Sears Canada profit dips 3% in Q4
Toronto — Sears Canada Inc. reported Wednesday that profit for the fourth quarter dipped 3% to $38.8 million on weakened hardware and electronics sales.
Revenue fell 5% to$1.25 billion in the period, and same-store sales dropped 3.8%.
Parent Sears Holdings Corp., which cut its stake in Sears Canada from 90% to 51% last year, said in January that Sears Canada’s fourth quarter adjusted earnings would fall by about half.
Victoria’s Secret to make Hong Kong debut
Columbus, Ohio — A Wednesday report by Bloomberg said that Limited Brands’ Victoria’s Secret banner would open its first stores in Hong Kong this year.
On the boards are two 1,500-sq.-ft. Victoria’s Secret shops at the International Finance Centre in the Central business district and at New Town Plaza. Bloomberg cited an emailed statement by Limited spokesperson Robin Hoffman.
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Von Maur to open first store in Oklahoma
Davenport, Iowa — Von Maur Department Stores announced Wednesday it has signed a contract to open a 150,000-sq.-ft. store at the GGP-owned Quail Springs Mall in Oklahoma City in fall 2014.
The store will be the company’s first location in Oklahoma.
Located at the mall’s former Sears location, the two-level Von Maur store will receive a complete renovation beginning in summer 2013 in order to feature the company’s exterior brick facade and signature residential ambiance, complete with antiques, original artwork, open-floor plan and music from the store’s grand piano.
The Oklahoma City announcement is consistent with the retailer’s previously announced national growth strategy, which includes opening a second Georgia location in Atlanta in November 2012, along with plans to grow into New York and Alabama in fall 2013.
"Oklahoma City is a thriving metropolitan area with numerous offerings and opportunities for both businesses and residents alike," said Jim von Maur , president of Von Maur. "We’re excited to be a part of the growth in one of the state’s most vibrant areas and look forward to showcasing our service and selection to shoppers at Quail Springs Mall."
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