Finance & Capital Management

Despite a stagnant economy and drought conditions across large parts of the country, Brentwood, Tenn.-based Tractor Supply Co. reported sales and earnings growth.

The company posted second-quarter sales of $1.29 billion, up 9.6% from $1.18 billion in the same quarter last year.

The nation’s largest chain of farm and ranch specialty stores posted earnings of $106.6 million, up 8.3% from $91.2 million in the year-ago period.

Profits at Amazon.com declined 96% to $7 million, or a penny a share, even though sales advanced 29% to $12.8 billion.

The ongoing build out of Amazon.com’s supply chain infrastructure hurt the company’s overall profitability, but positioned the company to deliver an even better shopper experience in the future. Amazon.com expects to open approximately 18 new warehouses this year.

Manhattan Associates announced a CEO succession plan in conjunction with strong second quarter results that saw the provider of supply chain optimization services increase its full year profit forecast.

PLANO, Texas — When JCPenney first announced its “fair and square” pricing strategy back in January with a great deal of hoopla and fanfare -- complete with a NYC media event attended by 700 people -- there was much hope that former Apple executive CEO Ron Johnson and then president Michael Francis, formerly at Target, would be able to bring some of their retail magic to the stagnant retailer.

William Kenneth Butler, COO of the 1,985 unit Aaron’s rent-to-own retail chain, received a lifetime achievement award from the Association of Progressive Rental Organizations (APRO).

Butler was selected as the 2012 recipient of the Ernie Tally Lifetime Achievement Award for an exemplary career spanning nearly four decades.

SAN FRANCISCO — Williams-Sonoma has promoted Julie Whalen, SVP, acting CFO, has been appointed EVP, CFO.

Chicago -- A Thursday report compiled by Reuters and published in the Chicago Tribune said that U.S. authorities are weighing whether or not to launch a wide-scale investigation of the retail industry for bribery violations.

The news comes after Wal-Mart de Mexico came under scrutiny for potentially violating an anti-foreign bribery law, allegedly orchestrating bribes of $24 million to facilitate its growth in the region.     

El Segundo, Calif. -- A Thursday report by Supermarket News said that Fresh & Easy Neighborhood Market has eliminated as many as 40 positions at its corporate offices.

While the number of layoffs has not been confirmed, sources say it nears 40 jobs, mostly in real estate and store-opening support.
 

Toronto -- Canadian retailer Hudson's Bay Co. said Thursday it will shutter most of the remaining 64 Zellers stores that aren’t being converted to Target locations.

The Zellers parent sold the majority of the leases to Target Corp. last year. Many of the remaining 64 stores are expected to close by March 2013. Those that aren’t closed could potentially open under another retail banner, said Hudson’s Bay.
 

New Orleans -- New Orleans has rolled out the red carpet in order to assure the first Costco location in the state.

The city council on Thursday unanimously approved nearly $6 million in financial incentives for a planned Costco in the New Orleans suburb of Carrollton.  
 
The $45 million, 148,000-sq.-ft. Costco marks the warehouse club operator’s state debut, to reportedly be followed by a second in the capital city of Baton Rouge.

The New Orleans store is slated to open late summer 2013.