Finance & Capital Management

A record number of openings in 2014 pushed 99 Cents Only close to the 400 unit mark, but the rapid pace of expansion did not translate to profitability during what the company called a transformative year.

Cleveland – Increased gross profit resulting from a slowing pace in the cost of goods sold helped boost net income at The Sherwin-Williams Co. during the first quarter of fiscal 2015. Net income totaled $131.4 million, up 14% from $115.46 million the same quarter a year earlier.

Net sales grew 3% to $2.45 billion from $2.37 billion, due primarily to higher paint sales volume in the retailer’s Paint Stores and Consumer groups.

An inventory build at Lowe’s in preparation for the launch of a new HGTV Home brand of paint was cited as the source of strong sales growth by paint supplier Sherwin Williams.

Spring is a popular time for painting and home improvement retailers typically promote the category extensively. Lowe’s looks to be ready for the season with a new brand launching called HGTV Home by Sherwin Williams.

Mooresville, N.C. – Reduced stock awards and incentives resulted in a roughly 24% pay cut for Robert Niblock, president, chairman and CEO of Lowe’s Companies Inc., in 2014. In an SEC filing, Lowe’s reported that Niblock’s total compensation in 2014 came to $14.3 million, compared to $18.7 million in 2013.
  Niblock’s base salary grew 5% to $1.3 million from $1.2 million. However, Niblock’s stock awards fell to $5.8 million from $9.8 million, and other incentives decreased, as well.

Vancouver, Wash. – Papa Murphy’s Holdings Inc. has appointed Jean M. Birch, Rob Weisberg and Jeffrey B. Welch as independent members of its board of directors, effective April 15, 2015. The appointments replace both Thomas H. Lee and Achi Yaffe, who have resigned from the board, as well as increase the board size by one seat.

Smart & Final’s largest shareholder has further reduced its ownership stake in the profitable and growing company by 10 million shares, but still maintains majority control as the retailer pursues ambitious plans in 2015.

Tracy Margolies has returned to Saks Fifth Avenue to leading the department store retailer’s merchandising efforts.

Margolies is no stranger to the Saks organization or upscale department store retailing. She spent the past two and a half years as a senior vice president and general merchandise manager at Bergdorf Goodman.

Commerce, Calif. - Smart & Final Stores Inc. is pricing an underwritten public offering of 10 million shares of its common stock at $18.50 per share. The shares are owned by certain stockholders of the company, including affiliates of Ares Management L.P.