Finance & Capital Management

As the popularity of the Rainbow Loom waned this year so did sales at Michaels where third quarter comps declined 0.8% compared to the prior year.

Incoming Gap Inc. CEO Art Peck announced key members of his global team in conjunction with the release of mixed third quarter results.

Peck is scheduled to replace Gap Inc. CEO Glenn Murphy in February and late Thursday he named new global brand presidents for Gap and Banana Republic.

Ross Stores didn’t let a surprisingly strong third quarter comp increase go to its head and maintained a cautious view of consumer spending.

Sales at the company increased 8% to nearly $2.6 billion and same store sales increased 4%. Net income increased to $193 million, or 93 cents a share, from $172 million, or 80 cents a share.

The Children's Place has announced the appointment of Anurup Pruthi as senior vice president and chief financial officer effective Dec. 1.

MENOMONEE FALLS, Wisconsin - Kohl’s Department Stores has once again been recognized with a 2014 Sustained Excellence in Green Power Award from the U.S. Environmental Protection Agency. 

Framingham, Mass. - Staples Inc. on Wednesday reported that its third quarter net income rose 60% to $216.8, in line with Wall Street expectations, amid signs that its reinvention strategy is starting to take hold.  

Goodlettsville, Tenn. - Dollar General Corporation isn’t giving up. The deep discounter on Wednesday  affirmed its commitment to the acquisition of rival Family Dollar Stores. Dollar General’s comments followed the news that Family Dollar has delayed its shareholder vote on its $8.5 billion deal to be bought by Dollar Tree Inc. from Dec. 11 to Dec. 23.

New York — BJ's Wholesale Club’s Mastercard program ups the ante in the wholesale club credit card category. The new My BJ's Perks MasterCard will offer members 10 cents off per gallon of BJ's gas, up to 5% back on purchases in-club and at BJs.com, 2% back on eating out and non-BJ's gas purchases, and 1% back on purchases made everywhere else MasterCard is accepted.    

Toronto — Hudson’s Bay Company announced the appointment of Jon K. Nordeen to the position of CIO, effective November 2014.
  Nordeen joins HBC with more than 25 years of information systems and management experience. Most recently, he served at Kohl’s Department Stores in several roles including executive VP merchandise planning, executive VP administration, and executive VP CIO.
 

Mooresville, N.C. — Lowe’s Companies raised its full-year profit and sales forecast as strong home improvement spending boosted its profits and sales in the third quarter. An improving job market has led to increased homeowner spending on renovation projects, spurring Lowe’s strong performance. In addition, higher pretax earnings helped improve total net earnings.