Finance & Capital Management

NEW YORK — JCPenney Co. continues to dominate the retail news as its shares dropped 10.6% yesterday to a four-year low after reports that one of its largest shareholders had sold a chunk of the troubled company’s stock. And in a late afternoon report, The Wall Street Journal said that a group of Penney directors is ready to get rid of CEO Ron Johnson, or push to sell the chain unless he can stop the company’s heavy bleeding this year.

FRAMINGHAM, Mass. — Staples reported that total company sales for the fourth quarter were $6.6 billion, an increase of 3% over the same period last year.

On a GAAP basis, the company reported fourth quarter 2012 net income of $90 million, or 14 cents per share, compared with net income of $284 million, or 41 cents per diluted share, achieved in the fourth quarter of 2011. 

COLUMBUS, Ohio — Big Lots reported income from continuing operations of $120.3 million, or $2.09 per diluted share, for the fourth quarter of fiscal 2012, meeting the company's expectations for net income to be in the range of $1.91 to $2.10 per diluted share.

Net sales for U.S. operations for the fourth quarter of fiscal 2012 increased 4.4% to $1.8 billion, compared to $1.6 billion for the same period of fiscal 2011. Comparable-store sales for U.S. stores decreased 3.5% for the quarter. 

SPARKS, Md. — McCormick announced that Chuck Langmead has been promoted to president of global industrial. In his new role, Langmead will help McCormick drive sales growth by aligning its customer intimacy efforts and driving its strategy consistently across McCormick's industrial businesses worldwide.

PITTSBURGH — American Eagle Outfitters reported adjusted fiscal year 2012 earnings for the 53 weeks ended February 2, 2013 of $1.39 per share, a 43% increase from fiscal year 2011 adjusted earnings of 97 cents per share for the 52 weeks ended January 28, 2012. 

AMSTERDAM — Rene Dahan will step down as Royal Ahold's board chairman in October, the Dutch supermarket operator said Wednesday.

Netherlands-based Ahold — which operates the Stop & Shop, Giant-Landover and Giant-Carlisle chains and the Peapod online grocery service in the United States through its Ahold USA subsidiary — said that Dahan would step down after serving on the company's board since 2004. The company plans to propose at its shareholder meeting the appointment of Jan Hommen as Dahan's successor.

WASHINGTON — The National Retail Federation said it supports legislation that would repeal the employer mandate provision of the health care reform law scheduled to take effect next year.

MENOMONEE FALLS, Wis. -- Kohl’s simultaneously opened nine new stores in seven states, bringing the retailer’s total store count to 1,155.

Stores open Wednesday in Decatur, Ala., Danville, Ill., Ames, Iowa, Cedar Rapids, Iowa, Minot, N.D., Sherwood, Ore., Hermitage, Pa., Spring Township, Pa. and Denton, Texas.

“As Kohl’s continues to grow, investing in our stores remains a priority,” said Kevin Mansell, president and CEO.

Mansell added that the chain will also remodel 30 locations in 2013.

Dallas -- The current trial involving Martha Stewart, J.C. Penney Co. and Macy's could seriously damage the value of the Martha Stewart brand, according to litigation media relations and crisis management expert David Margulies, president of Marguilies Communications Group.

"Even if the court rules in her favor the perception will be that Stewart stabbed a longtime loyal business partner in the back,” he said. “The public looks at legal issues from a point of fairness rather than from the specific legal issues involved.”

Torrance, Calif. -- Smack Sportswear, manufacturer of indoor and beach volleyball apparel, announced that its first flagship officially opened its doors on Feb. 23.

The store, in Huntington Beach, Calif., sits inside of the former Huntington Beach Training Center, which has since been renamed the "Smack Center." It houses eight indoor volleyball courts and three Futsal (indoor football) courts. Smack's flagship store offers curb appeal to the thousands of coaches, teams, and visitors to the facility.