FINANCE

Another retailer is reporting a less-than-stellar holiday.    Target Corp. on Wednesday cut its guidance for the fourth quarter and year on the heels of a 1.3% decline in same-store sales in November and December. (Total sales for the combined month decreased 4.9%, reflecting the impact of the December 2015 sale of the company’s pharmacy and clinic businesses.)  

Limited Stores has taken another step in the liquidation process it started in December.   The women’s apparel retailer announced on Tuesday it has filed for Chapter 11 bankruptcy protection. The chain also said it agreed to a "stalking horse" bid for its intellectual property and some related assets from an affiliate of private equity firm Sycamore Partners.     

Christopher & Banks Corp. on Tuesday announced the departure of its CEO, effective January 17, 2017, and also lowered its fourth quarter guidance after a dismal holiday season.    The women’s apparel retailer said LuAnn Via, president and CEO, has departed the company. Also out: board chairwoman Lisa Wardell.  

Luxottica Group, the leading eyeglass retailer with multiple U.S. store banners, has entered into a deal that would create a global giant in the optical industry.   Luxottica, whose brands include LensCrafters, Sunglass Hut, Oliver Peoples, and Pearle Vision, will merge with lens-maker Essilor International of France in a deal valued at $49 billion. The merger brings together the industry’s largest manufacturer with its leading retailer.    

CVC Capital Partners has agreed to sell Leslie's Holdings to L Catterton and an affiliate of GIC.       The financial details of the transaction have not been disclosed.   Founded in 1963, Leslie's is the world's largest retailer of swimming pool supplies and related products.   

Holiday sales not only beat expectations among industry observers, it hit a five-year high.   Retail sales grew by 4.8% through the holiday season, as compared to the same period in 2015 — and November and December spending growth is the strongest it’s been in five years, according to a new report from Visa.   “The Visa Retail Spending Monitor” tracks retail sales, with the exception of autos, gas, and restaurants, among retail goods, services and stores on Visa payment products. 

It was a less than merry holiday for some retailers, especially in the department store sector, but total sales still managed to beat industry projections, fueled by a strengthening economy.    Retail sales (excluding autos, gas stations and restaurants) during November and December rose 4% over 2015 to $658.3 billion, according to the National Retail Federation. The group had forecast sales would rise 3.6% to $655.8 billion.  

Aeropostale, the teen apparel retailer that most of the industry had written off as dead, has risen like a Phoenix.     Starting this week, the company is reopening more than 500 doors across the United States. In February, Aéropostale will kick off its spring 2017 marketing campaign, which is designed to showcase the brand’s trans-formation under its new owners. The campaign will be in the stores as well as online and through social media.