Finance & Capital Management

Domestic same-store sales at AutoZone for the fourth quarter ended Aug. 31 increased 1% — below expectations. The company did have reason to ride high, however, because it also posted its 28th consecutive quarter of double digit growth in earnings per share. 

Diluted earnings per share increased 23.2% to $10.42 per share from $8.46 per share in the year-ago quarter. Moreover, net sales were $3.1 billion for the quarter, a 12% jump from the same quarter last year. 

East Pennsboro Township, Pa. – Rite Aid has reportedly been ordered to pay $12.3 million in a civil lawsuit accusing the retailer of illegally dumping hazardous waste from more than 600 stores in California. According to the Los Angeles Times, San Joaquin County Superior Court Judge Linda L. Lofthus handed down the ruling in a suit brought against Rite Aid by the district attorneys of San Joaquin, Los Angeles and Riverside counties.

Suffern, N.Y. -- Ascena Retail Group’s adjusted fiscal fourth-quarter profit exceeded Wall Street estimates, driven by strong same-store sales at its Lane Bryant division.

Looking ahead, the company, whose brands include Justice, Lane Bryant, Maurices, Dressbarn and Catherines, said it plans to open approximately 180 to 190 stores and close 115 to 125 stores.

Ascena’s net income jumped to $29.8 million for the quarter that ended July 27, compared with net income of $1.6 million in its fourth quarter last year.

Eastman Kodak Company has elected James V. Continenza chairman of the board. Continenza has been a Kodak director since April. Kodak CEO Antonio M. Perez remains a member of the board.

“Kodak is a company poised for growth. I look forward to providing leadership as the company realizes its potential as a technology company focused on the packaging, graphic communications, and functional printing markets,” said Continenza.

Big Lots has joined the National Association of Corporate Directors (NACD) as full board members. 

NACD full board member companies range in size from large-cap to small-cap companies. Through their membership, these companies become part of a diverse director community and have the opportunity to share and gain insights about current and emerging issues and to take part in NACD's director education programs.

Memphis -- AutoZone’s net income for the fourth quarter increased 14.7% to $371.2 million, below estimates. The chain also posted its 28th consecutive quarter of double digit growth in earnings per share.

Revenue rose 12% to $3.1 billion, narrowly exceeding expectations. Domestic same-store sales disappointed with a 1% gain.
 

Littleton, Mass. – The board of directors and senior management of Dover Saddlery, Inc. have initiated a process to identify and consider a range of operational, financial and strategic alternatives to better pursue its growth strategy and that may accelerate the enhancement of value for the benefit of its stockholders.

Hormel Foods has announced the upcoming retirement of Dr. Phillip L. Minerich, VP of research and development, effective Dec. 31. Taking his place Oct. 28 will be Dr. Kevin L. Myers, who is currently director of product and process development, research and development.