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Finance & Capital Management

  • Kroger Q1 profit up 4%, helped by Harris-Teeter; raises forecast

    Cincinnati – Kroger Co. reported a 4% increase in its first-quarter profit, helped by the addition of Harris-Teeter, which the grocery giant acquired in January 2014. Kroger raised its net earnings and same-store sales forecast for the fiscal year.
       
    The company earned $501 million in the quarter, up from $481 million in the year-ago period. The payment of $56 million to withdraw from two pension funds negatively impacted Kroger’s net earnings.

  • Walmart.com welcomed in Indiana

    The Indianapolis suburb of Plainview will be home to Walmart’s newest dedicated e-commerce fulfillment center when the 1.2 million-sq.-ft. facility opens early next year.

    The retailer indicated in early June that Indiana would be home to its third e-commerce fulfillment center but did not identify the community at the time. Walmart’s other online dedicated centers are located in Texas and Pennsylvania. The newest facility will employ approximately 300 people with hiring expected to begin in October.

  • American Apparel ousts CEO/chairman Dov Charney on misconduct allegations

    Los Angeles -- Apparel retailer American Apparel Inc. has fired its controversial founder Dov Charney as chairman, effective immediately, and has moved to fire him as CEO and president. The actions come on the heels of an ongoing investigation into alleged misconduct by Charney, who has been targeted in sexual harassment lawsuits and charged with allegations of misconduct for years.

  • Johnson & Johnson adds UPS chairman and CEO to board

    Johnson & Johnson has added UPS chairman and CEO D. Scott Davis to its board as director. Davis will serve on the audit committee and the regulatory, compliance and government affairs committee.

    Davis has been with UPS for 29 years and was appointed its CEO in 2008. Under his leadership, the company has expanded its logistics network reach and capabilities throughout Europe, Asia and the Americas. Davis plans to retire Sept. 1, and will remain non-executive chairman of UPS’ board.

  • Cole Haan opens Tokyo flagship, plans Asia growth

    Scarborough, Maine -- Cole Haan is opening a flagship location in the Ginza, Tokyo's premier shopping district. The 2,000-sq.-ft. store debuts the company’s global format. Cole Haan also plans to use the store as a launching point for growth in the Asia-Pacific region.

    Architecture firm Anderson Architects in New York led the design of the ground-floor store, in partnership with local architects Garde Co.

  • American Apparel moves to fire controversial CEO

    American Apparel’s board of directors has voted to remove Dov Charney as chairman and fire him as president and CEO.

    It is expected that the termination will be effective following a 30-day cure period required under the terms of Charney’s employment agreement.

    For the time being, Charney is suspended from his positions as president and CEO, effective immediately, pending the expiration of the cure period. The board has appointed John Luttrell as interim CEO.

  • Rite Aid Q1 profit drops on costs; sales rise

    Camp Hill, Pa. – Rising drug costs and falling reimbursements, as well as higher income tax expense, significantly cut into profits at Rite Aid Corp. Net income dropped 55% to $41.4 million in the first quarter, from $91 million in the year-ago period. Its earnings matched analysts' expectations.
     
    Improving pharmacy sales helped drive a 3% increase in revenue to $6.47 billion from $6.29 billion, above Wall Street projections. Same-store sales rose 3.1%. Rite Aid maintained its fiscal 2015 earnings and revenue predictions.

  • Skechers USA says Reebok is stepping on its toes

    Skechers USA has filed a lawsuit against Reebok International for selling footwear that, according to Skechers, infringes on its Go Walk product line.

    The suit, filed in the United States District Court for the Central District of California, seeks compensatory and punitive damages as well as injunctive relief for infringing on Skechers’ patent and trade dress rights and for unfair competition. The suit states that Reebok is selling the infringing products under the name Reebok Walk Ahead RS.

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