News

Minneapolis -- Target Corp. reported Thursday that profit for the quarter ended Jan. 28 slid 5.2% to $981 million, from $1.04 billion in the prior year.

Revenue increased 3.3% to $20.94 billion, missing Wall Street’s expected $21.23 billion in revenue. Same-store sales rose 2.2%.

Heavy discounting during the holiday season cut into fourth-quarter profits, but Target still is forecasting a full-year profit outlook that beats analysts’ expectations.

News this week that Walmart acquired a majority stake in one of China’s fastest growing e-commerce companies positions Walmart to become a dominant multichannel player in China far faster than it ever would have on its own.

Hong Kong -- Asian-based apparel retailer Esprit reported Thursday a net profit of $71.6 million for the six months ended December, beating Wall Street estimates.

The retailer said it remains on track to close its directly managed stores in North America by end-March 2012 and will continue to look for a licensing partner.

NAPERVILLE, Ill. — Following a substantial decline in net income for its fourth quarter, OfficeMax is keeping costs in mind by reducing its retail store count in the upcoming year.

For the next fiscal year, the company said it plans a net reduction in retail store count with up to 35 store closures and one to two store openings in the United States, as well as eight to nine store openings and one to two store closures in Mexico.

Little Rock, Ark. -- Dillard’s Inc. reported Thursday that profit for the fourth quarter rose to $141.5 million from $109.6 million a year earlier, beating analysts’ expectations.

Sales edged up 2% to $1097 billion. Same-store sales rose 3%.
 

MENOMONEE FALLS, Wis. — While Kohl's may have reported decreases in both sales and net income for its fourth quarter, fiscal 2011 proved to be another profitable year for the retailer.

The company reported fourth quarter diluted earnings per share increased 9% to $1.81. However, net income for the quarter decreased 8% to $455 million, compared with $494 million ($1.66 per diluted share) a year ago. Net sales for the quarter fell 0.3% to $6 billion, while comparable-store sales decreased 2.1%.

Tune in this Sunday for the running of the Daytona 500 (coverage begins at noon on Fox) and see whether this is the year Juan Pablo Montoya pilots the number 42 Target Chevrolet to victory.

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