Finance & Capital Management

Toronto – Hudson’s Bay Company (HBC) reported net earnings of $3.9 million in the second quarter of fiscal 2013, compared to a net loss of $2 million in the second quarter of the previous fiscal year.

In addition, HBC reported consolidated sales of $947.7 million, up 3.9% from $911.9 million. The retailer credited consolidated same-store sales growth of 3.5% and e-commerce sales growth of 56.1% to $37.3 million as helping to drive its healthy overall performance.

Boston — A group of private equity companies, including Advent International and CDIB Capital, have joined together to acquire a significant equity position in International Coffee & Tea, which owns and operates stores under The Coffee Bean & Tea Leaf banner, with an eye on expanding in Asia. Other investors participating in the transaction include Mirae Asset Private Equity and the Sassoon family (the latter is the largest existing shareholder of The Coffee Bean, and is remaining as a substantial shareholder).

Although retail sales in August increased, they came in at a much slower pace than anticipated, according to the National Retail Federation. Sales (excluding automobiles, gas stations and restaurants) increased 0.1% seasonally adjusted from last month, and increased 3.9% unadjusted year-over-year.

New York -- Steven Roth, chairman and CEO of Vornado Realty Trust, resigned from the board of J.C. Penney as company plans to sell its stake in the chain.

In a filing on Friday, with the U.S. Securities and Exchange Commission, Vornado said it will exit Penney in the “not-too-distant future. The company owns about 6.1% of Penney’s shares.

Ulta Beauty CEO Mary Dillon outlined some of the key priorities for her first 100 days at the helm of the beauty retailer, following a 24.8% boost in second quarter net sales.

Dillon, a former PepsiCo executive, joined the company as CEO on July 1. She succeeded Chuck Rubin, who left the company to become CEO at Michaels Stores. Serving as interim CEO following Rubin’s departure was Dennis Eck.

San Francisco – Twitter publicly announced its intention to file for an IPO with a tweet yesterday afternoon.

“We’ve confidentially submitted an S-1 to the SEC for a planned IPO,” stated the tweet. “This Tweet does not constitute an offer of any securities for sale.”

Washington, D.C. - The American people overwhelmingly oppose new legislation that lets states force tax collection obligations on Internet purchases made from businesses outside their borders.

Vancouver, B.C. – Lululemon Athletica Inc. reported a slight drop in net income during second quarter 2013.

Net income dipped about 1% to $56.45 million, from $57.7 million.

Net revenue grew 22% to $344.5 million from $282.6 million, and same-store sales increased 8%.