News

Mooresville, N.C. -- Lowe’s reported a 39% increase in fiscal fourth-quarter earnings to $285 million, up from $205 million a year earlier.

Sales grew 3% in the latest quarter to $10.5 billion. Same-store sales rose 1.1%.

For fiscal 2010, net income grew to $2 billion, from $1.8 billion in fiscal 2009. Sales grew to $48.8 billion from $47.2 billion.

The company expects to open 25 to 30 stores in 2011.

On Feb. 17, Borders Group announced that it had retained Melville, N.Y.-based DJM Realty, a Gordon Bros. Group Co., to manage the disposition project of the 200 stores that would be shuttered as a result of the bookseller’s just-reported Chapter 11 bankruptcy filing.

Chain Store Age talked with Andy Graiser, co-president of DJM Realty, about the assignment, and how a better Borders might emerge from the process.

Tell me about the Borders assignment, including your timeline and strategy for disposition.

FRAMINGHAM, Mass. — TJX Cos. reported a 15% drop in fourth-quarter earnings, dragged down by costs to close its A.J. Wright store division. The company also plans to repurchase $1.2 billion of its stock this fiscal year and raise its dividend.

The retailer earned $334.4 million in the three months ended Jan. 29, compared with $394.9 million in the same period last year.

Revenue rose 6.5% to $6.33 billion. Same-store sales were up 2% over the prior year’s strong 12% increase.

ROCHESTER, N.Y. — Escalating food costs may have a firm grip on consumers' wallets, but one retailer is promising "to keep prices low and [its] quality and service high."

Wegmans this week said that it will not change the prices on 40 of the products most important to families through the end of 2011. According to the company's website, many of the items listed include store-brand products and produce. Wegmans also noted that counting different varieties and sizes, about 200 items are covered by the company's price pledge.

Little Rock, Ark. -- Dillard's said Tuesday that its net income grew 38% in the fourth quarter as its sales improved and the retailer controlled expenses and inventory.

Dillard's earnings rose to $109.6 million in the three months ended Jan. 29, compared with $79.5 million one year earlier.

Sales rose 5% to $1.93 billion from $1.83 billion, with merchandise sales up 6% to $1.91 billion. The rest of its revenue comes from its CDI Contractors construction business. Same-store sales rose 7%.

Minneapolis -- Best Buy is looking to reinvent its future and late Monday announced a series of moves designed to enhance the company’s growth prospects and profitability.

New York City -- Barnes & Noble reported Tuesday that net income for the quarter ended Jan. 29 decreased 24.7% to $60.6 million, from $80.4 million a year earlier. Although the chain returned to profitability after three straight quarters in the red, its increase in revenue was lower than expected.

Overall sales were up 6.9% to $2.3 billion. Same-store sales at its namesake stores rose 7.3%; same-store sales at its college bookstore chain dropped 2.2%.

Cincinnati -- Macy’s reported Tuesday that net income jumped 50% in the fourth quarter ended Jan. 29, and projected its full-year profit would meet Wall Street expectations.

After a strong holiday season, the retailer earned $667 million in the fourth quarter, compared with $445 million in the year-ago period.

Revenue rose 5% to $8.27 billion, just missing analysts’ average forecast for $8.28 billion. Same-store sales increased 4.3%.