has filed for bankruptcy, but it is proactively seeking a buyer.    The sporting goods retailer, which announced Friday, March 10 that it has filed for Chapter 11 protection, said it will pursue a “going concerns sale,” enabling it to function without the threat of liquidation for the foreseeable future.   

An increase in revenue and comparable store sales helped Tilly’s beat analyst expectations for the fourth quarter.   For the period ended January 28, 2017, Tilly’s revenue was $160.2 million, an increase from $159.1 million last year. Net sales also topped Wall Street forecasts of $159.9 million. The chain also beat analyst predictions of earnings hitting 21 cents per share. Tilly’s posted a profit of 22 cents per share.  

Gordmans Stores is the latest chain to file for bankruptcy.   The 100-year-old chain announced on Monday, March 13, that it filed Chapter 11 in the United States Bankruptcy Court for the District of Nebraska.  

Lower sales and store closures widened fourth quarter losses for Sears Hometown and Outlet Stores.   The hardware, appliance and tool retailer reported its net sales for the quarter ended January 28, 2017, decreased $49.4 million, or 9.2%, to $488.9 million compared to fourth quarter 2015. The company blamed the loss on the impact of closed stores (net of new store openings) and a 4.1% decrease in comparable store sales.  

An online giant and the world’s biggest retailer claim the top two positions in a study that ranks retail companies by their brand value.   Amazon ranked as the world’s most valuable retail brand in the annual study by valuation and strategy consultancy Brand Finance. The company’s brand value, $106.4 billion, is nearly double that of Walmart ($62.2 billion), which ranked as the second most valuable retail brand. (An explanation of the ranking is provided at the end of article.)    

The Buckle reported earnings for its fourth quarter that missed expectations amid a rough market for teen retailers.    Net income for the quarter ended Jan. 28 was $36.0 million, or $0.75 per share ($0.74 per share on a diluted basis), compared to $98.0 million, or $2.04 per share ($2.03 per share on a diluted basis).   Buckle’s net sales fell 15.7% to $280.0 million, from $332.0 million for the prior year.   Same-store sales for the quarter decreased 16.1%.