News

New Albany, Ohio -- Margin squeezes and flagging same-store sales hurt Abercrombie & Fitch Co.’s fourth quarter profit dropped nearly 80% drop, to $19.6 million from $92.6 million a year earlier, amid margin squeezes and flat same-store sales.

TORONTO — Canadians who need an extra jolt to get through shopping at Target will get some help via Starbucks. Target Canada and Starbucks Coffee Canada have agreed to open Starbucks licensed stores inside most of the 125 to 135 stores that Target plans to open in the region.

WASHINGTON — Retailers in 2012 will invest heavily in IT, e-commerce, customer service and mobile platforms in order to build customer engagement, a new report from the National Retail Federation Foundation and KPMG found. The report, titled, Retail Horizons: Benchmarks for 2011, Forecasts for 2012," surveyed 247 retail executives from various sectors, outlines retailers’ top strategic initiatives for 2012 including merchandising, ecommerce, store and field operations, supply chain and human capital, among others.

LAKELAND, Fla. — Publix Super Markets has promoted Kelly Williams-Puccio to executive director of Publix Super Markets Charities.

In her new position, Williams-Puccio will be responsible for the strategic direction of the foundation, managing foundation giving policies and processes and maintaining the charitable legacy of company founder, George Jenkins.

What a fortuitous promotion Target ran this week featuring a collection of nine Grammy Award nominated artists in its weekly ad. The awards program drew a record audience, and between ads during the broadcast and the artists featured in the circular Target gave a broad range of music lovers a reason to visit Target.com during the show or stop by their local store after the program.

Woonsocket, R.I. -- CVS Caremark on Tuesday released an economic impact study of its contribution to the economy of its headquarters state of Rhode Island.

The Pricewaterhouse Coopers-conducted study showed that the company's Rhode Island operations contributed more than $1.2 billion to Rhode Island's GDP in 2010, approximately 12,000 jobs, $831 million in labor income, and $116 million in state and local taxes.

CAMP HILL, Pa. — Rite Aid is offering $481 million in eight-year senior notes to refinance debt that is scheduled to come due in three years, the retail pharmacy chain said Tuesday.

Rite Aid said it would use money from the offering to pay interest and other expenses related to a tender offer announced Tuesday for all outstanding 8.625% senior notes due 2015. The price includes the $459 million principal plus a 2.625% premium.

Target was ranked 27th on the 2012 Harris Poll Reputation Quotient study behind five notable retailers and in roughly the same position with the same score as the prior year, the market research firm announced on Monday.