Children’s Place Q4 profit falls, but beats view
Secaucus, N.J. — The Children’s Place Retail Stores Inc. said Wednesday its profit fell nearly 6% in the fourth quarter, but results topped expectations as the company cut costs.
The retailer said its net income fell to $32.1 million in the three months ended Jan. 29, down from $34.1 million year ago. Revenue fell 2% to $453.2 million from $462.8 million in the prior-year period. Same-store sales fell 5.9%.
Selling, general and administrative expenses fell about 1%. For the year, net income fell 6% to $83.1 million. Revenue rose nearly 2% to $1.67 billion from $1.64 billion.
Target and Lady Gaga call off deal
New York — Lady Gaga’s deal to sell a special edition of her upcoming album at Target is off.
A representative for the flamboyant and outspoken singer said Wednesday the two sides "came to a mutual decision to end their overall exclusive partnership a few weeks ago." Last month, it was announced that Target Corp. would be selling a deluxe edition of the album, to be released May 23, with bonus content.
But gay advocates were concerned about the partnership, citing Target’s donations during the last election season to a political candidate who was against gay marriage, according to the Associated Press.
The Advocate reported Tuesday that Gaga wasn’t comfortable with the deal and ended it.
Hudson Capital Partners acquires Robb & Stucky
New York — The sale of the financially-beleaguered furniture retailer Robb & Stucky to liquidation firm Hudson Capital Partners of Massachusetts was approved Tuesday at a bankruptcy hearing in Tampa, the South Florida Sun-Sentinel reported.
Hudson Capital, in a joint venture with Hyperams LLC, offered the highest bid for the 96-year-old Fort Myers-based company, which operates 20 stores, mostly in Florida.
Last month, Robb & Stucky filed for Chapter 11 bankruptcy protection and agreed to allow Hudson Capital to liquidate its assets, unless better bids came at auction.
Brooks Brothers unveiled a redesign of its third floor as part of a multi-year renovation of the company’s 10-story 346 Madison Avenue flagship. The sportswear floor of the store will have a state-of-the art, full-scale indoor PGA Tour simulator where players can choose from such courses as St. Andrews Links.