FINANCE

Kirkland’s reports Q3 loss; CEO to go on temporary medical leave

BY Marianne Wilson

Nashville, Tenn. — Kirkland’s Inc. lost $416,000 for the period ended Oct. 27, compared with a profit of $1.2 million a year earlier. Analysts had predicted a bigger loss.

Revenue inched down to $96.7 million from $97.1 million. Same-store sales were down 4.7%.

Kirkland’s also announced that president and CEO Robert Alderson is taking a temporary medical leave of absence, starting on Monday. SVP and CFO Mike Madden will serve as acting president and CEO until Alderson returns.

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REAL ESTATE

Macy’s Herald Square unveils new, high-tech shoe floor

BY Marianne Wilson

New York — Macy’s has unveiled the redesigned shoe department of its Herald Square flagship in New York City. Described as the “world’s largest shoe floor,” the 63,000-sq.-ft. space features more than 250,000 pair of women’s shoes in an upscale environment.

The new space is an integral component of the multi-year, $400 million renovation of Macy’s Herald Square. It has the intimate feel of a boutique shopping experience with specially designed LED lighting and custom architectural details unique to the signature style of each brand.

State-of-the-art mobile scanning devices (274 in all) provide detailed product information, enabling sales associates to determine the availability of a given size and style instantaneously. Some 21 LCD monitors and four LED screens add dramatic impact throughout the shoe floor.

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FINANCE

Hudson’s Bay raising less than planned in IPO

BY Staff Writer

Toronto — Canada’s Hudson’s Bay Co. is set to raise C$365 million ($367 million) in its initial public stock offering, Reuters reported. The amount is lower than the retailer’s original target of about C$400 million.

Hudson’s Bay has priced the offering of 21.48 million shares at C$17 apiece, which is at the bottom of the company’s already lowered range of C$17 to C$18.

The company, which owns Lord & Taylor in the United States and Hudson’s Bay in Canada, had originally aimed for an offering price of C$18.50 to C$21.50 a share.

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