Finance & Capital Management

Columbus, Ohio -- Express said its fourth-quarter net income rose a better-than-expected 6%, but its full-year projection for earnings came up short as the retailer provided a weak outlook.
   
Express, similar to many other retailers, had less traffic in February, as higher taxes and rising gas prices cut into shoppers’ discretionary spending.
 
For the period ended Feb. 2, Express Inc. earned $63.9 million, up from $60.4 million a year earlier.

Former Coach CFO Michael Devine has joined the board of rapidly growing discount retailer Five Below.

Devine served as CFO at Coach from 2001 to 2011. He will replace Five Below board member Howard Ross who resigned and serve as chair of the retailer’s audit committee.

Devine currently serves on the boards of Express, Deckers, Talbot's, and Sur La Table, and previously served on the board of NutriSystems.

Second quarter sales increased 8% to $24.3 billion and profits, aided by a sizable tax benefit, increased 39% to $547 million, or $1.24 a share.

The surge is profits for the 12 week quarterly period ended February 17 was driven by a $62 million, or 14 cent a share, tax benefit that resulted from the portion of a special dividend payment made in December to participants in the company’s 401(K) program. Costco authorized a one time special dividend of $7 a share last year to return cash to shareholders in advance of a 2013 tax hike on dividend income.

GREENSBORO, N.C. — The Fresh Market, a high growth specialty retailer of high quality food products, has announced the resignation of Randy Kelley as SVP real estate and development who will leave the company to pursue a new business opportunity. Kelley will remain with the company through early spring.

DALLAS — Kimberly-Clark has announced that Clive Sirkin has been named vice president and chief marketing officer, reporting to Tony Palmer, president of global brands and innovation.

Sirkin joined K-C in 2007 and has held a number of marketing leadership positions.

"Since joining K-C, Clive has been instrumental in building strong, healthy brands and businesses around the world," Palmer said. "As CMO, Clive will continue the ongoing transformation of our marketing function as a core driver of our growth agenda."

PHILADELPHIA — Net income rose to $83 million at Urban Outfitters for its fourth quarter from $39.26 million in the year-ago period, on strong same-store sales and higher revenue.

Total company net sales for the quarter increased 17% to $857 million. Comparable retail segment net sales, which include comparable direct-to-consumer channel, increased 11% for the quarter, while comparable-store net sales were flat.

BOCA RATON, Fla. — The EPA's Center for Corporate Climate Leadership recognized Office Depot with a Climate Leadership Goal Achievement Award for Excellence in Greenhouse Gas Management. The award was also presented by the Association of Climate Change Officers the Center for Climate & Energy Solutions, and The Climate Registry.

YORK, Pa. — The Bon-Ton Stores reported that its net income for the fourth quarter was a better-than-expected $74.4 million, compared with $78.2 million in the year-ago period.

Revenue for the three months ended Feb. 2 increased 3.2% to $1.02 billion, missing the Street’s view of $1.04 billion. Same-store sales increased 1%. (Results for the fourth quarter and fiscal 2012 are impacted by the inclusion of an additional week in each period, resulting in a 14-week and 53-week reporting period.)

Boca Raton, Fla. -- Office Depot has been recognized with a Climate Leadership Goal Achievement Award for Excellence in Greenhouse Gas Management by the U.S. Environmental Protection Agency’s Center for Corporate Climate Leadership, the Association of Climate Change Officers the Center for Climate & Energy Solutions, and The Climate Registry.

York, Pa. -- The Bon-Ton Stores reported better-then-expected fourth quarter net income of $74.4 million, compared with $78.2 million in the year-ago period.

Revenue for the three months ended Feb. 2 increased 3.2% to $1.02 billion, missing the Street’s view of $1.04 billion. Same-store sales increased 1%. (Results for the fourth quarter and fiscal 2012 are impacted by the inclusion of an additional week in each period, resulting in a 14-week and 53-week reporting period.)