Retail Briefs

Sears, Kmart Shareholders To Vote

Sears and Kmart will hold back-to-back shareholder meetings at Sears' headquarters on March 24 to vote on the retailers' proposed merger.

The stock symbol for the new Sears Holding Company will be SHLD, and will trade on the Nasdaq National Market.

Kohl's to Restate Financials Since 1998

After receiving a clarification from the Securities and Exchange Commission about how to account for lease practices, Kohl's said it will restate its financials beginning with fiscal 1998.

SG&A expense for the affected fiscal years will increase, as will pre-opening expenses and depreciation expenses, the company said.

The impact on net income for the fourth quarter in the recently completed fiscal year is expected to be about $2 million. The impact on full-year EPS is expected to be about 3 cents.

The adjustments are not expected to affect historical or future cash flows, nor the timing of payments under the leases at issue, the company reported.

Macy's Launches Site For Juniors

Macy's is targeting the juniors crowd with a new Web site,, that the retail touts as the “insider's view to everything 'IT' in fashion, music and more.”

Garden Ridge Increases Comp Sales

Garden Ridge Corporation logged a 6.8 percent increase in comp sales comparing the 5-week month with the same time period last year. The retailer, which filed for bankruptcy a year ago, reported a 5.3 point increase in product gross margin in January due in large part to strong after-Christmas sales and a growing assortment of fresh, fashion-oriented merchandise.

“Our sales momentum continued with increases posted in many departments,” said Steve Higgins, president.

Garden Ridge recently submitted its proposed reorganization plan and expects to emerge from Chapter 11 later this year.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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See the May 2017 issue of Home & Textiles Today. In this issue, we discuss our annual Market Basket survey, which finds higher prices and more polyester at leading retailers. See details!