Finance & Capital Management

Framingham, Mass. – The TJX Companies Inc. met Wall Street expectations with net income of $594.96 million in the third quarter of fiscal 2014, down 4% from $622.65 million in the same quarter the prior year. Net sales rose 5% to $7.37 billion from $6.98 billion, short of Wall Street expectations.

Pittsburgh, P.A. – Although weakening golf and hunting sales contributed to a small decline in net income at Dick’s Sporting Goods Inc. in the third quarter of fiscal 2014, the retailer still beat Wall Street profit expectations. Dick’s reported net income of $49.2 million, about a 2% drop from $50 million the same quarter a year earlier.
Net sales rose 9% to $1.53 billion from $1.4 billion, and same-store sales increased 1.1%. E-commerce penetration was 7.3% of total sales, compared to 6.5% in the third quarter of the previous year.

LOS ANGELES — Guitar Center has announced the appointment of Michael Amkreutz to the position of executive VP, marketing, merchandising and E-Commerce, for the Guitar Center brand.  He joins the retailer from Systemax North American Technologies, where he most recently held the role of chief marketing officer.

A lack of golfers and hunters didn’t prevent Dick’s Sporting Goods from realizing third quarter profit expectations and increasing e-commerce penetration to a new high.

The company’s total sales increased 9% to $1.5 billion and sames-store sales increased 1.1%, toward the low end of the company’s guidance, which envisioned a 1% to 3% increase.

RESTON, Va. — Total online retail spending for the November–December period will reach $61.0 billion, a 16% gain versus year ago, according to comScore’s 2014 holiday forecast.  Spending using desktop computers for that period is expected to reach $53.2 billion, up 14%  year-over-year, which is 4 percentage points higher than last season’s 10-percent growth rate.

Mobile commerce is predicted to account for $7.9 billion of retail spending, representing 13% of total digital commerce and growing at an annual rate of 25% vs. last season.

The fourth quarter is off to a very strong start at TJX Companies, according to CEO Carol Meyrowitz, who expects an exciting mix of initiatives to yield a low single digit fourth quarter comp increase and profit growth.

Mooresville, N.C. - Ross W. (Bill) McCanless will be joining Lowe’s Companies Inc. as general counsel, secretary and chief compliance officer, effective Jan. 12, 2015. McCanless will replace Gaither M. Keener, who announced plans to retire from the company following 30 years of service.

New Delhi, India – The India unit of Wal-Mart Stores Inc. has reportedly fired a mid-level manager as part of a probe into alleged bribery violations. According to the Economic Times, Wal-Mart gave the manager a termination notice last week, two years after the company suspended its former India CEO and legal team due to possible violations of U.S. anti-bribery laws.