Finance & Capital Management

Minneapolis -- Best Buy reported net income of $54 million during the third quarter amid tight cost controls, compared to a net loss of $10 million during the same period a year earlier,  beating analyst predictions for a more modest net income.   The chain also warned that its margins may take a hit this quarter in what is shaping up an extremely promotional environment.

The chain posted revenue of $9.36 billion, which was flat with last year and  below analyst expectations of $9.37 billion.

Phoenix -- Sprouts Farmers Market has commenced an underwritten public offering of 22.5 million shares of its common stock by affiliates of Apollo Global Management and certain other stockholders of the company. The underwriters of the offering will have the option to purchase up to an additional 3.375 million shares of common stock from the selling stockholders.

RadioShack has announced the retirement of Thomas G. Plaskett from the company's board of directors. Plaskett had served on the RadioShack board since 1986, and was a member of the audit and compliance committee as well as the corporate governance committee.

His retirement is effective immediately, and the company intends to begin a search for a new independent director to fill his board seat.

Pittsburgh -- Sales growth fueled in part by the opening of 25 new branded stores did not prevent Dick’s Sporting Goods from reporting a slight decline in net income during the third quarter of fiscal 2013. Net income totaled about $50 million, down incrementally from $50.1 million a year earlier.

Net sales totaled $1.4 billion, up 7% from $1.31 billion. Consolidated same-store sales rose 0.3%, beating company estimates of a 2-3% decline.

Sears Canada said a one-time charge of $41 million related to restructuring and asset impairment affected its third quarter results, which resulted in a net loss of about $46.7 million USD — more than double the net loss of $21 million it posted in the same quarter of the previous fiscal year.

In addition, revenues of $940.7 million were down about 6% from $1 billion. In one bright spot, same-store sales climbed 1.2%. Sears Canada is in the middle of a three-year turnaround program launched in 2012.

Atlanta -- The Home Depot reported net earnings of $1.4 billion for the third quarter of fiscal 2013, up 48% from $948 million in the same quarter of the prior fiscal year.  The retailer raised its 2013 forecast for the third time this year amid rising home prices.

"Our third quarter results reflect the continuing improvement in the housing market and our solid operational performance," said Frank Blake, chairman & CEO.

Home Depot reaped the benefits of continuing improvement in the housing market with third quarter sales of $19.5 billion, a 7.4% increase from $18.1 billion in the third quarter of fiscal 2012.

On a like-for-like basis (last year's quarter had an extra calendar week), comparable-store sales for the third quarter of fiscal 2013 were positive 7.4%, and comp sales for U.S. stores were positive 8.2%.

Cincinnati -- The Kroger Co. announced its succession plan for secretary and general counsel.

Paul W. Heldman, 62, a 31-year Kroger veteran who has been serving as the company's general counsel since 1989, secretary since 1992, and executive VP since 2006, will retire in the spring of 2014.