Finance & Capital Management

Commerce Calif. -- Value-oriented food retailer Smart & Final Stores Inc. plans to accelerate its expansion after posting double-digit sales growth in the fourth quarter.

Commerce Calif. -- Value-oriented food retailer Smart & Final Stores Inc. plans to accelerate its expansion after posting double-digit sales growth in the fourth quarter.

Armonk, N.Y. – Mobile app use continues growing rapidly, but businesses are not keeping pace with security. According to new research from IBM and Ponemon Institute, nearly 40% of more than 400 large companies studied, including many in the Fortune 500, aren’t taking the right precautions to secure the mobile apps they build for customers.

New York -- Toys "R" Us is not going to renew the lease of its Manhattan flagship, according to various reports. The lease for the massive 110,000-sq.-ft. retail space, at 1514 -1530 Broadway, between 44th and 45th Streets, is set to expire at the end of January 2016. The ground floor of the prime space, in the heart of busy Times Square and with access to Broadway, commands a whopping $2,500 per foot per year in rent, with the second and third floors costing considerably less, according to CNN Money.

Los Angeles -- Guess reported a better-than-expected fourth quarter profit amid a 37% jump in the company’s online business and falling expenses. The apparel retailer, however, forecast a disappointing 2015, primarily due to the stronger U.S. dollar (1,190 of Guess’1,668 stores are located outside the United States and about 45% of its revenue comes from international markets).

Guess income fell to $53.9 million for the fourth quarter, ended Jan. 31, from $69.6 million a year earlier.

Irving, Texas -- The Michaels Cos. reported Thursday its net income rose 18% to $157 million in the fourth quarter, up from $133 million in the year-earlier period. But the retailer gave a soft outlook for the year, citing, among other things, unfavorable Canadian exchange rates and the impact of the West Coast port slowdown.
 
Sales for the fourth quarter increased 3.4% to $1.61 billion. Same-store sales increased by 1.4%

Goodlettsville, Tenn. -- Dollar General Corporation announced that Rhonda M. Taylor, currently senior VP and general counsel, has been promoted to executive VP and general counsel.

“Rhonda is a valuable member of our executive leadership team and is a trusted advisor on legal and business issues impacting Dollar General. In addition, she provides outstanding leadership and I look forward to her continued success at Dollar General,” said Rick Dreiling, chairman and CEO.

New York -- Target Corp. has agreed to pay $10 million in a proposed settlement of a class-action suit related to the company’s 2013 data breach, according to court documents filed Wednesday. The retailer confirmed the news in a CBS News report.

“We are pleased to see the process moving forward and look forward to its resolution," Target spokesperson Molly Snyder told CBS News late Wednesday.
   

Target Corp. has agreed to pay $10 million in a proposed settlement of a class-action suit related to the company’s 2013 data breach, according to court documents filed Wednesday.

Michaels is looking to further bolster its omnichannel strategy in 2015 after reporting an 18% profit jump in the fourth quarter.

The CEO for the Michaels Cos., Chuck Rubin, said: "We achieved solid performance across categories and geographies as our customers recognized and responded to the improvements that we have put in place. As we look to fiscal 2015, we will continue to build upon our vision 2020 strategy to deliver a strong in-store and online shopping experience, increase our market share and expand our customer base."