Finance & Capital Management

Matthews, N.C. -- Family Dollar Stores reported Wednesday that net income for the quarter ended March 2 edged up to $140.1 million, compared with $136.4 million in the year-ago period.

Sales increased 17.7% to $2.89 billion from $2.46 billion, and same-store sales rose 2.9%.

MATTHEWS, N.C. — Family Dollar Stores reported a net sales increase of 17.7% to $2.89 billion for its second quarter. Net income per diluted share for the quarter increased 5.2% to $1.21.

OAK BROOK, Ill. — Toy manufacturer, Tomy International has promoted Gregory Kilrea to president and CEO and Masayuki Nagatake to COO. The board of directors of Tomy Company, Ltd. has approved these appointments as Curtis Stoelting resigns from his positions as CEO and director of TOMY Company, Ltd. to pursue other business opportunities. 

Kilrea has been with the company since 2004, having served most recently as president of Tomy International, and prior to that as the company's EVP and COO.

BELLEVUE, Wash. — Kitchenware manufacturer, Rena Ware International, has announced that Benjamin J. Zylstra will succeed his father, Russell J. Zylstra , as CEO of the company.  Russ Zylstra will remain as chairman of the board of Rena Ware and will continue to be involved in defining the direction and vision of the company. 

ABILENE, Kan. — Alco Stores announced that the company will move its corporate headquarters from Abilene, Kansas, to Coppell, Texas, a suburb of Dallas.

In making the announcement, CEO Rich Wilson said, "Today's challenging business climate and highly competitive retail landscape require that we locate our headquarters in a metropolitan center. The Dallas location provides easy access to many of our stores, other major retailers and transportation for our employees and business partners."

GREEN BAY, Wis. — Shopko announced that Michael Cooper has joined the company as SVP marketing. In this role, Cooper will lead Shopko's branding strategy and marketing initiatives. He will report to Jill Soltau, president and chief merchandising officer.

UNION, N.J. — Bed Bath & Beyond Inc. reported net earnings of $1.68 per diluted share ($373.9 million) in the fiscal fourth quarter ended March 2, 2013, an increase of approximately 14% versus net earnings of $1.48 per diluted share ($351 million) in the same quarter a year ago.  

New York -- J.C. Penney Co.’s shares fell 12% on Tuesday to close at $13.93, and nearly reached their lowest levels since 2001, Reuters reported.

It was a rough day for Penney as industry analysts debated the surprising decision to replace ousted CEO Ron Johnson with his predecessor, Myron “Mike” Ullman.

Wallingford, Conn. -- Edible Arrangements has set its sights on the Pacific Northwest for an aggressive expansion campaign designed to open as many as 30 new locations in the near future.
 
Edible Arrangements already has 10 locations in Oregon and Washington and sees significant opportunity for growth, which will be accomplished through franchising. Most of the growth will be focused in the Seattle, Tacoma and Portland areas and the company is currently seeking franchisees with the resources to open multiple locations.
 

By Robert Passikoff, president, Brand Keys

In 2000, the average tenure of a CEO was 10 years. In 2008, it was down to eight and half, signaling a slightly higher degree of corporate and brand accountability by boards and shareholders. Ron Johnson, the now former-CEO of J.C. Penney, only lasted 17 months.