News

Washington, D.C. -- Survey results released Thursday by the Retail Advertising and Marketing Association, and conducted by BIGinsight, found that 173 million people will watch the Super Bowl football game on Sunday, Feb. 5, the most in the survey’s eight-year history and up from an estimated 171 million last year.

New York City -- The second day of J.C. Penney Co.’s launch event in New York City revealed the retailer’s long-term financial plans to generate profit and shareholder value while reinventing itself.

COO Mike Kramer outlined the company's financial outlook, including an enhanced profit formula derived from the simplified business model unveiled the day before, based on a new three-tier pricing strategy, newly organized promotions and an overhaul of the merchandise assortment.

NEW YORK — Management consultancy Kurt Salmon announced John Karonis will move into the role of deputy chief executive officer and Brooks Kitchel, long-time retail specialist, will replace Karonis as head of the firm's global retail and consumer products group.

Asda, Walmart’s U.K. subsidiary, has big plans for 2012 that include investing more than £500m ($784 million) in its stores in 2012.

The company said it will invest the money in opening 25 new stores and three depots, as well as expanding and remodeling 43 of its existing stores. According to the company, this investment will create up to 5,000 new jobs in the United Kingdom. The company noted that current Asda associates would have the opportunity to enhance their careers through the company’s apprenticeship program.

London -- A report released Thursday by the Confederation of British Industry said that U.K. retail sales fell in January at the fastest pace in almost three years, reversing an increase in December when discounting by stores drew shoppers.

The gauge of annual sales growth fell to minus 22, the lowest since March 2009, from nine in December, according to the report.

New York City -- The Deloitte Consumer Spending Index slightly dropped in December despite small improvements in three-out-of-four components.

The index — which is comprised of tax burden, initial unemployment claims, real wages and real home prices — fell to 1.86 from a reading of 1.93 the previous month. Because of this drop, the ability for consumers to continue to spend at the rates seen in 2011 may be in question, Deloitte said.

According to reports, Wal-Mart Stores is among the seven member companies named to the committee that will represent Eastman Kodak Co., which filed for bankruptcy earlier this month. 

Bloomberg reported that the seven companies, which also include the Pension Benefit Guaranty Corp. and Sony Pictures Entertainment, will be part of the unsecured creditors committee. 

Walmart has a claim against Kodak for about $11.4 million, Bloomberg reported, citing court papers.

Stockholm, Sweden -- Swedish fast-fashion retailer Hennes & Mauritz reported Thursday that net profit for the fourth quarter dipped to $997.2 million from $1.1 billion in the year earlier period. Sales in December, the first month of H&M's fiscal first quarter, were up 13% year-on-year in local currencies, against a forecast 12%. Same-store sales were up 4%.

"Most indicators suggest that the macro-economic climate in many of our markets will continue to be tough during 2012," said CEO Karl-Johan Persson.