OPERATIONS

Sears Holdings names real estate leader

BY Katherine Boccaccio

Hoffman Estates, Ill. — Sears Holdings Corp. announced Tuesday that it has named David Lukes as president, real estate development for the company.

Lukes was previously president and CEO of real estate firm Mall Properties.

Lukes has been charged with leading Sears’ efforts to further develop its real estate assets, including those that are now non-retail.

"Historically, Sears has selectively realized value from its real estate holdings through store acquisitions, strategic store sales, and our leasing and licensed business programs,” said Lou D’Ambrosio, Sears Holdings’ CEO and president. “David’s hiring allows us to expand our capabilities to include the enhancement and re-development of appropriate properties."

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FINANCE

Tiffany profit slips in Q4, plans 24 new stores for 2012

BY Katherine Boccaccio

New York City — Tiffany reported Tuesday that its fourth-quarter profit slipped to $178.4 million from $181.2 million last year. Revenue met expectations, rising nearly 8% to $1.19 billion.

For the year, net earnings surged 19% to $439 million, and sales rose 18% to $3.6 billion.

The jewelry retailer said it plans to open 24 new stores in 2012, including nine in the Americas, seven in Asia-Pacific, three in Europe and five in the United Arab Emirates. It plans nine new stores in 2013.

“We remain focused on successfully executing our long-term strategies and pursuing Tiffany’s substantial global growth potential in 2012 and beyond,” said Michael J. Kowalski, chairman and CEO.

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FINANCE

Gordmans profit rises 21% in Q4

BY Staff Writer

Omaha, Neb. — Apparel and home décor retailer Gordman Stores reported Tuesday that net income for the quarter ended Jan. 28 rose 21.2% to $10.2 million, from $8.4 million in the year-ago period.

Sales increased 10% to $185.1 million. Same-store sales rose 2.1%.

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