News

Menomonee Falls, Wis. -- Kohl’s Corp. reported Thursday that profit for the fourth quarter dropped 7.9% to $455 million, from $494 million a year earlier, as the retailer experienced unexpected revenue declines during the holiday selling period.

Kohl's reported that total sales dipped 0.3% to $6.02 billion in the period, and same-store sales dropped 2.1%. It was the chain’s first revenue decline in three years

Hoffman Estates, Ill. -- Sears Holdings Corp. reported Thursday a loss of $2.4 billion in the fourth quarter, compared with a profit of $374 million in the year-ago period. And in a move long anticipated by some analysts, the chain also announced plans to tap into its massive real estate holdings to help make up for its faltering retail performance.

Revenue slipped 4% to $12.5 billion from $13 billion. Same-store sales fell 4.1% during the quarter at Sears and 2.7% at Kmart.

By Dave Spargo, [email protected]

DALLAS — Zale has named Beth Pritchard to its Board effective March 9. This appointment will increase the total number of board seats to eight.

WASHINGTON — Retailers hoping to see a boost in sales this tax season may be out of luck as more Americans this year plan to save their refunds.

The National Retail Federation's tax returns consumer survey, conducted by BIGinsight, found that 43.8% of those expecting refunds will save some of that money, up from 42.l% who said so last year and the most in the survey’s nine-year history. Two-thirds (66.2%) of tax payers are expecting a refund this year, the exact same as last year.

CHESAPEAKE, Va — Dollar Tree's sales and earnings growth for the fourth quarter and fiscal year is just another example of how discounters dominated in 2011. 

The company reported that net sales for the fourth quarter were $1.95 billion, a 12.8% increase compared with $1.73 billion reported for the quarter ended Jan. 29, 2011. Comparable-store sales increased 7.3%, on top of a 3.9% increase for the fourth quarter 2010.

DALLAS — Zale Corp. reported increased revenues and earnings for its second quarter ended Jan. 31, thanks to a successful holiday season.

The company reported that revenues for the quarter were $664 million, an increase of $37 million, or 6%, compared with $626 million in the same period last year. 

Comparable-store sales, which are based on year-over-year merchandise sales, increased 5.8% during the quarter. This increase follows a 7.9% rise in the same period last year. 

CHINO HILLS, Calif. — Select Lowe's stores and Lowes.com will now offer an exclusive collection of energy-efficient tankless water heaters from Jacuzzi Group Worldwide.

Powered by natural gas or propane, Jacuzzi brand tankless units heat water as it is needed. In addition, tankless water heaters use up to 30% less energy than a traditional tank-style water heater, saving a typical family hundreds of dollars per year, according to the company. 

FRAMINGHAM, Mass. — TJX Cos. is headed for a strong 2012, thanks to fourth-quarter sales and profit growth. The company reported that its fiscal fourth-quarter profit rose 42% to $475.3 million, from $334.4 million a year earlier. The owner of Marshalls, HomeGoods and T.J. Maxx also announced plans to repurchase up to $1.3 billion of stock this fiscal year.

For the quarter, sales rose 6% to $6.7 billion. Same-store sales increased 7%.

ST. LOUIS — Supervalu subsidiary Save-A-Lot is expanding its presence in Pennsylvania.

The company is slated to open four new stores in Pennsylvania in February and March, bringing the total number of Save-A-Lot stores in the state to 76, the company said.