Finance & Capital Management

The woman who put the “T” in Tarjay is stepping down from her role as chief merchandising officer and adding some uncertainty about the retailer’s direction under the leadership of chairman and CEO Brian Cornell.

An ongoing senior leadership transformation at 99 Cents Only stores has put a former Kmart executive in the role of interim CEO and now the company has named a former Walmart executive as interim CFO for the second time.

Less than a month after Andy Giancamilli was named interim president and CEO, 99 Cents only named Michael Fung to the role of CFO. Both men served on the company’s board of directors with Giancamilli in the role as chairman.

Goodlettsville, Tenn. - Dollar General Corp. has promoted one of its finance executives to interim CFO.

The discounter named John W. Garratt as interim CFO effective July 1. He follows David Tehle, who had previously announced his retirement in March 2015.

Garratt, who is currently the senior VP of finance and strategy, will now oversee all aspects of the company’s financial, accounting and information technology operations until a new CFO is in place.

New York – Barnes & Noble Inc. beat Wall Street expectations, sharply reducing its loss even as sales fell.

The bookseller reported a net loss of $19.42 million in the fourth quarter of fiscal 2015, down from a loss of $36.7 million in the year-ago period. Reductions in selling, general and administrative (SG&A) and interest expenses, as well as lower depreciation and amortization, drove the decline in net loss.

Walmart’s interpretation of EDLP and a desire to simplify operations with a uniform supplier agreement sparked confusion this week among those unfamiliar with the company’s business model.

Barnes & Noble Inc. posted another disappointing quarter of financial results as the retailer continues to struggle against Amazon.com and declining Nook sales.

E-commerce solutions provider Digital River Inc. has named a Groupon executive as its next CFO.

Digital River has announced that Hoke Horne has joined the company as chief financial officer. In this role, Horne, who has more than 20 years of financial experience, will be responsible for the company’s accounting, finance, tax, corporate development and enterprise operations activities.

Union, N.J. – Bed, Bath & Beyond Inc. missed Wall Street expectations for profit and same-store sales during a not-so-comfy first quarter of 2015. Net earnings dropped 18% to $158.5 million from $187.1 million, with increased selling, general and administrative (SG&A) and interest expenses offsetting higher gross profit.

Net sales totaled $2.74 billion, an increase of 3% from $2.66 billion. Same-store sales increased by 2.2%, including the negative impact of Canadian currency fluctuation.