Finance & Capital Management

SPARKS, Md. — McCormick & Company reported sales and profit results for the second quarter ended May 31, at which time the company completed its acquisition of Wuhan Asia Pacific Condiments, a leading bouillon manufacturer in central China.

It seemed like everyone had a take on President Barack Obama’s big climate change speech this week and among them was Wal-Mart Stores, Inc., president and CEO Mike Duke.

Walmart had a comment from Duke ready to go less than an hour after the President concluded his remarks on Tuesday at Georgetown University. As expected, Duke applauded the president and his administration for their commitment to renewable energy and conservation and then piggybacked on the speech to tout Walmart’s own accomplishments and commitment to the renewable energy and conservation.

Expectations are high that Walmart will accelerate expansion of its small format Express stores when 2014 capital expansion plans are announced this fall. If that’s the case, the company will be entering a crowded landscape.

Already, Dollar General, Family Dollar and Dollar Tree stores operate upwards of 20,000 units with considerable overlap. Now, new data out this week shows the number of units operated by traditional convenience store retailers, especially the well-capitalized operators of larger format C-stores, continues to grow.

OMAHA, Neb. — Overall sales growth in ConAgra Foods’ consumer foods segment nourished the company’s results for the fiscal 2013 fourth quarter ended May 26. 

The company’s consumer foods segment, which includes specialty potato, seasonings, blends, flavors, and milled grain products, posted sales of $2.3 billion for the quarter, an increase of 7% from $2.1 billion for the quarter last year. Its operating profit was $291 million for the quarter, an increase of 8% from $270 million for the quarter last year, while sales increased 7%.

ENGLEWOOD, Colo. — Sports Authority has appointed Michael Foss as the company’s new CEO, following Darrell Webb’s announcement that he is retiring as CEO and chairman of the board. 

Americans' affinity for guns and ammunitions — especially among those anxious about a perceived diminishment of ownership rights — was on display this week as Smith & Wesson Holdings reported record sales and profits.

Annual study tracks cost of building and outftting stores

The cost of building and outfitting stores is on the rise, according to Chain Store Age's 2013 Store Construction and Outfitting Survey.

Matthews, N.C. – A lawsuit filed against Family Dollar by Pipefitters Local No. 636 alleging that Family Dollar violated federal securities laws has been voluntarily dismissed by the plaintiff. Family Dollar had petitioned to have the suit dismissed, but Pipefitters Local No. 636 abandoned its claims before the court made a ruling. Family Dollar said it did not pay any money or make any concessions in relation to the claim being dropped.

New York – Former Duane Reade CEO Anthony Cuti and CFO William Tennant failed in an attempt to have their 2010 convictions for securities fraud overturned. The Second U.S. Circuit Court of Appeals in New York upheld a June 2010 federal jury decision to find Cuti and Tennant guilty of providing misleading earnings information to shareholders and private equity group Oak Hill Capital partners, which purchased Duane Reade in 2004, between 2000 and 2004.

Framingham, Mass. – Staples has reached the milestone of having 500 buildings meet EPA Energy Star certification. The facilities include stores, distribution centers and sales offices nationwide. Staples also launched a goal to reach 1,000 Energy Star facilities by the end of 2016.