Department Store

Minneapolis -- Target Corp. reported Wednesday a profit of $961 million for the fourth quarter, down from $981 million in the year-ago period. The profit slip reflected expenses related to its Canadian market entry along with a spending slowdown during the holiday sales period. It was Target's weakest holiday season performance since 2008. But its adjusted results beat analysts' estimates and it forecast first-quarter earnings above Wall Street's view.

Chicago -- Englewood Construction announced Wednesday that its retail group has begun work on four new projects, including three in the Chicago market and one in Columbus, Ohio.
 

Toronto -- Sears Canada Inc. reported Wednesday that profit for the fourth quarter dipped 3% to $38.8 million on weakened hardware and electronics sales.

Revenue fell 5% to$1.25 billion in the period, and same-store sales dropped 3.8%.

Parent Sears Holdings Corp., which cut its stake in Sears Canada from 90% to 51% last year, said in January that Sears Canada's fourth quarter adjusted earnings would fall by about half.

COLUMBUS, Ohio — Limited Brands reported that adjusted earnings per share for the 14-week fourth quarter ended Feb. 2  were $1.76 compared with $1.50 for the 13-week fourth quarter ended Jan. 28, 2012.  

Comparable-store sales for the quarter increased 5%. Net sales were $3.86 billion for the quarter compared with $3.5 billion for the same period last year.  

NEW YORK — Coach announced that Zach Augustine will join the company as EVP, global environments, effective March 11, reporting to Reed Krakoff.

Augustine will lead initiatives across visual merchandising, architecture and creative cevelopment partnering with the other leaders to create a consistent and cohesive brand story.

By Sandy Skrovan, U.S. research director, Planet Retail

Plano, Texas -- There were no signs of relief for J.C. Penney Co. in the fourth quarter as the company reported a wider-than-expected net loss of $552 million, compared with a loss of $87 million in the year-ago period. The chain did not issue guidance, but did announce would open nearly 20 home-centered shops with different brand partners in 550 stores the spring.

Cincinnati -- Macy's earned a better-than-expected $730 million in the fourth quarter, compared with $745 million a year earlier when it booked one-time gains from the sale of store leases. The department store retailer forecast an annual profit for the recently completed year that surpassed analysts’ estimates and provided new guidance for continued growth and progress for 2013.