Finance & Capital Management

New York -- J.C. Penney CEO-designee Marvin Ellison, who officially takes over on Aug. 1, outlined three key areas the company will focus on in the coming months in a presentation on Wednesday at the Piper Jaffray conference, The Street reported.  

Click here for the story.

Los Angeles -- American Apparel announced it has appointed Brian McHale as senior VP and CIO, with responsibility for overseeing information technology and computer systems. In addition to providing critical support to American Apparel’s onsite hardware and software applications, McHale will also lead the development and expansion of the company’s retail digital capabilities alongside Thoryn Stephens, recently appointed chief digital officer.

Minneapolis – Target Corp. is doubling the amount of its share buyback authorization from $5 billion to $10 billion. Under this authorization, through first quarter 2015, the company had invested a total of $3.7 billion to retire 56.9 million shares at an average price of $65.06 per share.

Vancouver – Lululemon Athletica Inc. struck a pose of profitability in the first quarter of fiscal 2015. Net income more than doubled to $47.8 million from $19 million a year earlier, aided by the elimination of a tax expense.

Net revenue increased 10% to $423.5 million, from $384.6 million. A 27% hike in direct-to-consumer net revenue, which now represents 20% of total company revenue, helped drive the overall improvement. Same-store sales dropped 1%.

Montreal – A reduction in selling, general and administrative (SG&A) expenses helped elevate net earnings at Dollarama Inc. 22% to $64.8 million in the first quarter of fiscal 2016 from $53.2 million the same quarter of the previous fiscal year. Sales increased by 13% to $566.1 million from $501.1 million, aided by both new store openings and same-store sales growth of 6.9%.

San Francisco – The Gymboree Corp. saw its net loss increase to $22.48 million in the first quarter of fiscal 2015 from $15 million in the first quarter of the preceding fiscal year. Growth in cost of goods sold, selling, general and administrative (SG&A) expenses and interest expense drove the widening net loss.

Gymboree plans to close 30-40 stores and open 12 new stores during the fiscal year.

Total net sales climbed 1% to $261.73 million from $259.12 million, while same-store sales remained flat.
 

Houston – Reductions in sales, general and administrative (SG&A) expenses, as well as in operating expenses, helped Mattress Firm Holding Corp. increase net income 41% to $7.72 million from $5.48 million the same quarter the prior fiscal year. The acquisition of 131 Back to Bed and Bedding Experts, Bedding Experts, and Mattress Barn stores in September 2014 drove a 69% jump in net sales to $562.6 million from $333.5 million.

Same-store sales rose 1.3%. Mattress Firm plans to open 220-240 new stores during the fiscal year.

Houston – Increased selling, general and administrative expenses (SG&A) led to net income at Francesca’s Holdings Corp. dropping 18% to $7.24 million in the first quarter of fiscal 2015 from $8.56 million the same period a year earlier.

Net sales fared better, rising 11% to $95.01 million from $85.42 million, helped by the opening of 76 new stores in the preceding 12 months.

Same-store sales declined 2% due to lower transaction count, although direct-to-consumer sales rose 19%.

Philadelphia - Five Below is entering the Florida market with the opening of nine stores on June 12. These locations, which will bring the fast-growing retailer’s store count to 400, and are part of a total 70 new stores it plans to open in 2015.

“Entering the state of Florida, our 25th state and opening our first stores in Jacksonville, Orlando and Tampa, is very exciting as we continue to grow our footprint across the country," said Joel Anderson, CEO of Five Below.

San Francisco -- Volta Industries is launching a network of more than 100 free electric car charging stations across five cities. Participating retailers include Macy’s and Whole Foods.

Volta first began in Honolulu by offering free electric car charging services underwritten by local brands. Since then, Volta has deployed initial charging infrastructure in high-volume, retail locations in five major cities, including the San Francisco Bay area, the Los Angeles metropolitan area, San Diego, Phoenix, and Honolulu.