Finance & Capital Management

Cleveland – The Sherwin-Williams Company reported a slight drop in net income during the first quarter of fiscal 2014, to $115.46 million from $116.18 million. Net sales fared better, rising 9% to $2.37 billion from $2.17 billion.

Christopher M. Connor, chairman and CEO of Sherwin-Williams, cited strong performance in the paint stores group, with slight offset on domestic sales from severe weather, as helping drive consolidated net sales in the quarter. Sherwin-Williams expects consolidated net sales to rise 8%-14% in the second quarter.

Sherwin-Williams chairman and CEO Christopher M. Connor said strong performance in the paint stores group helped fuel consolidated net sales in the first quarter, with a slight offset on domestic sales thanks to severe weather.

The company reported a slight drop in net income during the first quarter of fiscal 2014, to $115.46 million from $116.18 million. Net sales fared better, rising 9% to $2.37 billion from $2.17 billion.

Sherwin-Williams expects consolidated net sales to rise 8%-14% in the second quarter.

By Andy Couch, DJM Real Estate

Barnes & Noble chairman Leonard Riggio has sold a portion of his holdings of company stock.

Riggio said he sold 3.7 million shares of common stock, after which his holdings are expected to represent approximately 20% of Barnes & Noble’s common stock outstanding.

“After this sale I remain the company’s largest shareholder, a position I feel very good about,” said Riggio. “I love this company and I believe in its future as I do in all of the wonderful people who work here.”

Kroger has promoted Timothy Massa to group VP, human resources and labor relations.

Massa currently serves as VP of corporate human resources, talent development. In this expanded role, he will take responsibility for labor relations when Paul Heldman, EVP, secretary and general counsel, retires in May.

New York -- Leonard Riggio, chairman of Barnes & Noble Inc., has sold 3.7 million shares of Barnes & Noble common stock. After the sale, his holdings are expected to represent approximately 20% of Barnes & Noble’s common stock outstanding.

Riggio said the sale is part of his long-term financial and estate planning and that he has no plans to sell more stock this calendar year.

Fort Lauderdale, Fla. – AutoNation Inc. reported net income of $91 million during the first quarter of fiscal 2014, about 10% higher than $83 million in the same period a year earlier. Revenue totaled $4.4 billion, up 7% from $4.1 billion.

Revenue increases resulted from stronger performance in all business sectors, including new vehicles, used vehicles, parts and service, and finance and insurance.

Bentonville, Ark. – Wal-Mart Stores Inc. and money transfer provider Ria Money Transfer, a subsidiary of EFT provider Euronet, are launching Walmart-2-Walmart Money Transfer Service. Available April 24, the new service allows customers to transfer money to and from more than 4,000 Wal-Mart stores nationwide for what Wal-Mart says is up to 50% less than similar offerings on the market.