Finance & Capital Management

DALLAS — Closeout retailer Tuesday Morning announced the appointment of Michael Rouleau to CEO, effective immediately. Rouleau, who was appointed interim chief executive in March 2013, will also continue to serve on the company's board of directors, which he joined in November 2012.

PHILADELPHIA — A favorable customer response to product offerings at Urban Outfitters contributed to the retailer’s net income of $76 million for the three months ended July 31.

Total company net sales for the second quarter increased 12% to a record $759 million. Same-store sales, including the company’s direct-to-consumer channel, increased 9%.

Comparable retail segment net sales increased 38% at Free People, 9% at Anthropologie and 5% at Urban Outfitters. Wholesale segment net sales rose 17%.

New York -- Saks Inc. on Monday reported a worse than expected second-quarter loss amid disappointing sales of shoes and handbags. 

Saks, which last month reached a deal to be acquired by Canada's Hudson's Bay Co., had a net loss of $19.6 million for the quarter ended Aug. 3, compared with a net loss of $12.3 million a year earlier.

Overall sales rose 0.5% to $707.8 million for the quarter. Same-store sales rose 1.5%, below the 4.5% increase analysts had expected.

Strengths in several merchandise categories, including women’s contemporary and advanced designer apparel; fragrances; children’s apparel; and men’s accessories, shoes and contemporary apparel contributed to a comparable store sales increase of 1.5% in the second quarter ended August 3 at Saks Incorporated.

Minneapolis -- Target announced plans to open a store in King of Prussia, Pa., in July 2014. 

The new store, located on West DeKalb Pike, will be part of the Valley Forge Shopping Center. This will be the first Target store in the city of King of Prussia.

“Pennsylvania continues to be a strong market for Target, and we’re eager to expand our presence in the state this year,” said Samir Shah, Target’s senior VP of stores, Northeast. 

SIDNEY, Neb. — Cabela’s Inc. announced that its Cabela’s Credit Card Master Note Trust successfully completed the sale of $350 million of Asset-Backed Notes, Series 2013-II.

PHILADELPHIA — Urban Outfitters’ second-quarter net income jumped to $76 million for the three months ended July 31, 2013.

Total company net sales for the second quarter increased 12% to a record $759 million. Same—store sales, including the company’s direct-to-consumer channel, increased 9%.

Comparable retail segment net sales increased 38% at Free People, 9% at Anthropologie and 5% at Urban Outfitters. Wholesale segment net sales rose 17%.

While second quarter sales were less than expected, one area where Walmart exceeded plan was expenses incurred related to Foreign Corrupt Practices Act and compliance matters.

The company said it spent $82 million on efforts in those areas compared to the $65 million to $70 million it though it would spend at the start of the year. Expenses during the first half of the year totaled $155 million.