Retail

Secaucus, N.J. — The Children's Place Retail Stores Inc. said Wednesday its profit fell nearly 6% in the fourth quarter, but results topped expectations as the company cut costs.

The retailer said its net income fell to $32.1 million in the three months ended Jan. 29, down from $34.1 million year ago. Revenue fell 2% to $453.2 million from $462.8 million in the prior-year period. Same-store sales fell 5.9%.

Toronto — The Hudson's Bay Co. announced it has earned exclusive Canadian franchise rights for the United Kingdom’s Topshop and its male counterpart, Topman. The agreement includes the rights for both freestanding locations and in-store shops, expected to launch in The Bay in fall 2011.

Reducing the number of hours truck drivers are allowed to spend behind the wheel sounds like it would be a good idea to improve the nation’s roadways, but nothing could be further from the truth, according the Retail Industry Leaders Association.

The trade group is looking to defeat new rules proposed by the Federal Motor Carrier Safety Administration that includes a provision that would reduce to 10 from 11 the number of hours drivers are allowed to drive before taking a 34-hour break.

San Jose, Calif.  -- Orchard Supply Hardware on Monday named Mark Baker president and CEO. Baker will also join the Orchard Supply's board.

In December the company announced it was looking for a replacement for then-CEO Rob Lynch, who resigned.  

Baker was most recently president and COO of The Scotts Miracle-Gro. Before that he worked in various roles at The Home Depot and was CEO of Gander Mountain Co.

Washington, D.C. -- Total spending on St. Patrick’s Day festivities is expected to hit $4.14 billion this, according to NRF’s 2011 St. Patrick’s Day Consumer Intentions and Actions survey, conducted by BIGresearch. The survey found that 52.4% of Americans will celebrate the Irish holiday, up from 45.2% last year and the most in the survey’s eight year history.

SPRINGFIELD, Ill.  -- Walmart has joined the likes of Sears and Barnes & Noble in offering Amazon.com affiliates the opportunity to join its own network. The retailer today issued an open invitation to all Illinois online affiliates to explore the opportunity to join Walmart.com's affiliate network. This invitation comes as Amazon.com and Overstock.com threaten to terminate their relationships with all Illinois affiliates should H.B. 3659 (Main Street Fairness Act) be signed into law.

Nashville, Tenn. -- The Retail Orphan Initiative (RetailROI) announced that it has created a computer recycling program in partnership with the GEAR Foundation. The program, which recycles retailers’ computers that are less than four years old and have expired warranties, will immediately create jobs for physically and mentally challenged young adults as the computers are erased, refurbished, and resold.

ATLANTA -- Home Depot's fourth quarter saw positive comp-store sales for the fifth straight period. Kitchens and gardens were among the highest-performing categories.

According to Home Depot's Craig Menear, EVP merchandising, the departments that outperformed the company average were kitchens, outdoor garden, indoor garden, electrical and tools.

Comparable-store sales for the company increased 3.9% for the three months ended Jan. 30. For stores in the United States, comp sales were positive 4.8%.