News

Hoffman Estates, Ill. -- Sears Holdings Co. on Thursday reported its 11th consecutive quarterly loss, posting a loss of $159 million for the fourth quarter, down from loss of $358 in the year-ago period, amid cost reductions.

The struggling chain saw its losses for the full year widen to $1.7 billion from $1.4 billion, marking its fourth straight year of decline. Total long-term debt rose to $3.2 billion from $2.9 billion a year earlier.

Hudson’s Bay Company is forming two joint ventures valued at $4 billion as it aims to bring even more value its lucrative property portfolio. 

Redmond Inc., a vertical retailer of agricultural products, is meeting the challenges of providing a seamless customer experience head-on by using a cloud-based WAN from cloud-based networking provider VeloCloud. Connecting stores, distribution centers and warehouses with effective omnichannel capabilities using VeloCloud's cloud-delivered capabilities, Redmond has grown by 800% in the last 10 years as it has evolved into a sophisticated and seamless retail operation.

Kohl’s is joining the army of retailers focusing on the high-margin beauty category by adding an upscale skin-care brand to its assortment.

Framingham, Mass. – Staples Inc. has launched the “Staples Business Loans powered by Lendio” service to provide access to capital for small business owners. Staples teamed up with Lendio, a financial technology firm and small business-lending marketplace, to deliver a suite of funding options.

Staples Business Loans offers more than 20 different funding options and the flexibility for businesses to use the money for whatever their business needs.

It’s no wonder Macy’s is looking to allocate part of its $1 billion capital expenditure budget into opening off-price stores when you look at the financial results TJX Co. reported for the fourth quarter.

The company reported an 11% increase in profit for the quarter ended Jan. 31. Net sales for the fourth quarter were $8.3 billion, a 6% increase over last year. Same store sales increased 4% over last year’s 3% increase. Net income was $648 million and diluted earnings per share were $.93, a 15% increase over last year’s $.81 per share.

Toano, Va. – Despite falling net income, Lumber Liquidators Inc. plans to open 30-35 new stores and remodel 15-20 stores, all in an expanded showroom format, during fiscal 2015. In the fourth quarter of fiscal 2014, the retailer reported net income of $17.3 million, down 17% from $20.8 million in the same quarter the prior year.

Selling, general and administrative (SG&A) expenses $6.5 million, or 9%, to $77.8 million primarily due to higher advertising, depreciation, occupancy and payroll expenses.

Framingham, Mass. -- The TJX Cos. on Wednesday reported an 11% rise in fourth quarter profit and said it would raise employee pay above the minimum wage.  It also announced plans to expand into two more global markets.

On a more downbeat note, the off-price giant said it expected a strong dollar to reduce its profit by 5% and the new wage hikes to lower earnings by 4% the year ending Jan. 30, 2016.