Department Store

Columbus, Ohio – Express Inc. topped Wall Street expectations with net income of $14.6 million during the third quarter of fiscal 2014, a 24% decline from $19.3 million the same quarter the previous year. Increased buying and occupancy costs contributed to the decline in profits.   Net sales decreased 1% to $497.6 million from $503.8 million. Same-store sales, including e-commerce sales, decreased 5%. E-commerce sales rose 11% to $79.1 million.  

Hoffman Estates, Ill. – Sears Holdings Corp. reported a third quarter fiscal 2014 net loss of $548 million, up from the $534 million loss it reported in the year-ago period but smaller than its previously estimated. Cost-cutting measures helped Sears reduce its net loss growth. The discounter also revealed that  it plans to close a total of 235 underperforming stores in 2014, which is nearly double the projection of 130 it made in August.  Sears said eliminating those stores should boost EBITDA by $50 million.  

Minneapolis –  While some retailers, including Wal-Mart Stores, are ramping up their store presence in China,  Best Buy Co. is pulling up stakes. The consumer electronics chain has entered into a definitive agreement for the sale of its Five Star business to the Jiayuan Group, a China-based real estate firm.   

Walgreens named former Sam’s Club head merchant Linda Filler to the role of president of retail products and chief merchandising officer.

The hire is a positive development for Walgreens given Filler’s diverse background and accomplishments in a consumer packaged goods industry where many are more likely to recognize her by the maiden named Linda Hefner.

Boston - A new study shows just how diluted Black Friday has become to holiday shoppers: Twenty-eight percent of shoppers shopped in stores Nov. 22/Nov. 23 and 34% of shoppers chose to shop in stores the weekend after Black Friday (Nov. 29/Nov. 30), while 25% shopped on Black Friday, according to Kantar Retail.

In other results, 65%  of shoppers surveyed chose not to shop because of crowds while 42% stayed out of stores to avoid traffic.

Vera Bradley has announced a new head of store development as it looks to reimagine Vera Bradley into a premium global lifestyle brand.

Harry Cunningham, who has nearly 25 years of experience in store design and visual merchandising, has been with Saks Fifth Avenue since 2006 and most recently held the post of SVP of Store Planning, Design and Visual Merchandising. Prior to that, Cunningham held various visual merchandising roles at Liz Claiborne, Saks Department Store Group and Dillard's.

By Leela Rao-Kataria

New Albany, Ohio – The cool kid might still be cool, after all. Abercrombie & Fitch reported net income of $18.2 million in the third quarter of fiscal 2014, compared to a net loss of $15.6 million in the same period the prior year and beating Wall Street forecasts.