News

New York — U.S. retail sales rose 1% in February, boosted by job gains, the tax cut and more seasonable temperatures, the Commerce Department reported Friday. It was the highest gain in four months. Sales excluding autos increased 0.7%.

The 1% increase followed a revised 0.7% rise in January that was more than double the previous estimate, according to Commerce Department figures.

By Stephen Reily, [email protected]

You have almost certainly read or heard a dozen news stories this year that begin something like this: “The first Baby Boomer is turning 65 in 2011 . . .” 

If you are a chain store executive, here is the most important point about that fact: You should forget it.

True Value has announced the introduction of a 2-in-1 -- paint plus primer -- paint called EasyCare Platinum. The new paint promises a one-coat solution to painting projects because it eliminates the need for a primer.

EasyCare Platinum will be available in all the colors offered in the Chicago co-op’s EasyCare line, including Flat Enamel, Satin and Semi-Gloss finishes. EasyCare Platinum is mildew-resistant and backed by a lifetime warranty.

New York City -- A Manhattan bankruptcy judge on Thursday has cleared the path for Blockbuster to sell itself to a group of hedge funds, preventing the movie rental chain from having to liquidate its assets.

Judge Burton R. Lifland has approved procedures for the auction of Blockbuster, with a $290 million initial offer from a group of senior bondholders led by hedge fund Monarch Alternative Capital.
 

SALISBURY, N.C. — Delhaize America is emphasizing its private-brand assortments, the supermarket conglomerate reported in its earnings release.

Delhaize said it forged ahead with its New Game Plan, which includes "important price investments," and noted that its U.S. operating companies — which include such banners as Food Lion, Bottom Dollar and Hannaford — are reinforcing their private-brand assortments through the introduction of a new value line called My Essentials.

Nashville, Tenn. — Kirkland's Inc. said Thursday that its fourth-quarter profit fell about 35% as its sales softened.

The company reported net income of $14.4 million for the 13 weeks that ended Jan. 29, compared with $22.1 million a year earlier.

The results included an $800,000 income tax benefit related to prior years' taxes.

Quarterly net sales fell to $139.6 million, from $142.8 million in the prior-year period. Same-store sales were down 7.95%.

Completion of a previously announced acquisition combined with organic growth will result in the addition of 168 stores to Asda’s existing 386 units and push Walmart’s U.K. division past the 500-unit mark.

New York — Ann Taylor Stores Corp. On Friday posted a bigger-than-expected quarterly profit on improved sales. The company, which said it will change its corporate name to Ann Inc. to better reflect its multichannel focus, also forecast strong first-quarter sales.