FINANCE

Nordstrom Q4 profit up 1.7%, to open 15 stores in 2012

BY Katherine Boccaccio

Seattle — Nordstrom reported Thursday that net earnings for the quarter ended Jan. 28 rose 1.7% to $236 million, compared with $232 million in the year-ago period.

Sales rose 12.5 % to $3.17 billion, and same-store sales increased 7.1%. Nordstrom Rack sales rose 17.7% in the quarter, to $85 million.

For the full year, total net sales were $10.5 billion, representing the highest in the company’s history. Net earnings were up 11.4% to $683 million, compared with $613 million a year earlier.

Nordstrom has announced plans to open one full-line department store – at City Creek Center in Salt Lake City, in March — as well as 14 Nordstrom Rack stores in fiscal 2012.

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OPERATIONS

Sears cuts 100 headquarters staff

BY Staff Writer

Hoffman Estates, Ill. — A spokesman for Sears Holdings Corp. said that the owner of Sears and Kmart stores is cutting 100 jobs at its headquarters in Hoffman Estates, Ill.

According to Chris Brathwaite, Sears spokesman, the cuts cover a range of positions. The terminated employees were notified Thursday.

The retailer has not said whether additional cuts are planned.

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OPERATIONS

Sears Canada announces price cuts as part of competitive move

BY Staff Writer

Toronto — A Thursday report by Reuters said that Sears Canada is cutting prices on more than 5,000 items as a competitive preemptive move before Wal-Mart and Target begin their expansion march across the country.

According to the report, Sears Canada will also roll out weekly sales promotions and new signage.

"In order to better compete in a complex and ever-changing retail industry, the company is committed to getting the value right for its customers," said Sears in a statement. "This will be the first significant change customers will see as a result of the transformation undertaken by the company."

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