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FINANCE

  • Kohl’s Q1 profit up sharply but sales still slide
    Kohl’s Corp. posted mixed results for its first quarter, as sales continued to decline but profit jumped amid expense control and more careful inventory management.    The retailer reported net income of $66 million, or 39 cents per share, in the quarter ended April 29, up from $17 million, or nine cents per share, in the year-ago quarter. The gain, much better than expected, came as the company cut general expenses by $33 million.   

  • Supermarket chain files Chapter 11
    Struggling Marsh Supermarkets is looking for a buyer, but it doesn’t have all that much time.    The 86-year-old grocery store chain on Thursday filed for Chapter 11 bankruptcy protection, and said it is seeking a buyer for all or part of its business.  The company’s 44 locations will continue normal operations throughout the process.  But the stores will be shuttered if the company does not find a buyer within 60 days.  

  • Nutritional retailer posts disappointing quarter
    Vitamin Shoppe missed profit expectations for its first quarter, amid challenges with its Nutri-Force contact manufacturing division.    Vitamin Shoppe posted net income of $8.0 million for the quarter ended April 1, compared to $14.8 million in the same period last year.  Reported fully diluted earnings per share were $0.35 in first quarter 2017, compared to $0.59 in first quarter 2016.    

  • Sears CEO: ‘The reality is a lot better than the perception’
    The chairman and CEO of Sears Holdings said the use of the word bankruptcy with regards to his company is holding it back.    “Every time people use the word bankruptcy, somebody who reads that doesn't get past that word, Edward Lampert told The Chicago Tribune in a rare interview. “It makes it very unfair for us, and it’s a very uneven playing field for us.”      

  • Teen apparel retailer confirms takeover interest
    Abercrombie & Fitch may sell itself.   The teen apparel chain on Wednesday confirmed it is in preliminary discussions with several parties regarding a potential transaction with the company.   Abercrombie confirmed the news after Reuters reported that the retailer had hired an investment bank, Perella Weinberg Partners, to field takeover interest from other retailers.  

  • Office Depot Q1 profit surges
    Office Depot’s profit in the first quarter more than doubled as its reduced store count led to lower operational costs.   The company's net income increased to $116 million, or 22 cents per share, in the quarter ended April 1, from $46 million, or 8 cents per share, in the year-ago period. Its results beat analysts’ expectations.  

  • Department store retailer hires debt advisor
    Hudson’s Bay Co. has brought in professional advice regarding its potential merger with Neiman Marcus.    The Canadian department store company has hired a debt restructuring adviser, investment bank Evercore Partners Inc., to review the potential acquisition and provide Hudson’s Bay Executives with ways on how it could proceed without Hudson’s Bay assuming Neiman Marcus’ full debt, according to a Reuters report on CNBC.com.     

  • Party City tops estimates; to launch new marketplace
    Party City on Tuesday announced earnings and revenue that topped expectations, and said it would launch an online marketplace for party services.  
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