Christopher & Banks CEO resigns
Minneapolis — Christopher & Banks Corp. said CEO Larry Barenbaum resigned from all his positions in the company, effective Friday.
The struggling retailer, which posted a $22.2 million loss in fiscal 2011, named president Joel Waller as interim CEO. It said it has formed a committee to search for a permanent CEO.
RadioShack profit plummets 79%
Fort Worth, Texas — RadioShack Corp. reported a steep decline in fourth quarter profit this morning. Its results, however, were in line with its January warning to investors.
The chain posted a profit of $11.9 million, compared to a profit of $57 million in the prior year. Total fourth-quarter sales rose 5.9% to $1.39 billion. Same-store sales fell 1.4%.
Mild winter contributes to strong quarter for Home Depot
Atlanta — The Home Depot Inc.’s fiscal fourth-quarter earnings rose 32% to $774 million, compared with a profit of $587 million in the year-ago period. The retailer noted that mild weather throughout parts of the United States gave homeowners the chance to work on homes projects in the winter.
Sales rose 5.9% to $16.01 billion, topping the Street’s view of $15.51 billion. Same-store sales grew 5.7% overall, and 6.1% in the United States. The chain said it generated a 3.6% rise in fourth-quarter customer transactions and the average ticket increased 2.4% to $52.54.
We had a strong finish to 2011, and with favorable weather, our business delivered results that exceeded our expectations," CEO Frank Blake said in a statement.