Finance & Capital Management

Beachwood, Ohio – Shopping center operator DDR Corp. is commencing a multi-year proactive lease termination initiative aimed at recapturing high-quality anchor store locations across its portfolio. Through this initiative, DDR is collaborating with retailers in the books, electronics, toys, office and traditional department store categories to right-size their real estate footprints by regaining control of locations in advance of natural lease expiration.

Destination XL Group has named Peter H. Stratton Jr. as SVP, CFO and treasurer, effective June 1. Stratton replaces John E. Kyees, who was serving as interim CFO, and will report to president and CEO David Levin.

Stratton has been serving as the company’s SVP of finance, corporate controller and chief accounting officer since Sept. 2009. He joined the company in June of the same year as VP of finance.

Hamilton, Bermuda -- It’s official: Signet Jewelers Ltd. has completed its acquisition of Zale Corporation for $21 per share in cash and a total consideration of $1.46 billion. Zale shareholders approved the acquisition by its longtime rival on May 29.

With the deal completed, Signet now operates over 3,600 locations under the retail banners of Kay, Jared, and Zales in the United States; H.Samuel and Ernest Jones in the United Kingdom; and People's in Canada. Signet also now operates kiosks in the United States under the Piercing Pagoda banner.

Los Angeles – Guess on Thursday reported a first-quarter net loss of $2.1 million, compared with net earnings of $9.9 million in the year-ago period, as sales fell in North America and Europe.

"First quarter earnings results were slightly better than our expectations,” said Paul Marciano, CEO. “We delivered revenues within the range of our guidance and managed our expenses tightly.”

Sales fell 4.8% at $522.5 million, compared with $548.9 million in the prior year.

New Albany, Ohio – Abercrombie & Fitch Co. reported a net loss of $23.7 million in the first quarter of fiscal 2014, up from $7.2 million in the year-ago period, but less than analysts had expected. Restructuring charges associated with the closure of Abercrombie’s Gilly Hicks stand-alone stores, as well as the impact of heavy discounting on profit margins, helped drive the retailer’s net loss growth. The chain backed its full-year forecast as demand in its female business improved and sales fell less than expected for the first time in six quarters.

Walmart president and CEO Doug McMillon was among the dozens of high-profile business executives from the world of technology who participated in the inaugural Code Conference this week. Organizers of the event, which cost $6,500 to attend, made available a brief video of McMillon’s comments on a wide range of topics.

Memphis, Tenn. – Fred’s Inc. cited higher income taxes as contributing to declining net income in the first quarter of fiscal 2014. Net income totaled $6.1 million, down 46% from $11.4 million in the same quarter in the previous year.

Fred's total sales for the first quarter of fiscal 2014 were $498.3 million, down slightly from $501.5 million for the first quarter last year. Same-store sales for the quarter declined 1.9%.

Omnichannel retail company Delia’s, which markets apparel, accessories and footwear to teenage girls, is looking for a new CFO. Current financial chief David Dick has resigned and will remain with the company through Aug. 1.