News

NEW YORK — Saks reported that sales for the fourth quarter were up 5.6% over the same period last year. Same-store sales were up 0.7% for the period.

For the fourth quarter Saks recorded net income of $20.4 million, or 13 cents per diluted share, compared with net income of $37 million, or 21 cents per diluted share for the same period last year.

Fouth quarter same store sales fell by a jaw-dropping 31.7% at J.C. Penney, but CEO Ron Johnson insisted the company continues to make great strides with its one year old transformation strategy.

The company report an adjusted net loss for the quarter of $427 million, or $1.95 a share and a full year adjusted net loss of $766 million or $3.49 a share.

COLUMBUS, Ohio — Limited Brands reported that adjusted earnings per share for the 14-week fourth quarter ended Feb. 2  were $1.76 compared with $1.50 for the 13-week fourth quarter ended Jan. 28, 2012.  

Comparable-store sales for the quarter increased 5%. Net sales were $3.86 billion for the quarter compared with $3.5 billion for the same period last year.  

Chesapeake, Va. -- Dollar Tree Inc. reported Wednesday a bigger-than-expected profit of $228.6 million for the quarter ended on Feb. 2, up from $187.9 million in the year-ago period.

Sales climbed 15.4% to $2.25 billion, boosted by an extra week in the quarter. Wall Street expected $2.23 billion in sales. Same-store sales increased 2.4%.

Toronto -- Sears Canada Inc. reported Wednesday that profit for the fourth quarter dipped 3% to $38.8 million on weakened hardware and electronics sales.

Revenue fell 5% to$1.25 billion in the period, and same-store sales dropped 3.8%.

Parent Sears Holdings Corp., which cut its stake in Sears Canada from 90% to 51% last year, said in January that Sears Canada's fourth quarter adjusted earnings would fall by about half.

Franklin, Tenn. -- The overall penetration of POS devices continued to expand 3.9% in North America and 4.6% around the globe in 2012, according to The POS Vendor Shipments Database, released Wednesday by IHL Group. Growth is expected to continue at 3.6% worldwide for 2013.  

Plano, Texas -- There were no signs of relief for J.C. Penney Co. in the fourth quarter as the company reported a wider-than-expected net loss of $552 million, compared with a loss of $87 million in the year-ago period. The chain did not issue guidance, but did announce would open nearly 20 home-centered shops with different brand partners in 550 stores the spring.

Framingham, Mass. -- The TJX Cos. reported Wednesday a profit of $604.8 million for the quarter ended Feb. 2, compared with $475.3 million in the year-ago period. Despite the strong showing, TJX forecast a slowed growth pace for the new fiscal year and issued a profit forecast below analysts’ expectations. And joining many other retailers, the company announced that beginning with the fiscal 2014 second quarter, it will no longer report monthly sales.

Boca Raton, Fla. -- Office Depot largest shareholder Starboard Value said Wednesday it sent a letter to the office supply retailer’s board, urging it to sell its 50% joint-venture interest in the Office Depot de Mexico business as soon as possible.

Starboard, which owns a 14.8% stake in Office Depot, said it believes the value of the JV interest is not fully reflected in the retailer's stock price.

Minneapolis -- Target Corp. reported Wednesday a profit of $961 million for the fourth quarter, down from $981 million in the year-ago period. The profit slip reflected expenses related to its Canadian market entry along with a spending slowdown during the holiday sales period. It was Target's weakest holiday season performance since 2008. But its adjusted results beat analysts' estimates and it forecast first-quarter earnings above Wall Street's view.