Finance & Capital Management

OAKLAND, Calif. — Clorox sales results for the fourth quarter ended June 30 increased slightly, but despite being lower than anticipated, the company is ready to take on competitive pressures and increase its merchandising activity.

New York -- Cache Inc. announced that Anthony DiPippa (“Tony”) will join the company as executive VP, CFO, on Aug. 7. He succeeds Margaret Feeney (“Maggie”), who has resigned from Cache, effective Aug. 1.

DiPippa most recently was CFO of W. B. Mason, a $1.2 billion office products and furniture company.

New York -- J.C. Penney on Thursday said that reports claiming CIT Group Inc., the largest lender in the apparel industry, had stopped funding some shipments to Penney were untrue. The retailer said it has plenty of cash on hand and all major suppliers were still shipping.

“J.C. Penney continues to have the support of all of its key vendors, who have maintained their shipments to the company," the company said in a statement on Thursday.

Camp Hill, Pa. — Rite Aid had another month of positive sales growth in July, the retail pharmacy chain said Thursday.

Rite Aid said same-store sales for the four-week period that ended last Saturday increased by 1.3% compared with the same period last year. The increase included a 0.7% increase in front-end same-store sales and a 1.6% increase in pharmacy same-store sales. Same-store scripts increased by 0.4%. Total sales for the month were $1.898 billion, a 0.9% increase over $1.881 billion last year.

New York -- HH Gregg saw a significant improvement in its financial results for the three-month period ended June 30. Despite a net loss of $1.3 million, or $0.04 per diluted share, the specialty retailer narrowed the gap from a net loss of $5.7 million, or $0.16 per diluted share, for the comparable prior-year period.

The decrease in net loss for the three month period ended June 30, 2013 was due, in part, to a comparable-store sales increase of 0.8%, offset by a decrease in gross profit as a percentage of net sales.

Less than a year after Walmart International named Lev Khasis to the role of president and CEO of new formats, the former Russian retail executive is heading back to his homeland to lead a financial institution.

HH Gregg saw a significant improvement in its financial results for the three-month period ended June 30. Despite a net loss of $1.3 million, or $0.04 per diluted share, the specialty retailer narrowed the gap from a net loss of $5.7 million, or $0.16 per diluted share, for the comparable prior-year period. 

The decrease in net loss for the three month period ended June 30, 2013 was due, in part, to a comparable-store sales increase of 0.8%, offset by a decrease in gross profit as a percentage of net sales.

CARLISLE, Pa. — Ahold USA has appointed former Jewel-Osco executive Nick Bertram as its SVP store strategy and execution.

At Jewel-Osco, Bertram oversaw operations across Illinois, Indiana and Iowa. He was also SVP of Supervalu and worked in executive positions at Walmart in Kentucky, Indiana, Ohio and Pennsylvania. His new position at Ahold USA will be based out of the company's Carlisle, Pa., headquarters. 

Net sale increases at HSNi’s HSN and Cornerstone operating segments had a favorable impact on the company’s total net sales, which increased 6% to $812.6 million for the second quarter ended June 30 from $767.2 for the same quarter last year.

HSN’s 5% net sales increase to $526.2 million for the quarter, from $502 million for the same quarter last year, was due in part to lower return rates. The average price point decreased 4% while units shipped increased 7% primarily due to an increase in clearance activity.

CHICAGO, Ill. — Echo Global Logistics, a leading provider of technology-enabled transportation and supply chain management services, has promoted Nick Hannigan to the role of VP, corporate development. 

In his new role, Hannigan will work closely with the executive team to develop and execute strategic acquisitions and partnerships as Echo continues to execute its growth strategy. During his six-year tenure with the company, he has held a variety of operating and management positions.