Finance & Capital Management

Fred's credited an 8% lift in pharmacy department sales as a key factor accounting for the company's third-quarter success.

New York – Aeropostale Inc. has adopted a poison pill that would be set into motion if a stockholder buys 10% of the company.  

The struggling retailer said it was not adopting the plan, effective November 26, 2013, in response to any takeover proposal. Rather, the plan aims to provide stockholders with adequate time to fully assess a takeover bid, and, if appropriate, allow the board time to explore alternatives to maximize stockholder value, the company said.

The Children's Place president and CEO Jane Elfers focused on the positive following decreases in net and comparable-store sales for the third quarter, despite the company’s reportedly strong performance during the back-to-school period.

Deerfield Beach, Fla. — Konover South has bought back a portfolio of nine Florida retail shopping centers valued at more than $100 million. Konover had previously sold a share of the portfolio to an institutional investment partner. The buy-back returns complete ownership to Konover, which developed or redeveloped the properties over the years.

Peoples United Bank provided $75 million of new permanent financing for the transaction.

Stater Bros. has promoted CFO David Harris to EVP finance.

Harris began working for the chain in 2009 as VP finance and was promoted to SVP finance in 2011. A year later, he was promoted to CFO and principal accounting officer. Before working for Stater Bros., he was a partner with Ernst & Young in Riverside and Irvine, both cities near San Bernardino, Calif., where Stater Bros. is headquartered.

Plano, Texas – Myron Ullman, CEO of embattled department store chain J.C. Penney, has reportedly bought $1 million of company stock. According to the Associated Press, Ullman purchased 112,000 shares at $8.95 apiece on or around Nov. 22.

An increase in third-quarter net sales was not enough to bolster Chico’s FAS’s net income, which took a hit from its Boston Proper business.

The company reported net income of $35.8 million, down 15% from $42 million in the same period a year earlier.

New York – Tiffany reported a 50% increase in net income in its third quarter of fiscal 2013, increasing to $94.6 million from $63.2 million. Net sales were $911.5 million, up 7% from $852.7 million.

Net sales growth was strong worldwide but especially pronounced in the Asia-Pacific region, where net sales increased 27% compared to the same period in the prior year. Tiffany credited global net sales performance as driving its net income growth.