eCommerce

Foothill Ranch, Calif. – The Wet Seal Inc. shrank its net loss to $27.5 million during the fourth quarter of fiscal 2013 from $85.8 million in the same quarter a year earlier. Net sales slipped 23% to $124.8 million from $161.6 million and same-store sales dropped 16%.

New York -- Nordstrom Inc. is delaying the opening of its Nordstrom Rack chain in Canada until 2017, in order to focus its attention on the launch of its full-line department stores there, The Globe and Mail reported.

Nordstrom had initially planned to start opening Rack stores in Canada next year. But the company has decided to focus on  the openings of its six Canadian department stores (the first, in Calgary, is due to open this fall).

Destination XL Group plans to open its first store in Manhattan this June and promises the city’s big and tall men an upscale experience at its store on 699 Sixth Avenue.

New York – New York & Company grew its net income during the fourth quarter of fiscal 2013 11% to $6.9 million, from $6.2 million. Net sales fell 7% to $271 million from $291.8 million and same-store sales climbed 1.2%.

New York & Company attributed its improved net income to expense controls and increased merchandise margin. The company also cited the 53rd week in fiscal 2012 as affecting its negative net sales growth.

Indianapolis — Simon Property Group has launched a new dedicated Simon Venture Group, a business that will invest in retail innovation, with a focus on opportunities that enhance the shopping experience.

Mikael Thygesen, chief marketing officer of Simon Property Group said: "We believe we have only scratched the surface on applying technology to the retail environment in innovative, interesting ways."

Borderfree is a digital company focused on helping retailers sell to anyone anywhere and last Friday the company sold itself to investor’s by completing an initial public stock offering.

The company priced its offering of five million shares at $16 and enjoyed a 32% pop at the open when shares began trading at $21. The upward momentum proved to be unsustainable and by the close shares had receded to $20, registering a still respectable first day gain of 25%.

Indianapolis -- Simon Property Group is launching a new business, Simon Venture Group, that will invest in retail innovation, focusing on technology opportunities that enhance the shopping experience.

"We believe we have only scratched the surface on applying technology to the retail environment in innovative, interesting ways," said Mikael Thygesen, chief marketing officer of Simon Property Group.

Despite having comparable store sales decreases in the fourth quarter and fiscal year, Books-A-Million saw core book business improve, driven by what president and CEO Terrance G. Finley  called a strong lineup of new titles.

Revenues for the 13-week period ended Feb. 1 decreased 3.7% to $157.9 million, compared with revenues of $163.9 million in the 14-week year-earlier period. Comparable store sales for the quarter which include comparable 13-week periods this year and last year declined 1.8%, compared with the same period last year.