Finance & Capital Management

Despite a weak demand for core office supplies, Staples is driving growth online and in new categories, which resulted in net earnings of $135.2 million for the third quarter ended Nov. 2, compared with a loss of $596.2 million a year earlier.

Mooresville, N.C. -- Lowe's Cos. net income rose 26% in the third quarter, just short of projections, amid the housing market's ongoing resurgence. The retailer raised its fiscal 2013 outlook, but its earnings forecast was still below expectations.

Lowe's earned $499 million for the period ended Nov. 1, up from $396 million last year. Its earnings were a penny per share short of Wall Street expectations.

Revenue rose 7% to $12.96 billion from $12.07 billion, beating analysts’ predictions. Same-store sales increased 6.2%.

Thanks to a housing market that continues to flourish, Lowe's had a solid third quarter, with sizable gains in earnings and sales.

The company's net earnings jumped 26% to $499 million. Sales for the quarter increased 7.3% to $13 billion, up from $12.1 billion in the year ago quarter. Comparable sales for the quarter increased 6.2%.

The Sembler Company completed two major redevelopments during 2013. The company redeveloped the Nokomis Village Shopping Center in Nokomis, Fla., and Park 66 in Pinellas Park, Fla.

Anchored by a redeveloped Publix, which re-opened in mid-November, and Anthony’s Ladies Apparel, improvements to the 143,697-sq.-ft. Nokomis Village include building façade upgrades and landscaping. Inline tenants include Saltwater Café, New China Restaurant, Hot Nails, Ophelia’s Pasta and Subway.

New York -- Eminence Capital which owns 9.8% of the common stock of The Men's Wearhouse and is its single largest shareholder, on Wednesday released a presentation describing why Men’s Wearhouse board of directors should engage in merger discussions with Jos. A. Bank Clothiers, Inc. Eminence Capital also said that it has retained Moelis & Company as a strategic advisor.

Snap36, a leading provider of complete 360-degree spin photography services, has added retail industry veteran Steve Embree to its executive leadership team. Embree will act as director of business development.

The company plans to leverage his experience to accelerated Snap36 adoption throughout the online retail and distribution industries. Embree will be responsible for driving business development and go-to-market strategies for Snap36 across both B2C and B2B markets.

Framingham, Mass. -- Staples reported net earnings of $135.2 million for the third quarter ended Nov. 2, compared with a loss of $596.2 million a year earlier.

Sales fell to $6.11 billion from $6.35 billion as the retailer was challenged by soft demand for its products and closed stores in Europe and North America. Same-store sales in North America, excluding sales through Staples.com, fell 3%.

PetSmart has unanimously elected Elizabeth Nickels to fill a newly created vacancy on its board of directors. Nickels will join the 2013 class of directors, and will be eligible for re-election by the company’s stockholders at the 2014 annual meeting of stockholders.