Finance & Capital Management

GNC financial chief and EVP Michael M. Nuzzo is exiting the company to take an executive position at a private equity funded consumer products company.

Nuzzo will remain with the company at least through July 18, which will include preparation of its second quarter earnings release and 10Q, both of which are expected to be issued on the normal schedule in late July or early August.

Columbus, Ohio — Express Inc. confirmed that it has received a letter from Sycamore Partners, which owns approximately 9.9% of Express' outstanding shares, indicating that the private equity firm is interested in acquiring the company. In response, Express adopted a one-year “poison pill” shareholder rights plan that would double its shares of common stock in the event any stockholder acquires 10% or more of the company.

The Children's Place has added Susan Sobbott to its board of directors as a Class II director to serve for a three-year term.

Secaucus, N.J. — The Children’s Place Inc. has named Susan Sobbott to the board of directors as a Class II director to serve for a three-year term expiring in 2017. Sobbott currently holds the position of president of Global Corporate Payments, a global division of the American Express Company. From 2004 to early 2014, she was President and General Manager of American Express Open. The addition of Sobbott expands the company's board of directors to eight.

Despite announcing a $450 million share buyback program in conjunction with its first-quarter results, Lululemon’s shares dropped 10% as it continues trying to regain its footing in an increasingly competitive field.

Net revenue for the quarter increased 11% to $384.6 million from $345.8 million in the prior-year quarter. Sales at stores and online inched up 1%, primarily driven by an online sales increase of 25%, which offset a 4% decrease same-store sales.

Corte Madera, California — Furniture and housewares retailer Restoration Hardware reported a profit of $1.8 million in the quarter ended May 3, compared with a loss of $161,000 last year. Results topped Wall Street expectations and prompted the company to raise its outlook for the year.

Revenue grew 22% to $366.3 million, from $301.3 million in the year-ago period. Wall Street predicted $346.7 million.
 

Vera Bradley has named Angel Ilagan as EVP, chief marketing officer, effective July 21.

Since 2010, Ilagan has served as marketing chief and VP of marketing in the Americas for Pandora Jewelry, where he oversees consumer advertising, promotions, marketing research, public relations, co-op advertising, Web management, customer relationship management (CRM) and social media management. His additional global responsibilities at Pandora include branding, strategic marketing and e-commerce content.

Lululemon Athletica Inc.'s first-quarter net income plunged 60%, impacted by a one-time tax adjustment. Although its adjusted profit and revenue beat Wall Street's expectations for the quarter, the retailer lowered its full-year earnings forecast.

Lululemon said that CFO John Currie plans to retire by the end of its fiscal year (February 2015).