Retail

New York -- British supermarket retailer Tesco suspended four executives, including its U.K. managing director, after revealing that its half-year profit was overstated by $407 million, the BBC reported. The retailer has launched an investigation headed by Deloitte.

Tesco CEO Dave Lewis, who took over the struggling company in September, said the decision to ask employees to stand aside was not an indication of guilt or that disciplinary action was warranted. He declined to speculate on what the investigation might turn up.

McLean, Va. - Digital identity solution provider ID.me has unveiled its new retail rewards marketplace, which helps retailers hyper-target influencers and consumer segments with exclusive offers that are protected from fraud. The new product extends ID.me’s coverage from niche affinity groups like the military and students to all consumers.

Mahwah, N.J. -- Ascena Retail Group Inc. on Monday reported fourth-quarter net earnings of $15.7 million, compared with $29.8 million in the year-ago period. Its results missed Wall Street expectations.

Revenues for the quarter were $1.18 billion, compared with $1.20 billion in the prior year. The company attributed the decrease challenging tween market conditions at Justice and inventory-related issues at Lane Bryant. Results were partially offset by positive comp growth at Maurices and Catherines and new store growth at Maurices.

New York – Tiffany &Co. plans to offer two series of senior notes, one due in 2024 and one due in 20144, for a total of $500 million. The initial purchasers of the notes are expected to be Merrill Lynch, Pierce, Fenner & Smith Inc., Goldman, Sachs & Co., BNY Mellon Capital Markets LLC, J.P. Morgan and Mizuho Securities.

Sunrise, Fla. - Pet Supermarket has recently opened its 150th store in Bartow, Florida. The per supply retailer now has more than 100 in Florida, as well as stores in Georgia, Alabama, North Carolina, South Carolina, Tennessee, Texas, Kentucky, California and Nevada, and is continuing to consider real estate opportunities in the states and markets it serves, as well as others.

Midvale, Utah - Sportsman's Warehouse is expanding with new locations in Sheridan, Colorado and Flagstaff, Arizona. The Sheridan store will be the fifth Sportsman's Warehouse location in the state of Colorado and the Flagstaff location will be the fourth location in the state of Arizona.

Both of these stores are planned to open in the summer 2015. These locations are part of the eight new stores that Sportsman's Warehouse plans to open in 2015.

New York -- Shopzilla has changed its name to Connexity to highlight its recent transformation from comparison shopping to technology driven marketing solutions.

According to the company, its new solutions enable retailers and brands to understand their consumers better, acquire new customers at a lower cost and increase sales based on retail signals that it provides.

Denver -- Junction Solutions was was recognized as the 2014 U.S. Microsoft Dynamics AX Retail Partner of the Year. The company was honored among the top Microsoft partners for demonstrating sales excellence in innovation and implementation of customer solutions based on Microsoft technology.