Finance & Capital Management

New York – Same-store sales generally showed modest growth in May 2015, on the whole meeting Wall Street analyst expectations. The apparel vertical in particular generally outperformed analyst predictions, although Gap, Banana Republic and Zumiez all reported negative same-store sales growth.

Following is a review of May same-store sales by vertical:

Apparel
Banana Republic: – 5%
The Buckle: 2.4%
Gap: – 6%
L Brands: 5%
Old Navy: 6%
Stein Mart: 1.9%

New York – Top management continues to leave Lumber Liquidators Holdings Inc. in the wake of accusations the retailer sold Chinese hardwood laminate products that had illegal levels of formaldehyde. Ray Cotton, chief compliance officer of Lumber Liquidators, has resigned from the company.

According to Fortune, CEO Doug McMillon may be the best prepared executive to lead the company since Sam Walton.

The magazine details how McMillon is guiding the retail giant in the Age of Disruption.

Read more by clicking here.

Dodgeville, Wis. – Profit plummeted in a difficult first quarter of fiscal 2015 for Lands’ End Inc. that also saw sales decline. Cost of sales and other expenses declined at a smaller rate than revenues, leading to net income of $1.72 million, down 84% from $10.86 million the same quarter a year earlier.

Net merchandise sales and services declined 9% to $299.39 million from $330.48 million. Same-store sales dropped 12.1%.

The Mother's Day holiday drove up traffic at L Brands, which reported a surge in same store sales for May.

The company reported that net sales increased 5% to $799.1 million for the four weeks ended May 30, compared to net sales of $763.6 million for the four weeks ended May 31, 2014. Same store sales for the four weeks ended May 30, increased 5%.

New York -- Gap Inc. is eyeing the 110,000-sq.-ft. Toys “R” Us flagship at 1514 -1530 Broadway, according to The Real Deal.

Sources say the specialty apparel retailer may split the space between Old Navy and Gap stores.

The massive retail space comes with a hefty price tag: the ground floor alone goes for $2,500 per square foot per year in rent, while the top floor is going for $150 per square foot, and the basement for $350 per square foot.

Costco reported a bump in U.S. same store sales for the month of May, but international comps declined.

New York – J. Crew Group is prepping for a down fiscal 2015 after a disappointing first quarter. Non-cash goodwill impairment charges and rising selling, general and administrative (SG&A) expenses helped significantly increase the retailer’s net loss to $462.4 million, compared to $30.1 million the first quarter of fiscal 2014.