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Finance & Capital Management

  • Rue21 legal head takes on additional responsibilities

    WARRENDALE, Pa. — Specialty apparel retailer Rue21has announced that Stacy Siegal, the company's current VP, general counsel and corporate secretary, has been promoted to the additional position of chief administrative officer. Siegal will continue to report directly to Bob Fisch, the company's president and CEO.

  • Lowe's names president of Mexico division

    MOORESVILLE, N.C. — Lowe’s has named José Luis Pier Castelló as president/general director of Lowe’s Mexico, effective March 15. He replaces Francisco Fernandez, who has left the company. Pier Castelló will report to William Robinson, head of international operations and development.

  • RILA report details retailers’ ongoing progress in sustainability

    Arlington, Va. -- Sustainability teams in retail companies are growing, and reporting levels are gaining seniority, according to a new survey by the Retail Industry Leaders Association.

    The report, RILA’s second Retail Sustainability Report, was done in sponsorship with Ernst & Young, The survey uncovered six significant trends, specifically that:

    1. Sustainability teams are growing. Most companies surveyed have full-time sustainability teams. Teams are growing, and reporting levels are gaining seniority.

  • Gap’s February Q4 same-store sales rise 3%, topping estimates

    New York -- Gap Inc. said Thursday that its February same-store sales rose a better-than-expected 3% for the four weeks ended Feb. 25. Analysts expected a 2% increase.
       
    The chain was due to release the sales figures after the market closed, but put them out at midday after they were found in a leaked transcript of prerecorded comments.

    By division, same-store sales rose 2% at Gap and 6% at Old Navy. They fell 5% at Banana Republic.

  • rue21 names chief administrative officer

    Warrendale, Pa. -- rue21 announced that Stacy B. Siegal, the company's current VP, general counsel and corporate secretary, has been promoted to the additional position of chief administrative officer.

    Siegal has served as the company's general counsel and corporate secretary since March 2010. In her expanded role, she will assume responsibility for human resources division while also retaining oversight of the company's legal matters, regulatory compliance and corporate communications.

     

  • Donahue Schriber secures $100 million in additional growth capital

    Costa Mesa, Calif. -- Donahue Schriber announced that its major investors New York State Teachers’ Retirement System and J.P. Morgan Strategic Property Fund have approved an additional $100 million common equity investment for growth capital.   

    The money will be utilized to help fund the company’s strategic growth plans over the next three to five years, according to chairman and CEO Patrick S. Donahue.

  • Alexander McQueen to open on Madison Avenue

    New York -- SL Green Realty Corp. announced Wednesday that fashion retailer Alexander McQueen has signed a 15-year lease for a mid-block retail space at 747 Madison Avenue.   

    The tenant is expected to move into the space during third quarter 2013.
     
    The retail co-op interest at 747 Madison is owned by a joint venture that includes SL Green, Jeff Sutton and Harel Insurance Co.

     

  • Modest gains for retailers in February, led by Costco and Limited Brands

    New York -- Costco Wholesale Corp., Limited Brands and TJX Cos. on Thursday reported better-than-expected sales for February, as growing employment and a surging stock market apparently offset the impact of higher taxes. (Some analysts cautioned, however, that the monthly figures have become less influential as an economic indicator as the number of retailers reporting on a monthly basis has dropped considerable. As of this month, Target and Kohl’s are no longer reporting monthly sales.)

  • Kroger Q4 profit beats Street

    Cincinnati -- The Kroger Co. on Thursday reported a better-than-expected profit for its fourth quarter profit amid a surge in sales.

    For the period ending Feb. 2, Kroger earned $461.5 million, compared to the year ago period when the company reported a loss of $306.9 million as pension costs dragged down results.

    Revenue rose 12.8% to $24.2 billion. Same-store sales increased 3% for the quarter, excluding fuel. After adjusting for the extra week in the fourth quarter, total sales increased by 3.7% over the fourth quarter of fiscal 2011.

  • PetSmart Q4 profit up 31%; outlook disappoints

    Phoenix -- PetSmart Inc. reported a 31% increase in its fiscal fourth-quarter profit, helped by an extra week of sales. But its forecast for this year disappointed investors.

    The company earned $134 million for the quarter ended Feb. 3, up from $102 million in the year-ago period.

    Revenue rose 15% to $1.88 billion from $1.64 billion, helped by an extra week of sales in the more recent quarter. Same-store sales rose 4.6%.

    For the full year, PetSmart’s revenue rose 11% to $6.8 billion.

     

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