Finance & Capital Management

Net sales at WD-40 Co. increased 7% in the third quarter, as the company's multi-purpose maintenance products showed double-digit growth.

WD-40 sales were $93.1 million in the quarter ended May 31, compared to sales of $87.0 million in the year-ago period. Net income for the third quarter was $10.3 million, up 12%.

ROCKFORD, Mich. — Wolverine Worldwide reported record revenue and strong earnings performance for its second fiscal quarter ended June 15. The quarter included a full 12-week contribution from the company's recenty acquired Sperry Top-Sider, Saucony, Stride Rite and Keds brands. 

FAIRFAX, Va. — Geeknet, the parent company of online retailer ThinkGeek.com, has appointed Julie Pangelinan as the company’s CFO, effective Aug. 12.

Pangelinan has more than 25 years of operations and financial experience, most recently as CFO of Interstate Hotels and Resorts and Sunrise Senior Living.

NEW YORK — Walmart confirmed in an op-ed in the Washington Post that if the D.C. Council passes a bill setting a higher minimum wage for large retailers, it will pull the plug on three planned stores in the Washington, D.C., area. 

Boca Raton, Fla. -- Office Depot announced that Michael J. Massey, previously CEO and president of Collective Brands, has been nominated to join the board. He fills the vacancy created by current director Brenda Gaines, has decided not to stand for reelection at this year’s annual meeting of stockholders.

Toronto -- A "Sears Hometown" store owner in Woodstock, Ontario (Canada), has launched a class action lawsuit on behalf of approximately 260 Sears Hometown dealers across Canada against Sears Canada and its American affiliate, Sears. Both are subsidiaries of Sears Holding Corp.

The lawsuit alleges that Sears lowered dealers' commissions, reduced advertising for local stores and bypassed the franchises by selling directly to customers who are located within their markets.

New York -- Jones Group Inc. has tapped Citigroup Inc. to explore a possible sale, according to Reuters.
 
In April, Jones Group said that it would close 170 stores and cut 8% of its workforce after first-quarter profit was less than analysts’ estimates. The news comes just months after activist hedge fund

The company, whose brands include Stuart Weitzman, Jones New York, Easy Spirit, and Nine West, had a market value of about $1.2 billion as of July 5.

Corte Madera, Calif. -- Restoration Hardware Holdings Inc. said Friday that a group of stockholders will plan to sell up to 10 million shares of the company.

The company registered an offering of up to 10 million shares worth as much as $753.2 million. It did not specify who will sell the shares or when the offering is expected to close.

Restoration Hardware's biggest shareholders are the private equity firms Catterton Partners and Tower Three Partners, followed by Glenhill Capital.
 

Denver -- Natural Grocers has opened its third Nebraska store in central Omaha, Neb. It is the second Omaha store and the 89th store in the organic grocery chain.

The family-run chain, which went public in 2012, has locations across Colorado, Texas, Utah, Wyoming, Oklahoma, Missouri, New Mexico, Montana, Kansas, Idaho, Nebraska, Arizona and Oregon.

Santa Monica, Calif. -- Global e-commerce sales are expected to rise 17.5% this year to $963 billion, up from $820.5 billion last year, according to a study by Siemer & Associates.

Currently, online accounts for just 6.5% of all retail sales worldwide but is growing four times faster than traditional retail. E-commerce sales are expected to account for 9.3% of retail sales by 2016.