Finance & Capital Management

A decrease in same-store sales and losses resulting from Destination Maternity’s continued efforts to close underperforming stores fueled a net sales decline in the fourth quarter — just two months after Anthony Romano came on board as CEO.

Net sales at Destination Maternity dropped 5% to $122 million in the fourth quarter of fiscal 2014, from $128.3 million the same quarter a year earlier. Same-store sales, including Internet sales, declined 5%. Sales results were below previously released guidance.

Philadelphia – Net sales at Destination Maternity Corp. dropped 5% to $122 million in the fourth quarter of fiscal 2014, from $128.3 million the same quarter a year earlier. Same-store sales, including Internet sales, declined 5%.

Net sales declined primarily from the decrease in same-store sales and decreased sales related to the company's continued efforts to close underperforming stores. Sales results were below previously released guidance.

Family Dollar’s fourth-quarter results were affected by decreased customer traffic, prompting chairman and CEO Howard R. Levine to point out that the company is still in the early stages of its turnaround plan.

President Barack Obama announced his intent to nominate Giant Eagle executive chairman David Shapira to the role of governor for the board of governors of the United States Postal Service.
 

Campbell Soup Company has designated Brandywine Realty Trust as the developer of the mixed use development for Camden’s Gateway District. Campbell, the State of New Jersey, the County and City of Camden announced plans to develop the area adjacent to the company’s world headquarters in February 2007 with Campbell designated as the master redeveloper of the project.

The 13 acres earmarked for development are located off Newton Ave., between Admiral Wilson Blvd. and 11th Street.

New York -- Apparel retailers reported modest sales growth for the month of September, fueled by back-to-school spending early in the month.

Following September sales that were above its guidance, Cato Corporation is increasing its third-quarter guidance.

The company reported sales of $79.7 million for the five weeks ended Oct. 4, a 9% increase over sales of $72.9 million for the five weeks ended Oct. 5, 2013. Same-store sales for the five-week period increased 5% from the prior year.

Sales for the 35 weeks ended Oct. 4 were $669.5 million, up 7% from the same period last year. The company's year-to-date same-store sales increased 4% from the prior year.

Fred’s CEO Bruce A. Efird is confident about the company’s initiatives to reposition the convenience-center model, expand marketing and implement new technology — all factors that he expects will help restore growth in the fourth quarter and next year.

Efird added that the initiatives are already producing positive results, despite customer traffic remaining a challenge in the company’s markets.