Finance & Capital Management

FORT WAYNE, Ind. — On the heels of reporting net revenues of $123 million for the first quarter ended May 4 — an increase of 5% from $117.2 million in the first quarter of the year prior — Vera Bradley has announced that CEO Michael C. Ray plans to retire from the company.

Ray informed the company's board of directors that he will remain CEO through the transition period and intends to continue to serve as a director. The board has formed a search committee and retained Spencer Stuart to assist in the search for Ray's successor. 

HAMPSTEAD, Md. — JoS. A. Bank Clothiers’ reported net income for the first quarter of fiscal year 2013 of $8.1 million, a 45% fall from $14.8 million for the first quarter of fiscal year 2012.

Total sales for the first quarter decreased 2.6% to $196.1 million from $201.4 million in year-ago period.

CINCINNATI — Procter & Gamble has grouped its global business units into four industry-based sectors and placed Martin Riant, Deborah A. Henretta, David S. Taylor and Giovanni Ciserani as global heads of each to support the company’s current growth strategies.

New York -- Debra Jensen, CIO of Charlotte Russe, will share how this 500-store fashion retailer leverages real-time POS data to make decisions that drive profitable growth in a Chain Store Age Webinar on June 6, at 2 p.m. ET (11 a.m. PT).

Hear how SAP HANA-based analytics is providing Charlotte Russe with up-to-the-moment, early indicators of sales velocity, margin and inventory position as well as other key metrics. To register, click here.

Ridgefield, Conn. -- Schimenti Construction Company breaks ground on a $15 million retail shopping development in the Deptford Town Center shopping center in Deptford, N.J. The one-story 100,000-sq-ft. building will be the first to include every Bed Bath & Beyond brand under one roof: Bed Bath & Beyond, Christmas Tree Shops, buybuy Baby and Harmon Face Values.

Lubbock, Texas -- United Supermarkets has completed a transaction to acquire Llano Logistics. Llano has operated United’s two distribution centers – in Lubbock and Roanoke – since their opening.

The deal closed May 31 and means Llano, which had been owned by Exel, a subsidiary of Deutsche Post DHL, is now owned by United.

It is the company’s third subsidiary operation in addition to its 52-store supermarket/ convenience store chain. United purchased R.C. Taylor Distributing in 2007 and added Praters Foods in 2009.

Dallas – Neiman Marcus had a strong third quarter fiscal 2013, reporting a substantial increase in net earnings as well as growth total revenues and same store sales.

Net earnings grew 13% compared to third quarter of last year, from $62.6 million to $70.8 million from $62.6 million.

Total revenues increased 4%, from $1.06 billion to $1.1 billion.

Same store sales grew 3.6%.

West Chester, Pa. -- QVC has appointed Ted Jastrzebski to the position of CFO. Jastrzebski, who will assume his new role in July 2013, will oversee QVC's financial operations, reporting to Mike George, president and CEO of QVC. He spent the last eight years in global leadership positions at The Hershey Company, most recently serving as senior VP and president of Hershey Americas.

New York – Law firm Harwood Feffer LLP is launching an investigation into claims against the board of directors of rue21 Inc. regarding the proposed purchase of the company by Apax Partners. On May 23, rue21 announced a definitive agreement for Apax to buy it, with stockholders receiving $42 in cash per share.

Goodlettsville, Tenn. -- Dollar General reported record net income and sales during for the first quarter, but still reduced the top end of its profit forecast due to moderating same-store sales.

The discounter reported net income of $220 million, up 3% from $213 million in the first quarter of 2012. Net sales totaled $4.23 billion, up 8.5% from $3.9 billion.