Finance & Capital Management

PHILADELPHIA — Leading automotive aftermarket service and retail chain the Pep Boys has acquired 17 discount tire centers in Southern California from AKH Company, Inc.

The tire centers are located throughout the greater Los Angeles market, from Bakersfield to Orange County. They will re-open on September 12 under the Pep Boys banner and provide full-service vehicle maintenance and repair, including brand-name and private-label replacement tires.

Lynnwood, Wash. -- Action sports retailer Zumiez reported net income of $4.7 million for the quarter ended Aug. 3, compared with $2.1 million a year earlier. Sales surged 16.9% to $157.9 million, and same-store sales edged up 0.9%.

Washington, D.C. -- The National Retail Federation calculated retail industry job gains at 43,600 in August, with marked increases in clothing, general merchandise and electronics stores.
 

Small businesses have long been a core customer group at Sam’s Club, so much so that at one point the retailer’s tag line was, “in business for small business.” It makes sense then that Sam’s would invest in a program that promotes entrepreneurship and for that the nation should be thankful.

San Jose, Calif. -- Togo's Eateries announced the signing of two multi-unit franchise agreements with an existing franchise group to develop 20 new restaurants in Oregon and California over the next several years.

Togo's franchisee Mark Fischer will open 10 restaurants in Portland, Ore., and 10 additional locations in Los Angeles County, with the first location scheduled to open in Portland, Ore. in first quarter 2014.

This new development is part of the chain’s plan to grow the brand to 400 restaurants along the West Coast.

San Francisco – Gap reported same-store sales growth in its three global retail brands in August of this year that was significantly lower than in the same month last year. Gap global same-store sales rose 2% compared to 6% last year. At Banana Republic, same-store sales increased 2% compared to 8% last year, and Old Navy same-store sales grew 1% compared to 12% last year.

Net sales for the month were $1.23 billion, up 2.5% from net sales of $1.2 billion for the same month last year.

Memphis -- Perkins Restaurant & Bakery announced a six-unit franchise development agreement in Iowa and Nebraska over the next six years.  

The expanded development of the Iowa/Nebraska area was signed with Perkins franchisee CyHawk Hospitality Inc., which operates six Perkins Restaurants and Bakeries — five in Iowa and another in Independence, Mo.  
 
The first of the six additional units opened in July in Ankeny, Iowa, to be followed by a location in Norfolk, Neb., slated to open in September.

Atlanta -- The Home Depot reportedly expects a continuing recovery in the U.S. housing market to improve its sales later this year. In an interview with Bloomberg, Frank Blake, CEO of Home Depot, Inc., said steady improvement in the housing market should lead to private equity firms and investors renovating properties for rental.