Finance & Capital Management

Chicago - Lawn fertilizer, grass and weed killer, and propane grills were the top three categories driving small-scale growth at True Value Co. during the second quarter of fiscal 2015.

The company reported gross billings of $573.6 million for the quarter ended July 4, up 1% from the same period a year ago. Revenue was $431.9 million, an increase of 0.6% or $2.4 million. The cooperative posted a quarterly net margin of $9.3 million.

On the heels of an impressive financial report from rival True Value, Ace Hardware is reporting even better sales in its second quarter.

For the quarter ended July 4, Ace Hardware Corp. had record revenue of $1.4 billion in the second quarter, an increase of 6.5% from last year. Ace’s retail same-store-sales reported by approximately 3,000 Ace retailers who share daily retail sales data increased 6.5% and Ace Retail Holdings LLC rose 4.7% due to an increase in customer count and average transaction size.

Pittsburgh – American Eagle Outfitters Inc. flew high in the second quarter of fiscal 2015, surpassing Wall Street expectations for profit and revenue. AEO reported net income of $33.26 million, an almost six-fold increase from $5.81 million in the prior year period.

The growth pace of cost of sales and expenses was slower than that of sales, helping AEO report such a dramatic rise in profit. Operating income also significantly improved. Total net revenue increased 12% to $797 million from $711 million, aided by an 11% jump in same-store sales.

Veteran finance executive and former top Walmart executive Wan Ling Martello has joined the board of directors of Alibaba as the Chinese e-commerce giant eyes growth in the U.S.

Annapolis, Md. -- Roy Higgs International, LLC, a provider of architectural design services, is moving into a new studio in the commercial office complex on the Yacht Haven of Annapolis, Maryland, to accommodate its recent growth.

Founded in 2012, the firm provides architectural design services in the retail real estate industry — doubling its employee base from last year to 12 staff members. The move on Sept. 1 marks Roy Higgs Internationals’ third expansion in three years.
 

Lowe’s was hoping not to be outshined by Home Depot’s strong financial results, but hopes turned into missed opportunities Wednesday as Lowe's reported disappointing profit growth.

For the second quarter ended July 31, Lowe’s had earnings of $1.13 billion, up from $1.04 billion in the same quarter last year. On a diluted basis, earnings were $1.20 a share, 4 cents below analysts’ estimates. Home Depot reported a much higher profit on Tuesday.

Grand Rapids, Mich. – A rival Midwestern grocery chain is reportedly accusing regional mass merchandiser Meijer Inc. of offering unfairly low prices on grocery products. According to the Milwaukee Business Journal, Milwaukee-based law firm Gonzalez Saggio & Harlan has filed five complaints against Meijer from an unnamed client who is grocer with stores in Wisconsin.

Lumber Liquidators has hired a new executive to help it fight off an avalanche of legal troubles that has hammered the flooring retailer.