News

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.

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%.

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%.
 

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.

MOORESVILLE, N.C. — Lowe’s has promoted Kevin Measel to SVP store operations for the company’s West division. Measel replaces Jim Frasso, who retired from Lowe’s following a 17-year career with the company.

Measel has more than 28 years of retail experience in both store operations and merchandising, having served most recently as merchandising VP nursery. Additionally, he has served as regional VP district manager and store manager. He joined Lowe’s in 1994 and has held a number of positions of increasing responsibility.

New York City -- Iconix Brand Group reported that its fourth-quarter net income rose 23% on increased sales. The company also announced it was forming a joint venture with Reliance Brands Limited, a part of the Reliance Industries Group, to expand in India. Iconix currently has other similar partnerships in Greater China, Europe and Latin America.

Iconix said its net income totaled $27.2 million in the three months ended Dec. 31, up from $22.1 million in the year-ago period. Revenue rose 8.5% to $95.5 million, from $88 million.

By HeeSun Kim and Young Rok Park

Imagine a place where department stores are destinations for retail and social activity, where the mere mention of the term “department store” still conjures fond memories of day-long family outings in the city. Fifty years ago, this could have been any major city in the United States, but the current epicenter of the design revolution in large-format retail, culture and fashion is on the opposite side of the planet, specifically in Seoul, South Korea.

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%.