Finance & Capital Management

The Container Store’s net income soared 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.

eBay continues to strengthen its position in global commerce, as the company reported a 14% increase in revenue for the first quarter ended March 31 to $4.3 billion compared to the same period last year.

Total company enabled commerce volume (ECV) increased 24% in the quarter to $58 billion. Mobile ECV advanced 70% to $11 billion representing 19% of volume. Mobile downloads since inception exceeded 240 million and attracted 6.5 million new customers in the quarter. Cross-border trade grew 24%, representing $13 billion, or 22%, of total company ECV.

New York -- Energy Transfer Partners, parent company of Sunoco, plans to acquire Susser Holdings Corp in a stock-and-cash deal valued at $1.8 billion.

Susser operates 630 convenience stores under the Stripes and Pac-N-Sac banners, in Texas and surrounding states. Sunoco operates more than 5,000 stores, primarily on the East Coast.

San Diego -- Petco has named Larry Rutkowski as executive VP and CFO. Prior to joining Petco, Rutkowski served as  executive VP and CFO for The Warnaco Group, an American textile and clothing corporation, and Primedia, a consumer advertising, new media and publishing company, both in New York.

Previously, he also held senior financial leadership positions at General Electric and Walt Disney Company.

Jacksonville, Fla. -- Stein Mart’s board of directors has appointed D. Hunt Hawkins and Brian R. Morrow to share the newly created office of the president. Both men will continue to report to CEO Jay Stein.

By Amanda J. Podlucky, Marshall Dennehey Warner Coleman & Goggin

Bentonville, Ark. – Wal-Mart Stores Inc. incurred a net loss of $151 million in the process of ending its partnership with former Indian partner Bharti Enterprises. According to Wal-Mart financial statements, in October 2013 the retailer paid $100 million for Bharti’s 50% interest in Bharti Wal-Mart Pvt. Ltd., which operates 20 wholesale stores in India.

Houston - Mattress Firm Holding Corp. has entered into an agreement to acquire Mattress Liquidators Inc., which operates Mattress King retail stores in Colorado, and BedMart retail stores in Arizona, for about $35 million. This will add approximately 75 specialty retail stores to the Mattress Firm company-operated store base in markets where it currently operates, primarily Denver, Phoenix and Tucson, Arizona.

The closing of the acquisition is expected to occur by the end of the second fiscal quarter of 2014, subject to normal closing conditions.

Los Angeles – Peter J. Nolan, 55, one of three managing partners of private equity firm Leonard Green & Partners, is leaving his post. Leonard Green holds investment stakes in major retail chains including J. Crew, Petco, The Container Store, and Topshop/Topman.

Nolan will serve as a senior advisor to Leonard Green and also serve as a board member of several companies in its portfolio. He is leaving to devote more time to philanthropic activities.

Atlanta - Flip Flop Shops has signed a master franchise agreement with Happy Toes Caribbean that calls for the establishment and development of at least 20 new shops throughout the islands, the first of which will open in Aruba in late 2014. The master franchise rights agreement also covers the management of three established stores in St. Thomas, St. Maarten and Curacao.