Finance & Capital Management

Cary, N.C. – The Pantry, Inc. reported a net loss of $5.1 million in its first quarter of fiscal 2014, up from a net loss of $3.1 million the first quarter of the prior fiscal year. Revenues fell 5% to $1.8 billion from $1.9 billion, although same-store sales rose 3.5%.

Philadelphia – Destination Maternity reported improved net income but lower net sales during the first quarter of fiscal 2014 as compared to the same period a year earlier. Net income totaled $4.25 million, up 11% from $3.84 million the same period a year earlier.

Washington, D.C. -- President Obama in his State of the Union address last night said he plans to sign an executive order increasing the federal minimum wage from $7.25 to $10.10 per hour for workers on new government contracts and asked Congress to approve the same increase for all workers — and the National Retail Federation is not happy.

NRF president and CEO Matthew Shay issued a response ahead of the president’s address.

Amazon.com may have achieved record fourth-quarter sales of $25.6 billion, but its top line was well below what analysts expected and so were profits.

The company’s sales increased 20% to $25.6 billion during the fourth quarter ended Dec. 31, compared to $21.3 billion the prior year. Analysts had forecast sales of slightly more than $26 billion. Meanwhile, Amazon said it earned profits of $239 million, or 51 cents a share, well ahead of prior year figures of $97 million and 21 cents a share, but substantially below the 74 cents analysts were expecting.

Seattle -- Starbucks Coffee Company has announced a new leadership structure that it says positions the company to leverage its assets and operations, and gain maximum benefit from the retail, consumer, mobile and digital shifts currently underway in the global marketplace.

Solid volume growth and new product sales in North America helped The Hershey Company regain its category leadership position in the candy, mint and gum business with a 30.1% market share.

The company synonymous with chocolate said its fourth quarter sales increased 11.7% to nearly $2 billion and that sales in North America slightly exceeded expectations due to a solid holiday season.

Princeton, N.J. -- Heartland Payment Systems has filed a federal lawsuit against Mercury Payment Systems, charging the company with false advertising, unfair competition, intentional interference with contractual relations, and intentional interference with prospective economic advantage. The suit, filed in U.S. District Court in the Northern District of California, San Francisco Division, alleges that Mercury is illegally competing against Heartland with deceptive trade practices.

Jo-Ann Fabric and Craft Stores has promoted Tony Carosello to VP, real estate. Carosello, previously director of real estate operations for the company, will report to Jim Kerr, EVP, CFO.