News

Shoppers had a hankering for more yogawear during the holidays, as retailer Lululemon saw better-than-expected traffic and results for the fourth quarter.

Net revenue for the quarter increased 16% to $602.5 million from $521 million in the fourth quarter of fiscal 2013. Same store sales increased by 8% for the fourth quarter.

GameStop’s strongest growth in 2015 will have little to do with gaming as the company plans to open between 350 to 550 stores in technology brands segment while paring its GameStop store presence.

The company’s technology brands segment is comprised of 361 ATT&T brand stores, 63 Cricket branded stores that offer wireless products and services and 60 Simply Mac Stores. Meanwhile, the company has indicated it will close 3%, or nearly 200 of its approximately 6,000 traditional video game stores.

Philadelphia -- Five Below Inc. on Wednesday reported better-than-expected fiscal fourth-quarter net income of $33.3 million. It also confirmed plans to open 70 stores in 2015, up from 62 in 2014.

Net sales in the quarter, ended Jan. 31, increased by 24.4% to $263.8 million from $212.0 million the year-ago period. Same-store sales increased by 3.2%. The results exceeded Wall Street expectations.

For the year, the company reported profit of $48 million. Revenue was reported as $680.2 million.

New York -- PayPal Inc. has agreed to pay $7.7 million in a deal to settle charges by the U.S. Treasury Department that the electronic payments giant violated numerous sanctions programs against countries that include Iran, Cuba and Sudan, Reuters reported.

The Office of Foreign Assets Control, an agency of the Treasury Department, on Wednesday announced the civil settlement.

Anaheim, Calif. -- Pacific Sunwear of California Inc. on Wednesday reported a loss of $26 million in its fiscal fourth quarter.

The teen apparel retailer reported revenue of $231.6 million in the period, which topped Street forecasts. Same-store sales increased 6%.

New York -- Facebook hopes to transform the way  customers communicate with retailers by re-inventing the customer service platform. Facebook and its partner Zendesk, a customer service platform firm, are teaming up to allow businesses to provide scalable and responsive customer service to the more than 600 million people worldwide who use Facebook's popular Messenger app. The social media giant is inviting retailers and other companies to develop software that allows customers to communicate instantly with them through Messenger.

Staten Island Mall announced that the 1.2-million-sq.-ft. property will undergo a much anticipated multi-million dollar redevelopment that will add interior and exterior upgrades, new fashion retailers, restaurants, a Fairway Market and public piazza for guests to gather and enjoy events year-round, including a farmers market, holiday festivities, fashion shows and community fundraisers.

Enhancements also include the ability for Macy’s to expand.

Memphis, Tenn. -- Fred's announced that it has signed an agreement to acquire EntrustRx, a specialty pharmacy operation that has a strong regional presence in the Southeast, as well as the single Reeves-Sain retail pharmacy in Murfreesboro, Tennessee. EntrustRx, which is licensed in all 50 states, dispenses specialty pharmaceuticals to treat complex conditions and diseases that typically require ongoing support for extensive periods of time.

By Stephen Metivier, TD Bank

Canton, Mass. -- Destination XL Group Inc. grew sales and margin and swung to a profit in its fourth-quarter, reporting net income of $1.6 million, after a $55.1 million loss in the same period a year earlier. It also announced plans to open 40 DXL stores in 2015.

The retailer of men’s big and tall apparel reported revenue of $119.6 million in the period. Sales per square foot in DXL stores rose 10% to $165. Total same-store sales increased 8.9%.