Finance & Capital Management

Asheville, N.C. – Ingles Markets, Inc. reported net income of $9.5 million during the first quarter of fiscal 2014, down 18% from $11.6 million during the same period a year earlier. Net sales rose 1.1% for the quarter, to $945.1 million from $935 million.

Grocery same-store sales decreased 0.8%. In addition, operating expenses rose, which may have contributed to the decline in net income. Robert P. Ingle II, CEO of Ingles, also cited holiday price-cutting measures.

New York -- Sports Authority has hired Jeremy Aguilar as CFO. Aguilar, who most recently served as CFO of Hhgregg, replaces former Sports Authority CFO Tom Hendrickson, who retired from the company.

“Jeremy’s expertise in finance and accounting will play a critical role in further strengthening Sports Authority,” said CEO Michael E. Foss. “He will be a valuable asset to the team; we are thrilled to have him on board.”

Diane Sullivan is now CEO, president and chairman of the board of Brown Shoe Company. The company’s board of directors appointed her as chairman last June, and her new role became effective Feb. 2.

Hampstead, Md. – The correspondence between Jos. A. Bank and The Men’s Wearhouse continues, and it’s not all love letters. In response to a letter sent Jan. 30 from the Men’s Wearhouse board urging Jos. A. Bank to reconsider its recent all-cash offer to acquire Jos. A. Bank for $57.50 per share, or about $1.6 billion, Jos. A. Bank — which rejected that offer on Jan. 20 — does not sound anxious to revisit it in the most recent letter it sent to Men’s Wearhouse president and CEO Doug Ewert.

San Diego – On Jan. 30, 2014, PriceSmart, Inc. acquired approximately 147,000 usable sq. ft. of land in the city of Medellin, Colombia, and leased approximately 126,000 usable sq. ft. of land in the city of Bogota, Colombia, upon which the company plans to construct two new warehouse club stores. These two warehouse clubs are currently planned to open before the end of calendar year 2014.

Sports Authority has named Jeremy J. Aguilar as CFO. Aguilar was most recently at Hhgregg, where he has been CFO since 2009.

“Jeremy’s expertise in finance and accounting will play a critical role in further strengthening Sports Authority,” said CEO Michael E. Foss. “He will be a valuable asset to the team; we are thrilled to have him on board.”

Oakbrook Terrace, Ill. — Mid-America Asset Management recently appointed Teddy Adamczyk as assistant asset manager.

His new responsibilities include acting as a liaison with clients, tenants, local governments and corporate offices on all property related matters and day-to-day retail center management. Prior to joining Mid-America, Adamczyk worked in the insurance industry.

Milwaukee – Roundy’s, Inc. will be offering 2,948,113 shares of its common stock, and certain selling stockholders will be offering 5,896,226 shares of the company’s common stock. The underwriters will be granted a 30-day option to purchase up to an additional 1,326,650 shares of common stock from the selling stockholders, all at the offering price less the underwriting discount.