Finance & Capital Management

Digital talent is a hot topic among retail CEOs today — primarily, where to find enough talent to develop the organization’s “digital DNA” at every level and in every area of the business. With digital talent within retail in short supply, we now have to proactively go further afield — whether in travel, finance, the tech industry or elsewhere — to identify and woo the digital experts our companies need to grow.

San Francisco – Williams-Sonoma Inc. reported that its third quarter income rose 4% to $50.7 million from $48.9 million in the year-ago period, in line with forecasts. But the retailer issued a disappointing outlook for the current quarter.

Second quarter net revenues grew 6% to $1.04 billion, from $982 million in the year-ago period.

Total same-store sales increased 5.7%. Direct-to-customer revenues grew 9.4%.

Williams-Sonoma’s second quarter results may have met Wall Street expectations, but shares dropped nearly 12% as a result of the company’s weak guidance for the third quarter of fiscal 2014 — which will include earnings from most of the back-to-school season.

For the quarter, the company posted net revenues of $1.04 billion, an almost 6% increase from $982 million a year ago. Total same-store sales increased 5.7%. Direct-to-customer revenues climbed 9.4%.

Tewksbury, Mass. – In what should mark the end of a six-week standoff that began July 18, Arthur T. Demoulas, who was fired by his cousin Arthur S. Demoulas as CEO of the Market Basket supermarket chain in June, has agreed to buy the company for $1.5 billion. Since Friday, July 18, many Market Basket employees and customers have staged a boycott, dramatically slowing down business at the company’s 71 stores in Massachusetts, New Hampshire and Maine.

Soft traffic and promotional activity have continued to put Guess’ North American stores under pressure, but the retailer said it is encouraged by its North American online business, which soared 50% in the second quarter.

The company reported net earnings of $22 million, a 50.5% decrease compared to adjusted net earnings of $44.3 million for the year ago period, which prompted the retailer to cut its fiscal year outlook.

Sales for the quarter decreased 4.8% to $608.6 million, from $639 million a year ago. Same-store sales decreased 5.4%.

San Antonio, Texas - Tryperion Partners, a private real estate investment firm, has acquired Gateway Plaza, a 97% occupied, 138,510-sq.-ft. community shopping center anchored by Burlington Coat Factory that is located in San Antonio’s burgeoning metropolitan area. The acquisition, which is Tryperion’s second of a San Antonio REO property in less than a year, includes additional land for future development.
 

Atlanta – Bitcoin digital currency platform provider BitPay has become a Demandware Link Technology Partner. Demandware’s clients will now be able to easily add bitcoin as a form of payment due to BitPay’s development of a pre-built integration between its payment processing services and the Demandware Commerce platform.  

Solid comparable sales gains and a strong topline performance in Genesco’s direct businesses were not enough to offset a sales and gross margin shortfall versus plan at the company’s Lids Sports Group, prompting the company to lower its guidance for the full fiscal year.

The company reported earnings from continuing operations for the second quarter ended Aug. 2 of $4.8 million, or $0.20 per diluted share, compared to earnings from continuing operations of $8.5 million, or $0.36 per diluted share, for the second quarter ended August 3, 2013.