News

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the fourth quarter ended Jan. 29 dropped to $5.3 million, compared with $74.2 million in the year-ago period. Last year’s quarter included a non-cash tax benefit of $64.7 million.

Sales rose to $165.5 million from $151 million a year earlier. Same-store sales increased 2.3%. Same-store sales for Wet Seal increased 1.9% and for Arden B increased 4.8%.

By Giles Sutton, J.D., LL.M, [email protected]

Gift-card sales have surged in recent years. With electronic or virtual gift cards and mobile applications that allow consumers to purchase and redeem gift cards from their mobile/smartphones, sales only continue to grow. While consumers flock to them for their flexibility, businesses have embraced them as a means to increase sales. Not only are buyers spurred into making new purchases, but they often spend more than the gift-card amount.

Redmond, Wash. -- Stein Mart announced the selection of Microsoft SQL Server 2008 as the centerpiece of its new Mission Critical platform and subsequent business intelligence solution. As a result, company executives can use responsive forecasting tools, which have enabled them to quickly identify business trends within the company's 265 stores and to position the company for expansion.

Dallas -- Alliance Data Systems Corp., a provider of loyalty and marketing solutions derived from transaction-rich, announced that its Canadian coalition loyalty business has signed a national agreement with The Children's Place Retail Stores.

The agreement provides for The Children's Place to participate as a national sponsor in the Canadian Air Miles Reward Program and issue reward miles across Canada. Previously, The Children's Place launched a seven-month Air Miles pilot initiative in Alberta and British Columbia.

New York City -- The Home Depot partnered with Scanbuy to launch a national communications strategy utilizing mobile barcodes enabled by Scanbuy’s ScanLife system. The initiative incorporates 2D bar codes (QR codes) that give customers immediate access to such information as product rating and reviews, How-To guides and videos on specific products.

Deerfield, Ill. -- Walgreens announced that it would "accelerate its online strategy" by acquiring e-retailer Drugstore.com. The deal, worth about $429 million, gives Walgreens access to 3 million online customers.

Hingham, Mass. -- The Talbots reported Thursday a narrower-than-expected fiscal fourth-quarter loss, and said it plans to expand its store re-image program to improve traffic. The chain also it expects to close as many as 100 stores over the next two years.

Talbots lost $2.8 million in the quarter ended Jan. 29, compared with a loss of $1.5 million in the year-ago period.

Net sales fell 7.4% to $292.6 million, compared with $315.9 million in the same period last year. Same-store sales dropped 7.3%.

Bensalem, Pa. -- Charming Shoppes said Thursday it recorded a net loss on a GAAP basis of $30.4 million for the quarter ended Jan. 29, compared with a loss of $28 million a year earlier. The company also announced the announced the appointment of Anthony M. Romano, COO and acting CEO, as president and CEO.

Grapevine, Texas -- GameStop Corp. reported Thursday that net earnings for the quarter ended Jan. 29 rose 10.1% to $237.8 million, compared with $215.9 million in the year-ago period.

Total sales increased 4.8% to $3.69 billion, from $3.52 billion. Same-store sales increased 2.6%.

For the year, total sales increased 4.3% to an all-time high of $9.47 billion, in comparison to $9.08 billion in fiscal 2009. Same-store sales increased 1.1%. Net earnings increased 8.1% to a record $408 million.

Seattle – Nordstrom said Thursday it has completed its acquisition of online private sale marketplace HauteLook, effective March 23.

Nordstrom said the acquisition will enable it to participate in the fast-growing private sale marketplace and provide a platform to increase innovation and speed in the way it serves customers in all channels.