Department Store

Menomonee Falls, Wis. – Kohl’s Corp.’s reported disappointing fourth-quarter results amid markdowns during the holiday period and increased shipping costs for its e-commerce business.

The chain posted a profit of $334 million for the quarter ended Feb. 1, down from $378 million a year earlier. Total sales dropped 3.8% to about $6.1 billion from $6.34 billion. Same-store sales were down 2%. Kohl’s cited the impact of the 53rd week in fiscal 2012 as a driver of its declines.

New York -- Sears Holdings’ CEO Eddie Lampert strongly defended his company in his annual letter to shareholders, saying not only does he believe Sears is headed in the right direction, but that “the entire retail industry is headed to where we already are.”

Hoffman Estates, Ill. - Sears Holdings Corp. narrowed its loss for the fourth quarter as it lowered expenses and reduced inventory.

Sears said Thursday that it lost $358 million for the period ended Feb. 1, compared with a loss of $489 million a year ago.

Sales plunged 14% to $10.6 billion, from $12.3 billion. Sears’ revenue performance was hurt partly by having one less week in the latest quarter and having fewer Sears and Kmart stores, the company said.

As far as sales go, Sears Holdings didn’t have a very happy holiday. But the company was still able to narrow its loss for the fourth quarter, as it lowered expenses and reduced inventory.

The company said the costs of transforming into a member-centric retailer using an integrated online platform and the omnichannel Shop Your Way membership program fueled its net losses. It attributed declining revenues to lower same-store sales and having fewer stores in operation.

Dallas – Neiman Marcus is launching the NM app for iPhone. Key features include shopping and the ability to text, email, call or FaceTime any sales associate directly from the app.

Other features include checking on loyalty points and cards, viewing upcoming events such as designer appearances and promos, and the ability to follow the Neiman Marcus blog, read catalogs and watch videos. The app allows a customer to search by department to locate or contact sales associates at any Neiman Marcus store.  

Columbus, Ohio – L Brands Inc. saw its fourth-quarter profit increase 19% as the prior year was negatively impacted by special charges. The owner of Victoria’s Secret, Bed, Bath & Body Works and other brands earned $489.6 million for the quarter that ended Feb. 1, compared to $411.4 million, in the prior year.

Revenue for the quarter, which included an extra week, declined to $3.82 billion from $3.86 billion. Same-store sales were up 1%.

For the full year, L Brands earned $903 million, and reported sales of $10.77 billion.

San Francisco -- Gap Inc. on Thursday reported a 12.5% decline in fourth-quarter profit, with its results impacted by heavy discounting during the holidays. The retailer also issued a profit outlook for the full year that is below analysts' expectations, and said it will open 30 additional U.S. stores during fiscal year 2014.

Gap reported net income of $307 million for the three-month period ended Feb. 1, better than the Street expected, down from $351 million in the year-ago period.

Minneapolis – Best Buy’s “Renew Blue” cost reduction program appears to be succeeding, as the retailer reported profit instead of loss during the fourth quarter and fiscal year 2013. The improvements came even as revenues in both periods declined compared to the same periods a year earlier.

During the fourth quarter, Best Buy reported net earnings of $311 million, a substantial improvement from its $460 million net loss a year earlier and above Wall Street projections.