Finance & Capital Management

Bentonville, Ark. -- Walmart on Tuesday joined with CEOs from more than a dozen global companies to sign new commitments that accelerate innovation in sustainable agriculture and recycling. The pledges kicked off Walmart’s first-ever Sustainable Product Expo, a three-day collaboration to expand the availability of products that sustain people and the environment. Together, the participating suppliers represent more than $100 billion in sales at Walmart.

Seattle -- REI's members recently elected two new directors to represent their interests on the co-op's board of directors.

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

Coppell, Texas – The Container Store increased net income by about 800% year-over-year during the fourth quarter of fiscal 2013, to $18.34 million from $2.09 million. A substantial drop in effective tax rate, as well as lower net interest expense, helped drive the impressive growth in net income.

Net sales slipped from $217.02 million to $216.82 million, while same-store sales climbed 1.4%. The company cited severe weather as reducing sales.

Irving, Texas – Net income at Michael’s Stores Inc. soared 36% to $143 million in the fourth quarter of fiscal 2013 from $105 million in the same quarter the previous year. Net sales grew 2% to $1.55 billion from $1.52 billion and same-store sales rose 4.2%.

Michael’s credited a 53rd week in fiscal 2013, as well as increases in average ticket size and transactions, as driving its fourth quarter performance.

San Francisco - Consumers avoid doing business with a breached organization at a high rate. According to a new study conducted by Javelin Strategy & Research and commissioned by data management solution provider, Identity Finder, 33% of customers will shop elsewhere if their retailer of choice is breached.

Carle Place, N.Y. – A shift in the Easter holiday from the third to the fourth quarter and severe weather negatively impacted financial results at 1-800-Flowers.com during the third quarter of fiscal 2014. 1-800-Flowers reported a net loss of $1.42 million, compared to net profit of $2.64 million in the prior fiscal year.

Net sales dropped 9% to $139.92 million, from $144.55 million.

Minneapolis -- Target Corp. named veteran IT executive Bob DeRodes as chief information officer. The retailer also announced that it plans to incorporate MasterCard chip-and-PIN technology across its Target-branded REDcard portfolio by early 2015, and is converting existing payment terminals at its stores this year ahead of schedule.

Dallas - Tuesday Morning Corp. has named Sherry M. Smith, who most recently served as executive VP and CFO of SuperValu Inc., and Frank M. Hamlin, who currently serves as executive VP of marketing at Guitar Center, as independent members of the company's board of directors, effective immediately.  

Hamlin will serve on the Nominating and Governance Committee and Smith will serve on the Audit and Compensation Committee.

Tuesday Morning Corporation has added Frank M. Hamlin, EVP of marketing at Guitar Center, and Sherry M. Smith, who most recently served as EVP and CFO of Supervalu, to its board.

Hamlin will serve on the nominating and governance committee, while Smith will serve on the audit and compensation committee.

Virtual Piggy’s Oink has appointed Trent Walker to VP business development for key accounts.

Walker has more than 10 years of payments and finance industry experience, working with many of the world’s leading corporations, including Google and Facebook. For the past six years, Walker has held strategic leadership roles within the financial services department at Arvato, the $6 billion per year division of Bertlesmann.