Financial/Banking

Grapevine, Texas -- GameStop Corp. reported Thursday that net earnings for the quarter ended Jan. 29 rose 10.1% to $237.8 million, compared with $215.9 million in the year-ago period.

Total sales increased 4.8% to $3.69 billion, from $3.52 billion. Same-store sales increased 2.6%.

For the year, total sales increased 4.3% to an all-time high of $9.47 billion, in comparison to $9.08 billion in fiscal 2009. Same-store sales increased 1.1%. Net earnings increased 8.1% to a record $408 million.

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the fourth quarter ended Jan. 29 dropped to $5.3 million, compared with $74.2 million in the year-ago period. Last year’s quarter included a non-cash tax benefit of $64.7 million.

Sales rose to $165.5 million from $151 million a year earlier. Same-store sales increased 2.3%. Same-store sales for Wet Seal increased 1.9% and for Arden B increased 4.8%.

Minneapolis -- Best Buy Co. reported Thursday that net income for the quarter ended Feb. 26 fell 16% to $651 million, compared with $779 million in the year-ago period. However, adjusted results beat Wall Street expectations.

The retailer cited restructuring costs and weak TV and other electronics sales for the performance decline.

By Giles Sutton, J.D., LL.M, [email protected]

Gift-card sales have surged in recent years. With electronic or virtual gift cards and mobile applications that allow consumers to purchase and redeem gift cards from their mobile/smartphones, sales only continue to grow. While consumers flock to them for their flexibility, businesses have embraced them as a means to increase sales. Not only are buyers spurred into making new purchases, but they often spend more than the gift-card amount.

Columbus,Ohio -- Limited Brands has expanded its public senior debt offering to $1 billion from the $750 million that it initially announced on Tuesday.

The company plans to use net proceeds from the offering to repurchase $500 million worth of shares under a new stock buyback authorized by company's board. The new program includes $31 million remaining under the company's existing $200 million share repurchase program. Limited Brands has priced the notes, which come due in 2021, at 6.625%.

Greensboro, N.C. -- The Fresh Market announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed secondary public offering of its common stock.

The shares of common stock to be sold in the offering are expected to be offered by certain of its stockholders. The selling stockholders will receive all of the proceeds from the offering. The company will not receive any proceeds from the offering.

New York City -- Information on Tuesday confirmed that private equity firm Leonard Green & Partners LP is considering an offer to acquire BJ’s Wholesale Club.

Leonard Green, which already as a 9.3% ownership stake in the wholesale club operator, said in an SEC filing that it is examining confidential information provided by BJ's as it evaluates an offer.

BJ's revealed in February that it was considering selling itself.

Deerfield, Ill. -- Walgreen Co. reported Tuesday that net income for the quarter ended Feb. 28 rose to $739 million, compared with $669 million in the year-ago period. However, gross profit margin remained flat at 28.8%, disappointing Wall Street, which expected more from the drugstore operator.

Revenue climbed 9% to $18.5 billion. Same-store sales and prescription sales each rose 4%.