Finance & Capital Management

El Segundo, Calif. – Big 5 Sporting Goods experienced a 72% drop in net income during the first quarter of fiscal 2014, to $2.1 million from $7.5 million in the first quarter of the prior fiscal year. Expenses associated with the retailer’s new e-commerce platform affected its net income.

REI's members recently elected two new directors to represent their interests on the co-op's board of directors. The national outdoor gear and apparel retailer held its annual members' meeting on April 28 at its iconic flagship store in downtown Seattle, where the voting results were announced.

Co-op members elected Karen E. (Kari) Glover and Sharon Philpott to three-year terms and re-elected Cheryl Scott to a three-year term. Earlier in the year, the REI board re-appointed Chloe Harford and Matt Compton to one-year terms.

Phoenix -- PetSmart has named Michael Goodwin to the position of senior VP and CIO, effective June 2.

Goodwin brings more than 20 years of information technology experience to PetSmart, most recently serving as senior VP and CIO of technology and business enablement at Hallmark, a $4 billion global enterprise with more than 2,600 stores and an extensive online presence.

Eleven centers opened last year, with 50 more on the drawing boards

The recession lit the fuse that has produced an explosion of outlet center development.

Toano, Va. - Net income at Lumber Liquidators decreased 13.2% to $13.7 million during the first quarter of fiscal 2014, compared to $15.8 million in the same period the prior year. During fiscal 2014, the retailer intends to open 35 to 40 new store locations in the expanded showroom format and remodel 25 to 30 existing stores in the expanded showroom format.

Longtime Hallmark executive Michael Goodwin was named chief information officer at the nation’s largest pet specialty retailer.

Goodwin will become SVP and CIO at PetSmart effective June 2, after previously serving as SVP and CIO of technology and business enablement at Hallmark, a $4 billion company with more than 2,600 stores and an extensive online presence. PetSmart operates 1,333 stores.

San Francisco – Stock compensation expenses helped produce a net loss of $132.4 million at Twitter Inc. during the first quarter of 2014, compared to a net loss of $27 million in the same quarter of the previous year. Twitter attributed part of the net loss to $126 million in stock compensation expense.

Seattle -- REI's members recently elected two new directors to represent their interests on the co-op's board of directors.

Karen E. (Kari) Glover and Sharon Philpott were elected to three-year terms and Cheryl Scott was re-elected to a three-year term. Earlier in the year, the REI board re-appointed Chloe Harford and Matt Compton to one-year terms.