Finance & Capital Management

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%.

St. Petersburg – HSN Inc. is partnering with the Card Services division of Alliance Data Systems Corp. (ADS) to provide private label credit card services for its Cornerstone business unit. Alliance Data will develop loyalty-driven card programs for five of Cornerstone's seven multichannel brands -- Ballard Designs, Frontgate, Garnet Hill, Grandin Road and Improvements – each incorporating a tailored approach for their unique customer base.

Oak Brook, Ill. – Ace Hardware Corp. has promoted senior director of IT business systems Rick Williams to the position of VP of information technology (IT). Reporting to Ace’s CFO, Williams, 49, will play an integral role in further driving strategic technology and systems management for Ace to shape business functions and deliver significant return on investments.

Sam’s Club members are in for a slew of new services when the retailer launches its lending center this week.

SmartBiz, the exclusive platform for SBA-guaranteed loans for the Sam’s Club Business Lending Center, will provide qualifying Sam’s Club business members with SBA loans with low monthly payments, single digit interest rates, and a simple, streamlined application process.

In addition, SmartBiz developed and runs the technology platform that drives the Sam’s Club Business Lending Center, now available at SamsClub.com/services.

Walmart is reportedly raising starting wages for more than 100,000 U.S. department managers and workers in its deli and other specialized departments.

According to the Associated Press, Walmart told the AP that department managers of complex and service-oriented jobs in areas like produce, electronics and auto care, will start at $13 per hour and top out at $24.70 per hour, beginning next month.

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Target plans to sell its pharmacy business to CVS Health for $1.9 billion and rebrand its nearly 1,700 prescription departments as CVS/pharmacy in a blockbuster deal that stunned the health care world.

Mahwah, N.J. – Ascena Retail Group Inc. fell short of Wall Street expectations for profit and revenue in a difficult third quarter of fiscal 2015. Net income fell 23% to $24.4 million, from $33.2 million in the same quarter a year earlier.

Five Below reported an increase in same store sales and profit for the first quarter in the same week the company opened a new distribution center to support its expansion plans.