FINANCE

Charming Shoppes posts Q4 loss, names CEO

BY CSA STAFF

Bensalem, Pa. — Charming Shoppes said Thursday it recorded a net loss on a GAAP basis of $30.4 million for the quarter ended Jan. 29, compared with a loss of $28 million a year earlier. The company also announced the announced the appointment of Anthony M. Romano, COO and acting CEO, as president and CEO.

Total net sales increased 7% to $575.8 million for the fourth quarter ended Jan. 29, compared with $539.0 million for the prior year period. Same-store sales for the fourth quarter increased 9%, including an 11% increase at Lane Bryant; e-commerce sales increased 41%.

The retailer said it plans to open five to seven new stores in fiscal 2011 and relocate 10 to 13 stores.

In separate news, the company appointed Brian Woolf as group president – Lane Bryant.

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FINANCE

GameStop profit rises 10% in Q4, to open and close 200 stores

BY CSA STAFF

Grapevine, Texas — GameStop Corp. reported Thursday that net earnings for the quarter ended Jan. 29 rose 10.1% to $237.8 million, compared with $215.9 million in the year-ago period.

Total sales increased 4.8% to $3.69 billion, from $3.52 billion. Same-store sales increased 2.6%.

For the year, total sales increased 4.3% to an all-time high of $9.47 billion, in comparison to $9.08 billion in fiscal 2009. Same-store sales increased 1.1%. Net earnings increased 8.1% to a record $408 million.

For 2011, in the United States, GameStop said it expects to open approximately 200 new stores, focusing on underserviced markets. The company also expects to close 200 stores, primarily those overlapping store locations due to past acquisitions with expiring leases.

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FINANCE

Nordstrom completes acquisition of HauteLook

BY CSA STAFF

Seattle – Nordstrom said Thursday it has completed its acquisition of online private sale marketplace HauteLook, effective March 23.

Nordstrom said the acquisition will enable it to participate in the fast-growing private sale marketplace and provide a platform to increase innovation and speed in the way it serves customers in all channels.

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