Finance & Capital Management

Sidney, Neb. — Net income and revenue increased at Cabela’s during the fourth quarter and full fiscal year 2013. For the quarter, net income rose 18% year-over-year to $80.1 million from $68 million, and for the year grew 29% to $224.4 million from $173.5 million.

New York City — Gourmet Garage, an upscale market with five Manhattan locations, has signed a lease for a sixth Manhattan location at Collect Pond House, a co-op building at 366 Broadway.

The market will occupy approximately 6,435 sq. ft. on the ground floor and 3,510 sq. ft. in the lower level. An additional 910 sq. ft. in the mezzanine will provide seating.

Oak Brook, Ill. — Retail Properties of America has appointed Matthew Beverly VP, director of investments — east region. In his new post, Beverly will lead investment activity through the evaluation and execution of acquisition and dispositions for all markets east of the Mississippi River.

Los Angeles, Calif. — CIM Group has acquired a seven-asset portfolio that includes an office tower with ground floor retail and an enclosed regional shopping mall.

Ed Record, a former finance executive with Stages stores, Kohl’s, Belk and Federated, has been appointed to replace Ken Hannah as CFO at J.C. Penney.

Hannah joined J.C. Penney less than two years ago under the leadership of former CEO Ron Johnson, a former Apple executive who pursued a costly transformation strategy that alienated customers and led to sharp sales declines. Johnson was ousted last April and former J.C. Penney CEO Myron Ullman was brought back to restore growth and undo much of Johnson’s handiwork.

Whole Foods Market said total sales for the first quarter ended Jan. 19 climbed 10% to a record $4.2 billion. But those results reportedly missed analysts’ expectations, and the company has lowered its earnings outlook for 2014 as a result.

Momentum at Whole Foods — as well as shares — slipped. Comparable store sales for the quarter increased 5.4%, compared to a 7.2% increase in the prior year.

Cabela's revenue and earnings per share for 2013 grew at a double-digit rate for the fifth consecutive year, according to CEO Tommy Millner. However, despite an 18% increase in net income year-over-year to $80.1 million from $68 million, results for the fourth quarter did not meet the company’s expectations.

Millner explained that the two biggest short-term factors affecting results in the quarter were a much sharper-than-expected decline in ammunition sales as compared to last year’s surge and a softer-than-expected holiday season.

All eyes will be on Walmart’s new CEO Doug McMillon next week when the company reports worse-than-expected fourth quarter results on Thursday, and McMillon makes his first public comments since becoming CEO.

McMillon is no stranger to providing financial updates during the company’s pre-recorded earnings calls, investor conferences and analysts’ meetings. He performed those duties on numerous occasions during the past decade while serving as president and CEO of Walmart International and president and CEO of Sam’s Club before that.

From loading trucks at the age of 17, to meeting his wife on the Bentonville square to becoming an assistant buyer and interacting with founder Sam Walton, Walmart’s new CEO Doug McMillon is sharing details about his journey to becoming the company’s youngest CEO.
 

Consumers leveled off post-holiday shopping and spending in the beginning of the year due in part to severe winter weather in much of the country. According to the National Retail Federation (NRF), January 2014 retail sales, excluding automobiles, gas stations and restaurants, were flat seasonally adjusted month-to-month, yet increased 3% unadjusted year-over-year.