Finance & Capital Management

Washington, D.C. -- Walmart and the Walmart Foundation announce an initial investment of $16 million to seven national nonprofit organizations, as part of a new Opportunity initiative, a $100 million commitment to help increase the economic mobility of entry level workers in retail and adjacent sectors. The $100 million commitment was first announced last week by Walmart president and CEO Doug McMillon, in conjunction with the roll out of new opportunities and enhanced benefits for Walmart associates.

Chico’s FAS Inc. has revealed plans to close more stores, cut jobs and decrease its capital spending to $100 million for fiscal 2015, a 29% decrease to its three-year average.

New York -- Jay Carney, former White House press secretary for the Obama administration and current CNN analyst, has been appointed senior VP of worldwide corporate affairs for Amazon, effective March 2. The newly created position brings Amazon’s worldwide public relations and public policy shops into one department under Carney.

The news was first reported by Politico, which noted that Carney will leave CNN and divide his time between the online retail giant’s headquarters in Seattle and Washington, D.C.

Plano, Texas -- J.C. Penney swung to an unexpected loss in its fourth quarter amid heavy holiday discounter. But the retailer reported strong, better-than-expected sales, particularly on the online front.  

Penney posted a loss of $59 million for the quarter ended Jan. 31, compared to a profit of $35 million in the year-ago period. (Penney benefitted from a one-time tax benefit last year.)
 
Total sales rose 2.9% to $3.89 billion from $3.78 billion a year ago. Online sales rose 12.5% to $428 million from a year ago.

Austin, Texas -- Retail Properties of America, Inc., closed on the acquisition of Cedar Park Town Center, a 181,000-sq.-ft. community center located in Cedar Park, an Austin, Texas submarket. The purchase price was $39.1 million.

The property is situated at the intersection of two major freeways, with visibility and access to more than 73,000 vehicles per day. Cedar Park is shadow-anchored by Costco and is 94.5% occupied and leased to a lineup of national and regional tenants, including At Home, Chipotle, BJ’s Brewhouse and In-N-Out Burger.

Record digital and mobile sales propelled HSN Inc. to a better-than-expected 10% increase in sales in the fourth quarter.

The company reported profit of $68.3 million, or $1.28 a share, up from $61.6 million, or $1.14 a share, a year earlier.

Chesapeake, Va. -- Dollar Tree reported that its net income dropped 13% to $206.6 million in the fourth quarter of fiscal 2014, down from $239 million in the year ago period. The quarter included $6.7 million in acquisition-related costs associated with the pending merger with Family Dollar Stores Inc.

Off-price department store operator Steinmart is looking to capitalize on favorable business trends this year with an aggressive expansion plan that will see the company add 11 new stores.

The Jacksonville, Fl.,-based operator of 270 stores had indicated last fall it would open 10 new stores this year, but after reporting better than expected sales results the growth target was increased by one location. Steinmart opened nine new stores last year as part of a renewed commitment to physical expansion.