Consumer Affairs & Relations

Mooresville, N.C. -- Lowe’s Cos. on Monday said it has been authorized to buy back up to $5 billion of its common stock over the next two-to-three years.

In a statement, the company said it expects to use the full amount over the next two to three years. The new repurchase authorization from the Lowe's board has no expiration date.
 

San Francisco -- Gap reported Thursday that profit for the quarter ended July 30 dropped 19% to $189 million, compared with $234 million in the year-ago period.

The retailer, which operates the Gap, Old Navy and Banana Republic banners, cited aggressive merchandise pricing reductions for the profit decline. Results beat analysts’ earnings expectations, but the declines still raised concerns about Gap’s performance in the upcoming fall and holiday shopping seasons.

VERNON, Calif. — True Religion Apparel has announced that Lynne Koplin has been named president of the company effective immediately.

Koplin joined the company in January 2010 as COO. Prior to joining the company, and since July 2005, she was the president women’s division, of Tommy Bahama, a subsidiary of Oxford Industries, and before that worked for a number of apparel and retail companies.

BENTON HARBOR, Mich. — Whirlpool Corp. announced that Roy Templin, EVP and CFO, will retire from the company. As part of the planned transition, Templin will remain in his current capacity until April 2012 to complete Whirlpool's year-end reporting and other transitional items. At that time, Larry Venturelli – currently SVP corporate controller, chief accounting officer and CFO for Whirlpool International – will succeed Templin as EVP and CFO.

Jacksonville, Fla. -- Winn-Dixie Stores announced Thursday that it would convert all of its SaveRite-branded grocery stores to Winn-Dixie brands, discontinuing the SaveRite banner permanently.

“By aligning all 484 stores under one Winn-Dixie banner, we will be able to ensure a more consistent shopping experience for all of our guests – regardless of the type of neighborhood in which we operate,” said Peter Lynch, Winn-Dixie’s chairman, CEO, and president.

Walmart beat analysts’ second quarter earnings estimates by a penny when it reported earnings per share of $1.09. The company also touted the fact that it was raising its full year profit forecast, although it did so by the one cent of additional profit it had already banked during the second quarter. Walmart said it now expects full year profits to total between $4.41 and $4.51 versus prior guidance of $4.35 to $4.50.

There was a lot of talk about the favorable membership trends Sam’s Club experienced during the second quarter, thanks to membership and other income that increased 2.5% to $728 million. That prompted Wal-Mart Stores Inc., president and CEO Mike Duke to include Sam’s Club among the list of positive developments he called out regarding the company’s second quarter performance.

“I am also pleased with the momentum in membership income, as Sam’s improves its renewals and upgrades,” Duke said.