Finance & Capital Management

MINNEAPOLIS — Supervalu reported net sales of $5.2 billion for the first quarter of fiscal 2014, down 1.5%, and net earnings of $85 million, or $0.34 per diluted share. 

The decrease in net sales primarily reflects a decline in identical store sales of negative 3% percent for retail food and negative 1.9% for Save-A-Lot. Identical store sales for corporately operated stores within the Save-A-Lot network were negative 1.2%.

Salt Lake City – Overstock.com reported substantial increases in net revenue and income for the second quarter of this year. Total net revenue for second quarter 2013 and 2012 was $293.2 million and $239.5 million, respectively, a 22% increase. The growth in net revenue was primarily due to a 21% increase in average order size, from $138 in second quarter 2012 to $167 in second quarter 2013.

Net income jumped an impressive 687%, from $470,000 to $3.7 million.

Another sign of further improvement in the nation’s housing market were results from leading paints manufacturer and retailer Sherwin-Williams, whose net sales for the quarter ended June 30 were $2.71 billion, up 5.5% from the same quarter last year. 

Net sales in the Paint Stores Group increased 8% to $1.61 billion. The company's total net income for the quarter was $257.3 million, up 12.9% from the second quarter of 2013.

Los Angeles -- Guess? has appointed Sandeep Reddy as CFO, effective Aug. 1. He replaces interim CFO Nigel Kershaw.

Reddy has led the Guess Europe Finance Team as CFO since September 2010. He previously held senior financial roles for Mattel Inc. in Europe and the U.S.

ATLANTA — Coca-Cola’s has appointed Santander UK plc CEO Ana Botín to the company’s board of directors.

Santander UK plc is one of Britain’s leading personal financial services companies and a subsidiary of the Santander Group, the largest bank in the Eurozone.

Cleveland – The Federal Competition Commission of Mexico has voted not to authorize Sherwin Williams’ November 2012 acquisition of Mexico City-based home improvement retailer and paint producer Consorcio Comex, S.A. de C.V. Sherwin-Williams is reviewing the rationale for the commission's decision and says it expects to respond to the Commission's concerns in the near future.

Sales at Scholastic Corp fell sharply during the company’s fourth quarter ended May 31 and most of the drop was blamed on the waning popularity of the Hunger Games trilogy.

The global children's publishing, education and media company said sales declined to $506.9 million in the fourth quarter compared to $676.6 million last year and earnings per share fell to 76 cents from $1.86 last year.

Cleveland – The Sherwin-Williams Company reported increases in net sales, diluted income per share and same-store sales during second quarter fiscal 2013. Consolidated net sales increased 5.5% to a record $2.71 billion in the quarter, up from roughly $2.6 billion the previous year. The company credited acquisitions, with some offsetting negative impact from unfavorable currency translation rates, for the net sales boost.