Finance & Capital Management

Following disappointing results during the first quarter of fiscal 2014, which were consistent with the company’s expectations, American Eagle Outfitters has decided to close 150 stores in North America during the next three years, including nearly 100 AE stores.

For 2014, the company plans on closing approximately 50 AE and 20 aerie stores in North America. The store closings will translate to annualized after-tax savings of between $10 and $15 million beginning in 2015.

Minneapolis -- Target Corp. posted a 16% drop in first quarter earnings as costs related to its data breach and the company's troubled Canadian operations continue to take a toll on its overall performance. The retailer also cut its annual profit forecast and released a second quarter projection below Street expectations. On a positive note, Target's same-store sales metric improved from the last quarter.

While many retailers were still reeling from a prolonged winter that hurt their first quarter results, Michaels saw solid results in its first quarter, posting increases in both net and comparable-store sales.

Phoenix – PetSmart Inc. posted a 1.3% increase in net income during the first quarter of fiscal 2014, rising to $104 million from $102 million in the first quarter of the prior year. Net sales increased 1.1% to $1.7 billion, but same-store sales missed Wall Street expectations by falling 0.6%.

PetSmart cited a challenging and volatile consumer environment and a competitive market as contributing to its weaker-than-anticipated same-store sales results.

New York – Tiffany & Co. grew net earnings 50% in a successful first quarter of fiscal 2014. Net earnings increased 50% to $126 million, up from $84 million in the same period a year earlier, aided by the elimination of pre-tax charges relating to staff and occupancy reduction.

Worldwide net sales grew 13% to $1.01 billion, from $895.48 million. Worldwide same-store sales rose 11% due to growth in most regions.

Boston — Gordon Brothers Group, an advisory investment firm specializing in the retail, consumer products, industrial and real estate sectors, has named Michael P. Muldowney to the post of CFO. He will work with all business units on transactional, strategic, financial and operational initiatives. Muldowney will also serve as a member of the executive committee.

Dole announced a succession plan for two of its operational divisions, which includes internal candidates transitioning to more substantial leadership roles.

“We have implemented the following succession plan at two of our operating divisions,” said Michael Carter, Dole’s president and chief operating officer. “David Murdock and I are pleased to have the following internal successors at our Vegetables and North America Fresh Fruit divisions:

Pittsburgh - Following a comprehensive fleet review, American Eagle Outfitters Inc. has identified 150 stores to close in North America during the next three years, including nearly 100 AE stores. For 2014, the company is planning to close approximately 50 AE and 20 aerie stores in North America.