Finance & Capital Management

San Jose, Calif. – A $3 billion tax charge on foreign profits resulted in EBay Inc. reporting a net loss of $2.33 billion for the first quarter of fiscal 2013, compared to net earnings of $677 million in the first quarter of the previous fiscal year. Analysts had expected EBay to report net earnings for the quarter, although EBay paid the tax charge in the process of making about $6 billion in offshore cash available.

El Segundo, Calif. – Big 5 Sporting Goods experienced a 72% drop in net income during the first quarter of fiscal 2014, to $2.1 million from $7.5 million in the first quarter of the prior fiscal year. Expenses associated with the retailer’s new e-commerce platform affected its net income.

Toano, Va. - Net income at Lumber Liquidators decreased 13.2% to $13.7 million during the first quarter of fiscal 2014, compared to $15.8 million in the same period the prior year. During fiscal 2014, the retailer intends to open 35 to 40 new store locations in the expanded showroom format and remodel 25 to 30 existing stores in the expanded showroom format.

Minneapolis – Tile Shop Holdings Inc. reported net income of $3.7 million in the first quarter of fiscal 2014, a substantial improvement from a net loss of $44.7 million in the same quarter a year earlier. The retailer plans to open 20 new stores during fiscal 2014.

Indianapolis – Hhgregg Inc. has hired Troy H. Risch as COO. Risch joins Hhgregg from RadioShack, where he served as executive VP of store operations.

Prior to this, Risch held a variety of operational leadership positions with Target Corp., including executive VP of stores. Risch will assume the COO position on May 5, 2014.

Eleven centers opened last year, with 50 more on the drawing boards

The recession lit the fuse that has produced an explosion of outlet center development.

Reduced demand for firearms, ammunition and related products, as well as weak sales of winter-related products thanks to unseasonably warm and dry conditions in most of the company's western markets affected Big 5 Sporting Goods Corporation’s performance in the first quarter ended March 30.

REI's members recently elected two new directors to represent their interests on the co-op's board of directors. The national outdoor gear and apparel retailer held its annual members' meeting on April 28 at its iconic flagship store in downtown Seattle, where the voting results were announced.

Co-op members elected Karen E. (Kari) Glover and Sharon Philpott to three-year terms and re-elected Cheryl Scott to a three-year term. Earlier in the year, the REI board re-appointed Chloe Harford and Matt Compton to one-year terms.

Longtime Hallmark executive Michael Goodwin was named chief information officer at the nation’s largest pet specialty retailer.

Goodwin will become SVP and CIO at PetSmart effective June 2, after previously serving as SVP and CIO of technology and business enablement at Hallmark, a $4 billion company with more than 2,600 stores and an extensive online presence. PetSmart operates 1,333 stores.

Teen specialist Aéropostale lent credence to the “malls are dying” voices by announcing the closure of 125-mall based stores and the elimination of 100 headquarter positions.

Citing changing shopping patterns among moms, Aéropostale said it planned to close 125 of its 150 P.S. from Aéropostale stores which focus on kids ages four through 12. The move is part of a larger cost reduction program related to a turnaround strategy that is expected to result in annual savings of $30 to $35 million.