Finance & Capital Management

First it was signage and then came the freezer case and parking lots. Now Walmart and GE are moving forward with their biggest lighting initiative to date.

The companies announced plans to use GE LED lights in ceiling fixtures in hundreds of stores throughout the U.S., Asia, Latin Amerian and the United Kingdom. The new fixtures use 40% less energy than traditional overhead lighting systems and move Walmart forward on its goal of reducing energy required to power its buildings globally by 20% by 2020. It is Walmart’s largest purchase of GE LED lighting to date.

Sales and profits were as bad as Bed Bath & Beyond initially feared due to extensive weather related store closures during the company's fourth quarter ended March 1.

The company said sales during its 13 week fourth quarter declined 5.8% to $3.2 billion while same store sales advanced 1.7%. Profits during the 13 week period declined to $333 million, or $1.60 a share, compared to the 14 week period the prior year when profits totaled $374 million, or $1.68 per share.

Seattle -- Nordstrom announced plans to open at a Nordstrom Rack at The Shops at River Walk in Bakersfield, Calif. The approximately 35,000-sq-ft. store is scheduled to open in spring 2015.

The new Nordstrom Rack will be the company's first location in Bakersfield.

Woonsocket, R.I. -- CVS Caremark Corp. agreed to pay $20 million to settle U.S. Securities and Exchange Commission charges that it misled investors in 2009 during a debt offering and by accounting improperly for an acquisition.

The SEC said CVS failed to disclose while marketing $1.5 billion of bonds in September 2009 having recently lost significant Medicare and contract revenue streams in its pharmacy benefits manager business.

Washington, D.C. – In a statement submitted to the House Energy and Commerce Subcommittee on April 8, the National Retail Federation (NRF) urged Congress to address what it sees as an increasing threat to retailers: patent trolls. Patent trolls are entities that purchase overly-broad patents with the sole intent of suing retailers and other end-users of technology that allegedly infringe on those patents.

Cambridge, Mass. – Retail visual merchandising solution provider RBM Technologies has named E.Y. Snowden its new president and CEO. Snowden was previously CEO of Boston Communications Group and president of APC/Sprint Spectrum.

In addition, RBM has closed a $9.5 million round of growth equity financing led by Spring Lake Equity Partners. RBM plans to use the financing to enhance its products and enter the international mobile market and new retail verticals.

Bentonville, Ark. – Wal-Mart Stores Inc. reportedly plans to open an additional 40 to 50 wholesale cash-and-carry stores in India during the next four years and also launch an Indian e-commerce operation. According to the Wall Street Journal, Wal-Mart will begin e-commerce sales in India during summer 2014 with one wholesale store offering goods online and delivering them for pickup at other local retailers up to about 25 miles away.

Washington, D.C. -- Import volume at major U.S. retail container ports is expected to increase 6.1% in April 2014, according to the monthly Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates. U.S. ports followed by Global Port Tracker handled 1.26 million Twenty-Foot Equivalent Units (TEU) in February 2014, the latest month for which after-the-fact numbers are available.

Atlanta – Havertys reported a 2.5% drop in sales during the first quarter of fiscal 2014 compared to the same period in the prior year, falling to $181.4 million from $186.1 million. Same-store sales declined 0.9%.

Clarence H. Smith, chairman, president and CEO of Havertys, said severe winter weather did not negatively impact all of Havertys locations.

Foothill Ranch, Calif. -- The board of directors of Wet Seal Inc. has decided to reduce the cash compensation for its directors by 20% for the remainder of fiscal 2014. Wet Seal will also reduce the number of director nominees to be elected at its upcoming annual meeting from nine to seven.

Kathy Bronstein recently resigned from The Wet Seal’s board of directors, effective April 4.