eCommerce

Boca Raton, Fla. -- Office Depot Inc. reported Tuesday that it swung to a profit of $41 million in the first quarter ended March 31, compared with a loss of $15 million in the same period last year.

Sales fell 3.4% to $2.87 billion, missing Wall Street’s expected $2.89 billion in revenue. Same-store sales at the office supply retailer’s North American stores decreased 6%, and total sales for the division dropped 8% to $1.2 billion, impacted by store closures and fewer selling days.

Armonk, N.Y. -- A report released Tuesday by IBM found that the U.S. online retail sector grew more than 6% in March 2012. This upswing in March closes a quarter in which online sales were down slightly from the same period in 2011.

BOCA RATON, Fla. — Sales continued to decline at two of Office Depot’s three divisions during the first quarter with weakness most pronounced in the retail business.

Total company sales declined 3% to $2.9 billion and were negatively affected by the ongoing struggles of the 1,123 unit North American retail division. Profits increased to $41 million or 14 cents a share compared with a prior year loss of $15 million or five cents a share.

San Francisco -- Gap Inc. announced Monday that it has appointed former H&M global sales head Stefan Larsson as the new president of Old Navy, effective the end of October.

Larsson replaces Tom Wyatt, who left the company in February.

The move is expected to pay dividends for Gap as it preps to open its first overseas Old Navy store – in Japan – this July.

York, Pa. -- The Bon-Ton Stores said Tuesday that vice chairman/president of merchandising Tony Buccina will retire from the company effective Feb. 15, 2013.

The retailer will launch a search for a new chief merchandising officer during this period.

Additionally, Bon-Ton announced the appointment of Luis Fernandez to the newly created position of executive VP and chief marketing officer, effective May 7.

Fernandez was previously VP, Last Call marketing & customer insight for the Neiman Marcus Group.

HOFFMAN ESTATES, Ill. — Ahead of its annual shareholders' meeting, Sears Holdings has provided first-quarter guidance calling for net income between $155 million and $195 million (between $1.46 and $1.84 per diluted share from continuing operations) versus a net loss from continuing operations of $165 million ($1.53 loss per diluted share from continuing operations), for the first quarter in 2011.  The above range includes approximately $235 million, after tax and minority interest, of gains from the sale of certain U.S. and Canadian stores.

Hoffman Estates, Ill. -- Sears Holdings Corp. revealed in a Monday filing with the Securities and Exchange Commission that the previously announced spinoff of its Sears’s Outlet and Sears’s Hometown and Hardware stores will now combine the two chains into one separate company.

The move, part of Sears’ initiative to cut expense and regain profits, will result in the newly named Sears Hometown and Outlet Stores Inc. and a public offering that is expected to raise $400 to $500 million for Sears.

New York -- Shoe manufacturer Wolverine Worldwide Inc. announced Tuesday that it has partnered with equity firms Blum Capital Partners and Golden Gate Capital to acquire Payless ShoeSource parent Collective Brands Inc. for about $1.3 billion.