News

Camp Hill, Pa. -- Rite Aid Corp. reported Thursday that it narrowed its third-quarter loss to $81.5 million, compared with a $86.1 million loss a year ago. But revenue slid and the drugstore operator again lowered its full-year forecast.

Revenue fell 2% to $6.2 billion, in line with Wall Street expectations. Same-store sales dropped 1.3%.

NEW YORK - Everlast Worldwide announced the signing of a long-term, direct-to-retail licensing deal with Sears Holdings. Through the agreement, Sears Holdings will have the U.S. license for the Everlast brand in their 850 Sears doors and the Everlast Sport brand in 1,325 Kmart doors as well as launching on sears.com and kmart.com. The long-term agreement gives Sears and Kmart the rights to the Everlast brand for apparel, footwear and accessories for men, women and kids. Sears and Kmart plan to launch the brand nationwide beginning in the spring of 2011.

Boca Raton, Fla. -- Office Depot said Thursday it will sell its Japan business to Japanese distribution company Kakuyasu.

The transaction also includes an agreement for Kakuyasu to license Office Depot’s trade names, obtain sourcing services and continue to support Office Depot’s global customers in Japan. Kakuyasu is one of the fastest growing and leading multichannel businesses in Japan with fiscal-year 2009 sales of $775 million.

CAMP HILL, Pa. — What Rite Aid might wish for Christmas is accelerated results borne from its Wellness+ loyalty card program, because even as the chain lowered its guidance for fiscal 2011 sales, it’s that differentiated loyalty program that’s going to buttress sales next year and beyond.

WAYNE, N.J. - Toys"R"Us announced that, for the first time ever, its stores nationwide will remain open for 88 consecutive hours beginning at 6 a.m. on Dec. 21 and continuing through 10 p.m. on Christmas Eve.

Teradata, the data warehousing and enterprise analytics leader, has a new deal with Walmart to help the retailer store, manipulate and analyze the expanding volume of information that results from selling more than $400 billion worth of goods annually.

Jacksonville, Fla. -- Shopping center owner and operator Regency Centers said Thursday it has acquired Willow Festival shopping center in what is the second largest retail real estate transaction in metro Chicago in 2010.

The 405,227-sq.-ft. Northbrook, Ill., shopping center is anchored by Lowe's, Whole Foods Market and Best Buy. The property was purchased on Dec. 15 for $64 million as an off-market transaction with the center's original developer Hamilton Partners, a privately owned real estate development firm.

The folks in the electronics and entertainment area at Walmart had to be smiling this week at Best Buy’s admission that it lost market share to discounters during the third quarter. The share loss resulted in a 5% same-store sales decline at U.S. stores that was well below guidance that called for flat to modest growth. Earnings per share of 54 cents were well below consensus estimates of 60 cents and full-year guidance was reduced to a range of $3.20 to $3.40 from a range of $3.55 to $3.70.