Financial/Banking

Phoenix -- Sprouts Farmers Market has commenced an underwritten public offering of 22.5 million shares of its common stock by affiliates of Apollo Global Management and certain other stockholders of the company. The underwriters of the offering will have the option to purchase up to an additional 3.375 million shares of common stock from the selling stockholders.

Toronto -- Sears Canada posted a net loss of about $46.7 million USD in the third quarter of fiscal 2013, more than double the net loss of $21 million it posted in the same quarter of the previous fiscal year. One-time charges of $41 million related to restructuring and asset impairment helped widen the company’s net loss.

In addition, revenues of $940.7 million were down about 6% from $1 billion. In one bright spot, same-store sales climbed 1.2%. Sears Canada is in the middle of a three-year turnaround program launched in 2012.

New York - Forty-one percent of respondents are expecting to make purchases in-store this holiday season more often than they did last year, which should make for a busy Black Friday, according to MasterCard’s 2013 Holiday Spending Survey.

The survey also found that more than half of Americans who use their debit or credit card for holiday purchases and have a rewards program plan to cash in their points this season. Of this group, 40% will strategically spend on one card only to rack up rewards points.

In other findings:

Sears Canada said a one-time charge of $41 million related to restructuring and asset impairment affected its third quarter results, which resulted in a net loss of about $46.7 million USD — more than double the net loss of $21 million it posted in the same quarter of the previous fiscal year.

In addition, revenues of $940.7 million were down about 6% from $1 billion. In one bright spot, same-store sales climbed 1.2%. Sears Canada is in the middle of a three-year turnaround program launched in 2012.

Bloomington, Ill. -- Six in 10 (61%) holiday shoppers this year plan to use cash, check or debit card to pay for most of their holiday purchases. Just 29% say they will use credit, according to the latest Country Financial Security Index.

Framingham, Mass. -- The TJX Companies reported better-than-expected net income of $622.6 million for the third quarter, up 35% million from $461.5 million in the year-ago period. The chain also raised its full-year guidance.

Net sales grew about 9% to $6.98 billion from $6.41 billion as bargain-hunting consumers flocked to its stores. Same-store sales rose 5%. The chain credited the ability of its off-price format to succeed in any economic environment as a key component of its strong quarterly performance.

RadioShack has announced the retirement of Thomas G. Plaskett from the company's board of directors. Plaskett had served on the RadioShack board since 1986, and was a member of the audit and compliance committee as well as the corporate governance committee.

His retirement is effective immediately, and the company intends to begin a search for a new independent director to fill his board seat.

Fort Worth, Texas -- At the conclusion of the current fiscal year on December 31, RadioShack will align its fiscal year-end to a traditional 52-week retail calendar with the fiscal year ending on the Saturday closest to January 31st. RadioShack says this is the format used by the majority of retailers today.