Beijing-based department store chain Parkson Retail Group has published its financial report for the first half of 2009. According to the report, Parkson made total revenues of CNY6.104 billion in the first six months of 2009, a year-on-year increase of 17%; its operating profit was CNY678 million, a year-on-year increase of 14.1%; and its net profit [...]

Sears Holdings Corp. (SHLD) posted a 55% drop in quarterly profit, hurt by goodwill impairment and restructuring charges in the worst retail environment in at least a decade. However, shares of the largest U.S. department-store chain jumped about 8% on Thursday as the owner of Kmart still beat market expectations by cutting costs and closing underperforming units.

In the latest fourth quarter, Sears earned $190 million, or $1.55 per share. However, excluding the after-tax charge of $187 million related to its Orchard Supply Hardware subsidiary and other items, earnings were $2.94 a share. Analysts on average were looking for $2.68 per share. 

The retailer said it had closed 28 units in 2008 and plans to shut 24 additional Kmart and Sears stores by the end of May to generate cash and boost earnings. It also cut inventory levels by 12% to $8.8 billion as of Jan. 31.

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Macy's Inc. (M) saw a 59% slump in fourth-quarter earnings, but its shares soared as the department store chain still managed to beat the consensus forecast and reiterated its guidance for the current year.

In the latest quarter, Macy's earned $310 million, or 73 cents a share, hurt by weak sales and one-time costs associated with the consolidations of regional divisions and store closings. Excluding items, the company's profit of $1.06 a share topped the average forecast by 6 cents.

Chief Executive Terry Lundgren said, "We believe that Macy's Inc. is well-positioned to continue to weather this downturn and to accelerate results once the economy begins to rebound." The company has been taking measures to lower costs, boost sales, and pay down debt to ride out the worst of the ongoing downturn. Macy's still expects to earn 40 to 55 cents per share in 2009.

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Some 23 different companies have been deleted in the blue chip benchmark since June alone as the credit crisis takes its toll.

 

 

The S&P 500 is set to add another exchange to its blue chip index. After the close of trading on Tuesday, the Nasdaq OMX Group Inc. will replace department store chain Dillard's Inc., which has occupied the blue chip benchmark's last spot.

The shift follows the addition of Comstock Resources Inc., an oil and natural gas producer, to the S&P MidCap 400 index. It replaced Entercom Communications Corp., a radio broadcaster that was listed as the benchmark's 400th largest company based on market-cap size when the move was made last week.

Also, the S&P SmallCap 600 index has made two changes within the past week. One of those involved replacing wireless tech provider EMS Technologies with Radio One Inc.  At the same time, Integral Systems Inc. was added and Fleetwood Enterprises, which makes recreational vehicles, fell out of the benchmark.

This

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Some 23 different companies have been deleted in the blue chip benchmark since June alone, as the credit crisis takes its toll.

 

The S&P 500 is set to add another exchange to its blue chip index. After the close of trading on Tuesday, the NASDAQ OMX Group Inc. will replace department store chain Dillard's Inc., which has occupied the blue chip benchmark's last spot.

The shift follows the addition of Comstock Resources Inc., an oil and natural gas producer, to the S&P MidCap 400 index. It replaced Entercom Communications Corp., a radio broadcaster that was listed as the benchmark's 400th largest company based on market-cap size when the move was made last week.

Also, the S&P SmallCap 600 index has made two changes within the past week. One of those involved replacing wireless tech provider EMS Technologies with Radio One Inc.  At the same time, Integral Systems Inc. was added

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