eCommerce

STOCKHOLM, Sweden -- Hennes & Mauritz AB reported Wednesday that net income for its 2Q dropped 18% to $673 million, from $817 million in the year-ago period.

The Swedish fashion retailer blamed higher procurement costs and promotional offers for the lagging performance.

Sales edged up to $5.1 billion from $4.96 billion in the prior year quarter, but gross margin shrank to 61.7% from a previous 65.9%.

NEW YORK — Borders' closings, and subsequent clearance sales, took a toll on Barnes & Noble's fourth-quarter results. B&N said that its 2.9% drop in same-store sales for the quarter were temporarily negatively impacted by the liquidation of over 200 Borders bookstores during that time. 

The trouble didn't end there for Barnes & Noble, which reported a fourth-quarter consolidated net loss of $59 million, or $1.04 per share. The company's total store sales were $943 million.

SAN FRANCISCO — Williams-Sonoma that its board of directors has elected Rose Marie Bravo to the board.

STOCKHOLM — H&M announced that it is collaborating with Versace for its autumn 2011 designer collection. Designed by its creative director Donatella Versace, the exclusive collection will look back to the vibrant heritage of the brand, full of leather, print, colour and exuberance in exclusive materials at fantastic H&M prices, according to the company. The collection will include ranges for women, men and selected pieces for the home. It will be available from Nov. 17 in around 300 stores worldwide, as well as on-line.

It was the biggest story in the retail world last week when JCPenney announced it had hired Ron Johnson as its new CEO with the incoming executive vowing to transform the way America shops by reinventing the department store. Such statements normally elicit a yawn because they are so common, but Johnson is the former SVP retail at Apple and spent the past 11 years overseeing the development and growth of the company’s wildly successful and widely heralded retail operation.

SAN JOSE, Calif. — eBay reported that it has completed its previously announced acquisition of GSI Commerce, a leading provider of e-commerce and interactive marketing services. The stockholders of GSI approved the adoption of the merger agreement with eBay at the special meeting of stockholders held on June 17 and the merger became effective later that day.

MINNEAPOLIS — Target announced that an exclusive version of Beyoncé fourth solo album '“4” is now available for pre-order at Target.com/Beyonce and will be offered at Target stores nationwide and online beginning June 28. A digital version of the deluxe edition is available at Target.com. 

BENTONVILLE, Ark. — Wal-Mart Stores announced that it has completed its investment for a 51% stake in South African-based Massmart Holdings Limited for ZAR148 per Massmart ordinary share.

Massmart will continue to trade on the JSE Limited to provide Massmart shareholders with the ability to participate in the growth opportunity of the combined entity.