Finance & Capital Management

Despite continuing to lose money, Books-A-Million announced higher same store sales for the third quarter.

Columbus, Ohio – DSW Inc. exceeded Wall Street expectations for net income and sales in the third quarter of fiscal 2014. Net income fell a less than expected 10% to $49.55 million from $54.96 million the same quarter a year earlier, with higher operating expenses and lower pretax income contributing to the decline.    Sales totaled $670 million compared to $633 million and same-store sales rose 2.6%.

Wet Seal has hired an investment banker and a senior adviser to analyze potential financial alternatives for the struggling retailer.

The company said it has hired investment bank Houlihan Lokey and former Tilly's Inc. executive William Langsdorf to aid in a strategic review. Wet Seal said it has not set a deadline for completion of the process and that “there can be no assurance that the exploration of the potential alternatives will result in a transaction.”

Gordmans enables growth in underserved markets with new technology platform

When Gordmans Stores Inc., the Omaha, Nebraska-based chain of 95 Midwestern discount stores, decided to expand into underserved markets in the central U.S., the retailer discovered its legacy IT systems would not adequately support its planned growth. Outmoded applications across a range of functions in the enterprise created such problems as the setting of a double-digit limit for location numbering.

New York - The fast-growing accessories retailer Charming Charlie is entering the New York City market in spring 2015.   

Atlanta – The Home Depot Inc. faces at least 44 lawsuits connected with a data breach that affected the retailer from April-September 2014. In a regulatory filing, the retailer said state and federal agencies are investigating the breach and more legal action is possible.

Fort Myers, Fla. – Chico’s FAS Inc. reported a net loss of $28.5 million in the third quarter of fiscal 2014, compared to net income of $35.8 million in the third quarter of the previous fiscal year and below Wall Street predictions. Non-cash goodwill and trade name impairment charges drove Chico’s into the red.   Sales totaled $665.6 million, an increase of 1.5% compared to $655.6 million. Same-store sales dropped 1.6%.  

DSW Inc. exceeded Wall Street expectations for net income and sales in the third quarter.

Net income fell a less than expected 10% to $49.5 million from $54.9 million the same quarter a year earlier, with higher operating expenses and lower pretax income contributing to the decline.

Sales totaled $670 million compared to $633 million in the prior-year quarter and same-store sales rose 2.6%.