Finance & Capital Management

CINCINNATI — Procter & Gamble has issued more conservative guidance for its quarter ending in June and unveiled preliminary guidance for fiscal year 2013.

Speaking at the Deutsche Bank Global Consumer Conference in Paris, P&G board chairman, president and CEO Bob McDonald said, "We are making the necessary adjustments to our growth strategy to increase focus on our core business and to achieve more balanced growth across geographies, product categories and the top and bottom lines."

JACKSONVILLE, Fla. — Stein Mart shareholders have re-elected the following people to the company's board of directors:

Jay Stein, Ralph Alexander, Alvin R. Carpenter, Irwin Cohen, Susan Falk, Linda M. Farthing, Mitchell W. Legler, Robert L. Mettler, Richard L. Sisisky, Martin E. Stein, Jr. and John H. Williams, Jr. Each will serve one year terms

New York -- J.C. Penney CEO Ron Johnson is taking over direct responsibility for marketing in the wake of the departure of Michael Francis, who left the company abruptly on Monday, Women’s Wear Daily reported.

Speculation has been raging about the reasons behind Francis’ sudden exit after just eight months on the job. In the article, Johnson blamed it on the fact that J.C. Penney’s marketing had not resonated with its core customer and that he “had to get involved.”

Norristown, Pa. -- As part of its continuing commitment to sustainability, USM Inc. has recently received LEED Silver CI (Leadership in Energy and Environmental Design for Commercial Interiors) certification for its headquarters facility in Norristown, Pa. The facility opened in October 2011.
 
A national provider of interior and exterior facilities maintenance programs, USM is a subsidiary of EMCOR Group, a leader  in mechanical and electrical construction, energy infrastructure, and facilities services for a diverse range of businesses.

Secaucus, N.J. -- The Children’s Place announced that Eric Bauer left the company, effective June 19, 2012. President and CEO Jane Elfers will resume oversight of retailer’s supply chain, store operations, finance, information technology and real estate functions.

Elfers said: “We thank Eric for his contributions and wish him well in his future endeavors.”
 

Seattle -- Starbucks Coffee Co. details its expansion plans for Latin America, including the opening of its first shop in Costa Rica on June 20. The company also said it plans to open "several hundred stores” in Brazil the next five years. (Starbucks has full ownership of its business in Brazil.)

Starbucks and joint-venture partner Alsea expect to add more than 300 new stores in Argentina and Mexico by 2015.

New York -- The Home Depot plans to spend $1.3 billion on new technology and $700 million to build 36 new stores from 2013-15, according to a report by Investors Daily.

The report was based on remarks chain’s senior VP finance, Ted Decker, made Tuesday at Jefferies Global Consumer Conference.

Decker also said the company plans to build “new state-of-the-art distribution facilities” to leverage its stores.
 

NEW YORK — Barnes & Noble saw revenue increases across all of its segments, but it was its digital segment, lead by Nook, that helped narrow its net loss for the fourth quarter and fiscal year 2012.

Barnes & Noble's consolidated revenue for the fourth quarter increased 0.4% to $1.4 billion as compared with the prior year. Net loss for the quarter improved 3% as compared with the prior year to $57.7 million, or $1.08 per share.

DEERFIELD, Ill. — Walgreens and Alliance Boots took the first step in creating what will be the first and largest global retail pharmacy player, the two companies announced Tuesday.  "This creates an opportunity for us together to create an international expansion platform," Walgreens president and CEO Greg Wasson told reporters and analysts early Tuesday morning.

Alliance Boots is a U.K.-based international, pharmacy-led health and beauty group that operates 3,330 retail businesses in 11 countries.

PHILADELPHIA — Pep Boys CFO Ray Arthur has resigned from the company in order to pursue another business opportunity, the company announced Monday. Arthur will continue in his duties until June 29. The Company has engaged Russell Reynolds to conduct a national search for Arthur’s replacement.