News

Phoenix -- PetSmart Inc. reported Thursday that profit for the fourth quarter rose 13% to $102 million, compared with $90.3 million in the year-ago period.

Revenue during the quarter was $1.64 billion, up from $1.52 billion a year earlier and beating Wall Street’s expected $1.62 billion in revenue. Same-store sales rose 5.5%.

For the full year of 2011, the company reported net income of $290.2 million, up from $239.9 million in 2010. Revenue for the year was $6.11 billion, up from $5.69 billion the year before.

NEW YORK — In a month that was solid overall, the discount sector showed its muscle, turning in a strong February same-store sales performance nearly across the board.

After suggesting last week that sales had accelerated and returned to a pre-holiday pace, Target reported Thursday that same-store sales for the month rose 7%, beating Wall Street’s expected 5.2%. Total sales during the period rose 8% to $5.13 billion, boosted by strength in the food, healthcare and beauty categories. Accessories and apparel performed above average as well.

New York City -- A study released Thursday by WSL/Strategic Retail found that 52% of Americans are struggling to afford the necessities, and for many even that is a stretch.

The “How America Shops MegaTrends report, Moving On 2012,” revealed among its significant findings that the youth market, 18-34 year olds, has the highest percent of those who do not have enough money to cover their basic needs, with close to a quarter (24%) in financial turmoil.

The surge in February same-store sales Target reported Thursday morning didn’t come as a surprise to incoming CFO John Mulligan who alerted the market to the above plan performance when Target reported fourth-quarter results on Feb. 23.

New York -- Results were mixed among the department store players in February, as Macy’s turned in a strong performance and Kohl’s missed expectations.

For the month, Macy’s reported a same-store sales gain of 4.6%, beating the 3.5% rise anticipated by Wall Street. Online sales for the operator of Bloomingdale’s and its namesake banner surged 31.3%, boosting the same-store sales percentage advance. Total revenue in February increased 5.5% to $1.86 billion.

NEW YORK — Nestlé Nutrition has promoted Steve Goodyear to VP retail sales for Nestlé Nutrition's U.S. division.

Bentonville, Ark. -- Wal-Mart Stores Inc. said Thursday it is continuing its annual tradition of increasing shareholder payout by raising its dividend by 9%.

Wal-Mart will pay a quarterly dividend of 39.75 cents on April 4 to shareholders of record on March 12. That works out to $1.59 per share for the year. The company has increased its dividend every year since its first declared dividend in March 1974.

According to Wal-Mart president and CEO Mike Duke, the company's U.S. business is back on track, and international results remain strong.

CINCINNATI — Kroger posted a loss in the quarter ended Jan. 28, attributing the loss to costs associated with consolidating its pension plan for union workers.

The grocer, which counts among its banners Kroger, Ralphs and Food 4 Less, lost $306.9 million in the quarter, compared with a profit of $278.8 million in the year-ago period.

Total sales in the quarter rose 7.7% to $21.4 billion. Excluding fuel, sales rose 5%. Same-store sales increased 4.9%.