Finance & Capital Management

Columbus, Ohio – L Brands had a successful start to fiscal 2014. The company reported a 10% increase in net income to $156.9 million in the first quarter from $142.5 million the first quarter of the previous fiscal year.

Net sales rose 5% to $2.39 billion from $2.27 billion, and same-store sales grew 2% across its retail banners. Higher pretax income and operating income helped boost net income, while especially strong growth in sales at the Victoria’s Secret banner helped drive overall net sales growth.

Seattle — Ross Dress for Less plans to open a new 35,000-sq.-ft. store at Ballard Blocks shopping center in Seattle, next year.

The 131,000-sq.-ft. Ballard Blocks is a LEED Silver Certified urban mixed-use retail and office project located next to the Ballard Bridge off-ramp and NW Ballard Way where more than 70,000 cars pass daily. The project has 525 parking stalls on site with an additional 50 spaces on the street.

The Institute for Veterans and Military Families (IVMF) received a $450,000 grant from Sam’s Club to support women veteran entrepreneurs through its business management training program V-WISE, Veteran Women Igniting the Spirit of Entrepreneurship.

San Francisco -- Gap Inc. on Thursday said its first-quarter profit dropped 22%, hurt by weakening foreign currencies.

The retailer earned $260 million in the three-month period ended May 3, down from $333 million in the year-ago period. Revenue increased 1.2% to $3.77 billion. Same-store sales were down 1%.

Overstock.com released a statement lamenting the decision of Senate Judiciary Committee Chairman Patrick Leahy to delay patent troll litigation reform legislation — the same legislation requested by President Obama and passed by the House of Representatives.

Walmart is reportedly planning to substantially expand its e-commerce operation based in Sunnyvale, California. According to the Oakland Tribune, Walmart intends to add hundreds of staffers to its global e-commerce unit there, bringing the total number of e-commerce employees to about 1,000.
 
In addition, Walmart will lease a 107,000-sq.-ft. space in Sunnyvale to help house its e-commerce operations. Currently, the retailer employs about 550 e-commerce employees in Sunnyvale at an existing facility it will maintain.

Fremont, Calif. - The Men's Wearhouse has extended its all-cash tender offer for $65 per share for all of the currently outstanding shares of common stock of Jos. A. Bank to June 5, unless further extended. The tender offer was previously set to expire on May 21.

Kirkland's experienced solid sales momentum in its stores and online during the first quarter of fiscal 2014 despite getting a slow start as a result of adverse weather. Even with a more promotional environment late in the quarter, sales remained strong and resulted in earnings performance at the high end of the company’s guidance.