Finance & Capital Management

Conn’s plans to open 17-20 new stores while closing 10 existing stores during the full fiscal year, following solid first-quarter results that topped Wall Street estimates.

Net income surged 28% to $28.47 million from $22.18 million in the same period a year earlier. Net sales soared 33% to $277.63 million, from $209.45 million. Same-store sales climbed 15.6%. Higher pretax income helped boost net income totals, while the opening of nine new stores and extremely strong growth in furniture and mattress sales helped drive overall sales growth.

Finance executive Sven Wehrwein is the newest member of the Quantum Retail Technology board of directors.

The Minneapolis-based retail technology company said Wehrwein’s addition to the board brings growth expertise and knowledge of corporate finance.

Gordmans Stores is looking for a new head merchant — in addition to a permanent CEO - following the resignation of Michael Morand as EVP and chief merchandising officer.

San Diego - Retail Opportunity Investments Corp. (ROIC) has entered into a binding contract to acquire Fallbrook Shopping Center for $210 million in cash. The property is located in West Hills, California, and has approximately 1.12 million sq. ft. of gross leaseable area, of which 98% is currently leased.

ROIC expects to close the transaction during the second quarter of 2014.

The Woodlands, Texas – Conn’s Inc. exceeded Wall Street estimates with both its net income and net sales performance during the first quarter of fiscal 2014. In addition, the retailer said it plans to open 17-20 new stores while closing 10 existing stores during the full fiscal year.

99 Cents Only Stores named Christopher Laurence as the company's interim CFO, treasurer and secretary. Laurence replaces Frank Schools, who resigned to pursue other opportunities.

Laurence joins 99 Cents Only Stores from ThreeSixty Group, a product development and sourcing company for consumer product brands and retailers. He served as its CEO for the past six years and during his 12 tenure also served in a number of key management positions.

Finance executive Sven Wehrwein is the newest member of the Quantum Retail Technology board of directors.

The Minneapolis-based retail technology company said Wehrwein’s addition to the board brings growth expertise and knowledge of corporate finance.

Burlington Stores president and CEO Thomas A. Kingsbury has been elected as chairman of the board of directors.