Finance & Capital Management

Anaheim, Calif. -- Pacific Sunwear of California Inc. reported a loss of $3.5 million in its fiscal first quarter, missing Street expectations.
 
The teen clothing retailer had revenue of $166.5 million in the period, also short of expectations. Same-store sales fell 2%.

Brussels, Belgium – Delhaize Group has released its 2014 Sustainability Report. Among the sustainability achievements in 2014 across the organization were: obtaining 35% of Delhaize America private brand food sales from products with high nutritional value up from 33% in 2013.

Issaquah, Wash. – Costco Wholesale Corp. reported rising profit in the third quarter of fiscal 2015. But a surging dollar and low gas prices resulted in sluggish sales growth and an unusual same-store sales decline, the company’s first quarterly drop since 2009.

Net income increased 9% to $516 million from $473 million, aided by relatively flat operating expenses.

Total revenue for the quarter, ended May 10, increased 1% to $26.1 million, below Wall Street expectations, from $25.8 million last year.

Irvine, Calif. – A lower tax rate and slowed growth in cost of sales and selling, general and administrative (SG&A) expenses helped Tilly’s Inc. more than double net income to $1.3 million in the first quarter of fiscal 2015, compared to $600,000 the same quarter a year earlier.

Total net sales were $120.2 million, an increase of 8% compared to $111.1 million. Same-store sales rose 2%.

Memphis, Tenn. – Fred’s Inc. beat Wall Street expectations for profit despite swinging to a net loss of $29,000 in the first quarter of fiscal 2015 from net income of $6.1 million in the same period the prior year. The retailer missed on net income of $509 million, up 2% from $498.3 million.

Higher salary and benefit costs helped move Fred’s into the red. Same-store sales climbed 0.8%.

Jerry A. Shore, CEO, said pharmacy is a critical component of Fred’s strategy for profitability moving forward.

Minneapolis - Edward "Jack" Cameron, who served as CEO of Appliance Recycling Centers of America Inc. (ARCA) from 1976 to 2014, has been reinstated as CEO. Private investment firm Isaac Capital Group LLC (ICG), the largest single shareholder of ARCA with a 12% stake, backed Cameron’s return.

Cameron replaces Mark Eisenschenk, who had served as ARCA president since July 2013 and CEO since August 2014. ICG has also nominated new members to the company's board of directors, replacing the majority of the old board.

Hamilton, Bermuda – Signet Jewelers Ltd. topped Wall Street earnings estimates for the first quarter of fiscal 2016. Signet earnings rose 10% to $118.8 million, from $96.6 million the same quarter the previous fiscal year.

Total sales were $1.53 billion, up 45% compared to $1.06 billion. The increase was primarily driven by the addition of the Zale division. Same-store sales increased 3.6%. E-commerce sales were $76.9 million, up 98.7%, with Zale e-commerce sales a major driver.

Columbus, Ohio -- Express turned in a strong first quarter performance, with its profits and revenue surpassing Wall Street estimates. The retailer boosted its full-year earnings forecast and also issued second-quarter earnings guidance above analyst projections.

“2015 is off to a strong start,” said David Kornberg, president and CEO. “Our customers responded with enthusiasm to our assortment while we intensified our inventory discipline and scaled back our promotional activity.”

New Albany, Ohio – Abercrombie & Fitch Co. posted a wider-than-expected loss and drop in revenue for its first quarter. But the teen apparel retailer, which is in the middle of a brand update to improve its controversial image, sounded a positive note, noting that its comparable sales continued to improve in May and that it expects sales to continue to improve in the second half.

Goodlettsville, Tenn. -- Dollar General Corp. on Thursday named Todd J. Vasos, COO, to the position of chief executive, effective June 3. He has also been elected to the board.

Vasos will succeed Rick Dreiling, chairman and CEO, who had previously announced his retirement plans. Dreiling will remain on the board for the remainder of his term and will serve as senior advisor and chairman of the board through January 29, 2016.

The election of Vasos to Dollar General’s board will bring the total number of directors to nine.