Retail Roundup—Zara hits record sales, winter storm costs apparel $310M

Zara jeans
Inditex SA, parent company of Zara, announced it will speed up the closures of small stores and open bigger ones.

Zara hits record sales

Inditex SA, parent company of Zara, reported a 10% jump in last year's net profit on record-high sales. The company also announced it will speed up the closures of small stores and open bigger ones. Inditex increased total sales by 12% in 2016 and continues to be the largest fashion retailer in the world. (Market Watch)

Staples sells off Australian/New Zealand business

Staples announced it has sold its Australian and New Zealand business to private investment firm Platinum Equity. The deal is expected to close at the end of Q2. The Staples Technology Solutions was included in the acquisition. (CRN)

Winter storm costs apparel stores $310M

Despite lower snow totals than originally forecasted, a large portion of the economic and retail impact occurred before this week's snowstorm even hit. Looking at different sectors, news of the storm caused a $310 million drop in sales at apparel stores and a $1.2 billion drop in sales at home centers compared with the same week in 2016. (Eloqua)

Ruby's Market reveals new concept

Ruby's Market in Springfield, Missouri, revealed its new store concept that includes a Starbucks, a bar and tap house, and a make-your-own juice station. Other perks include brick oven pizza for sale by the slice and chocolates made on site. Parent company Pyramid Foods operates more than 50 stores in Missouri and Oklahoma under a variety of brands. (News-Leader)

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