Finance & Capital Management

The innovative online shopping destination Gilt.com named Clay Cowan chief marketing officer to oversee global strategy, management, and revenue, for all digital channels.

Cowan joins Gilt.com from Starwood Hotels and Resorts global digital business team where he ran digital experiences for nine global brands and Starwood's SPG loyalty program in multiple languages and countries around the world. 

Fashion footwear brand Steve Madden cited a curious lack of significant fashion trends when it lowered its full year financial outlook after reporting a third quarter sales decline.

The company, which is known to be a trend-setting in the footwear world, said sales for the period ended Sept. 30 declined 0.7% to $392 million and indicated full year sales were likely to increase 1% to 2%.

New York -- At least 47% of U.S. merchant terminals will be enabled for EMV chip technology by the end of 2015, according to the Payments Security Task Force (PST). The estimates are based on forecasts provided by acquirers representing approximately 80% of U.S. purchase volume.  

Washington, D.C. -- September retail sales, excluding automobiles, gasoline stations and restaurants, decreased 0.1% seasonally adjusted month-to-month yet increased 4.6% unadjusted year-over-year. According to the National Retail Federation (NRF), seasonal factors played a role, but the drop-off from August was worse than expected.  

New York, N.Y. -- Savills Studley, a global commercial real estate services firm specializing in tenant representation, announced the promotion of Stephen G. Berliner executive VP & branch sanager, New York Office to executive VP, New York Tri-State Region.  

Seattle – Starbucks Coffee Co. is increasing the pay and relaxing the dress code of its U.S. store employees to allow for tattoos and other forms of self-expression to show.  

Philadelphia –- Urban Outfitters Inc. is warning that continued negative same-store sales in the third quarter of fiscal 2014 may have an impact on quarterly earnings. The specialty apparel chain said declining same-store sales could deleverage gross profit margin for the third quarter at a rate greater than during the first half of the year, leading to dampened profits.  

Strong international growth offset a decline in domestic sales at WD-40 where the company produced its highest volume fourth quarter ever.

Total net sales for the period ended August 31, increased 4% to $97.6 million while full year sales increased 4% to $383 million. WD-40 has a strong international presence and the impact of currency exchange rates favorably impacted results. On a constant currency basis total net sales were $93.9 million for the fourth quarter and $377.7 million for the full fiscal year.

Karen Katz, president and CEO of Neiman Marcus Group, has been appointed to the board of directors of Under Armour Inc.

New York -- Fairway Group Holdings announced that Dorothy Carlow will join the supermarket company as chief merchandising officer, effective Nov. 3. Carlow will lead the merchandising team and the company's buying and sales strategies.