Finance & Capital Management

Restoration Hardware co-CEO Carlos Alberini has resigned his post, effective Jan. 31, 2014. He plans to continue serving as a member of the company’s board of directors and will remain a significant shareholder.

Alberini is heading to Los Angeles, where he will take the helm as chairman of the board and CEO of Lucky Brand, effective upon closing of the pending acquisition by Leonard Green & Partners.

Retail sales in November increased a better-than-expected 0.7% seasonally-adjusted month-to-month, according to the U.S. Commerce Department. The figure includes categories such as automobiles, gasoline stations and restaurants.

Analysts were expecting sales to rise 0.6% in last month. The latest retail sales numbers were 4.7% above November 2012 numbers.

Men’s Wearhouse reported declining net income during the third quarter of fiscal 2013 even as net sales improved.

Net income dropped about 22%, from $48.8 million in the third quarter of the prior fiscal year to $38.2 million.

The Home Depot reportedly plans to invest $300 million on technology and supply chain upgrades during its fiscal year 2014, which begins in February 2014. According to the Wall Street Journal, the results will include three new fulfillment centers in California, Atlanta and Ohio by 2016, as well as same-day shipping for some online orders.

New York -- Despite a number of economic factors that have shaken consumer confidence lately, including the government shutdown and continued high unemployment rates, retailers and manufacturers believe holiday sales will rise slightly compared to last year, according to Capital Business Credit, a non-bank lender that services the retail sector.

Issaquah, Wash. – Costco Wholesale Corp. increased profit and sales during the first quarter of fiscal 2014 that missed Wall Street expectations hurt by a 5.5% rise in operating expenses, lower gasoline prices, and weak foreign currencies.
Profit rose 2% $425 million, from $416 million a year earlier.

Net sales rose 5% to $24.47, missing estimates of $25.4 million.

Atlanta – The Home Depot plans to open new eight new stores and increase sales by approximately 5% during fiscal 2014. The retailer released guidance for both fiscal 2013 and 2014 on Dec. 10.

For fiscal 2013, Home Depot has reaffirmed guidance of 5.6% sales growth and 7% same-store sales growth.

New York – Leonard Riggio, chairman of Barnes & Noble, has reportedly sold 2 million shares of company stock. According to Reuters, Riggio’s sale, reported in an SEC regulatory filing, lowers Riggio’s stake in Barnes & Noble to 26.3%.

Washington, D.C. – The National Retail Federation (NRF) is calling the short-term budget deal reached by Congress on Dec. 10 a step in the right direction for the economy and for retailers. In a prepared statement, Matthew Shay, president and CEO of the NRF, said legislators must move past partisan differences to resolve lingering fiscal issues.

Fort Worth, Texas – RadioShack has completed a new financing totaling $835 million. That figure includes a $535 million credit facility led by GE Capital, Corporate Retail Finance and a $250 million secured term loan led by Salus Capital Partners, LLC.