Finance & Capital Management

Chesapeake, Va. – Dollar Tree Inc. slightly exceeded Wall Street estimates with net income of $138.3 million in the first quarter of fiscal 2014, up 4% from $133.5 million in the first quarter of fiscal 2013. Net sales rose 7% to $2 billion from $1.87 billion, and same-store sales increased 2%.

During the first year of Walmart’s Veterans Welcome Home Commitment, the company hired more than 42,000 veterans. The commitment, launched last Memorial Day, guarantees a job offer to any honorably discharged veteran within his or her first 12 months off active duty. Walmart projects it will hire more than 100,000 veterans in five years.

On the heels of a mostly disappointing 2013 earnings season, many U.S. brick-and-mortar retailers will focus on building out their online presence for growth, according to Moody’s Investor Service’s new report, “Brick-and-Mortar Continues to March Online,” by Charlie O’Shea, VP – senior analyst, Moody’s.

Here are five highlights from the study:

Toys “R” Us has appointed Campbell Lennox as managing director of the company’s Australia unit, effective May 26. Lennox will report to Monika Merz, president, Toys “R” Us, Asia Pacific.
 
Lennox joins the company with more than 20 years of retail and management experience, including a series of roles of increasing responsibility in operations and merchandising. He most recently served as GM, merchandise operations for Harvey Norman, an omnichannel retailer, incorporating an integrated retail, franchise, property and digital platform.

Sears plans to close at least 80 stores this year after widening its loss in the first quarter of fiscal 2014.

Although same-store sales increased 0.2% for the quarter, the company’s net loss climbed to $402 million from $279 million in the prior-year quarter. Revenues declined 7% to $7.9 billion, from $8.5 billion in the prior-year quarter.

Minneapolis – Best Buy Co. Inc. swung to a net profit in the first quarter of fiscal 2015 from a net loss in the same period a year earlier, but missed estimates with a drop in sales. The retailer posted net income of $461 million, a big turnaround from a net loss of $81 million.

Increases in traffic and average ticket resulted in record first-quarter sales growth at Dollar Tree.

Consolidated net sales for the quarter were a record $2 billion, a 7.2% increase compared to $1.87 billion reported for last year’s first quarter. Consolidated comparable store sales increased 2% on a constant currency basis. Adjusted for the impact of Canadian currency fluctuations, the comparable-store sales increase was 1.9%.

Nashville, Tenn. – Kirkland’s Inc. reported positive results for the first quarter of fiscal 2014. On a year-over-year basis, net income grew 17% to $2.1 million from $1.8 million.

Net sales increased 6.9% to $108.3 million compared with $101.2 million, and same-store sales grew 5%. The company was able to shake off the effects of bad weather in the early part of the quarter.