eCommerce

HUDSON, Ohio - Jo-Ann Stores announced that it has entered into a definitive agreement to be acquired by an affiliate of Leonard Green & Partners, L.P., for a total price of approximately $1.6 billion, or $61 per share in cash. The offer price represents a 34% premium to the closing price of Jo-Ann’s shares on Dec. 22.

As holiday promotions heated up in November and shoppers hit the Internet, there was a 44% surge in traffic to Walmart.com when compared with October, according to the online measurement firm comScore. The growth propelled Walmart to the 20th spot on comScore’ November ranking of the top 50 U.S. Web properties. The nearly 52 million unique visitors Walmart.com attracted in November 2010 was 5% more than in November 2009, according to comScore’s data.

Less than desirable economic conditions don’t seem to faze Bed Bath & Beyond, which again this week reported another quarter of strong financial results. The company said its earnings per share for the third-quarter period ended Nov. 27 increased 28% to 74 cents, handily exceeding analysts’ consensus estimate of 66 cents. Sales increased roughly 11% to $2.2 billion and same store sales advanced 7% on top of a prior-year comp increase of 7.3%.

Niles, Ill. -- Tuesday Morning has signed a lease for 20,000 sq. ft. at Village Crossing in Niles, Ill., a North Shore suburb of Chicago.

According to Oakbrook Terrace-based Mid-America Asset Management, the exclusive leasing representative for the center, Tuesday Morning plans to open in January 2011 as a new anchor, joining Dick’s Sporting Goods, Jewel/Osco and Pier 1 Imports.

New York City -- The Finish Line said Tuesday that its fiscal third-quarter net income fell 37% as a one-time leg up from a tax windfall last year was not repeated.

Net income in the three months to Nov. 27 hit $4.1 million, from $6.6 million a year ago. Last year's tax benefit amounted to $6.4 million. Revenue rose 9% to $260.9 million, from $240.1 million. Same-store sales were up 4.5% from Nov. 28 through Dec. 19, compared with the same period a year ago.

The results were better than analysts’ estimates.

Maumelle, Ark. -- Dillard’s announced it will locate an Internet fulfillment center in Maumelle, Ark., to support the continuing growth of its online business. The company has signed an agreement to purchase the former Target distribution facility and will create over 300 new jobs in the Central Arkansas area.

Walmart, Target and Best Buy attracted record levels of customers to their websites during November, according to data released this week by the online measurement firm comScore. Retailers have come to expect a surge in traffic to their sites as the holiday approach and during November that proved to be the case and then some.

Deerfield, Ill. -- Walgreens said Wednesday that its profit jumped 18.8% in the fiscal first quarter on a mix of better pricing and generic drug sales.

The chain said its profit rose to $580 million, exceeding estimates. Revenue rose 6% to $17.34 billion. The company's 2011 fiscal first quarter ended Nov. 30.

Overall same-store sale sales rose 0.8% during the quarter, with front-end same-store sales rising 0.4% and pharmacy same-store sales rising 0.9%.