Finance & Capital Management

Wet Seal has hired an investment banker and a senior adviser to analyze potential financial alternatives for the struggling retailer.

The company said it has hired investment bank Houlihan Lokey and former Tilly's Inc. executive William Langsdorf to aid in a strategic review. Wet Seal said it has not set a deadline for completion of the process and that “there can be no assurance that the exploration of the potential alternatives will result in a transaction.”

DSW Inc. exceeded Wall Street expectations for net income and sales in the third quarter.

Net income fell a less than expected 10% to $49.5 million from $54.9 million the same quarter a year earlier, with higher operating expenses and lower pretax income contributing to the decline.

Sales totaled $670 million compared to $633 million in the prior-year quarter and same-store sales rose 2.6%.

Tiffany & Co. reported a better-than-expected increase in same-store sales, mainly due to strong demand for high-end fashion jewelry in North and South America.  

Despite continuing to lose money, Books-A-Million announced higher same store sales for the third quarter.

CANTON, Mass. - Dunkin’ Donuts continues its aggressive expansion with the signing of multi-unit store development agreements with five franchise groups for a total commitment of 63 new restaurants in the greater San Francisco Bay Area, Palm Springs and Bakersfield over the next several years.

New York - It appears that Hudson’s Bay Co. got itself quite a deal when it purchased Saks Fifth Avenue in 2013 for the sum of $2.9 billion, including debt. Saks’s signature  Fifth Avenue flagship has recently been appraised at an whopping $3.65 billion—significantly more than Hudson’s Bay paid for the entire chain.  As much as anything, however, the appraisal reflects the strength of Manhattan’s retail real estate market.

New York – Ann Inc., the parent company of Ann Taylor and Loft, has named Katie J. Bayne to its board of directors. Bayne serves as senior VP, global sparkling brands at The Coca-Cola Company.

Bentonville, Ark. – Wal-Mart Stores Inc. has appointed Tom Horton, former chairman and CEO of American Airlines, as a new member of the company’s board, effective Nov. 21. Horton became the 16th member of the Board and will also serve as a member of the company’s Audit Committee.

New York - More than two-thirds (69%) of 276 finance industry executives expect 2014 Black Friday sales figures to grow at least 2% from their 2013 levels, with more than one-third (37%) expecting growth of 4% or more. Similarly, almost three-quarters of respondents to a survey from global brokerage firm Convergex (71%) say they expect total holiday season sales numbers to grow at least 2%, with 39% of respondents predicting a gain of 4% or more.

With the value of its flagship store on New York City’s Fifth Avenue appraised at an astonishing $3.7 billion, Saks parent Hudson’s Bay Co. has taken out a $1.25 billion loan to pay down debt and finance a $250 million renovation in 2015.