Finance & Capital Management

JOHANNESBURG, South Africa — A South African regulatory body gave Wal-Mart Stores permission on Friday to move ahead with its $2.2 billion purchase of South African chain Massmart.

The Competition Appeal Court upheld a ruling last year by the Competition Tribunal, but did require a study to determine a path to protect small producers who might not be able to compete with foreign producers from whom Wal-Mart can import cheaper goods.

IRVING, Texas — Hostess Brands has appointed Gregory Rayburn as president and CEO. He also was named to the company’s board of directors. Rayburn replaces Brian Driscoll, whose resignation was effective March 9.

As CEO, Rayburn will oversee the company’s reorganization under Chapter 11 as well as overall corporate strategy and ongoing negotiations with the company’s unions. He joined Hostess last month as the company’s chief restructuring officer.

NEW YORK — Ann Inc.'s net income for its fiscal fourth quarter dropped to $2.2 million from $8 million in the year-ago period, hurt by heavy promotions at namesake stores.

Sales increased to $566.7 million, from $515.3 million, and same-store sales for fourth quarter rose 5.3%.

By brand, same-store sales plummeted 10.9% at namesake stores, but rose 8.1% at Loft stores. Strength in the online channel boosted overall same-store results.

Birmingham, Ala. -- Hibbett Sports Inc. reported Friday that profit for the quarter ended Jan. 28 jumped 27% to $15.8 million, compared with $12.5 million in the year-ago period.
 
Revenue increased 10% to $190.7 million from $173.2 million, missing Wall Street’s expected $192.2 million in revenue. Same-store sales rose 7.2%.

For the full year, Hibbett reported net income of $59.1 million, up from $46.4 million last year. Revenue rose to $732.6 million, from $665 million.

Jacksonville, Fla. -- Apparel retailer Body Central Corp. reported Thursday that net income for the fourth quarter more than doubled to $6.1 million, compared with $2.7 million a year earlier.

Revenue surged 20% to $80.7 million, edging Wall Street’s expected $80.5 million in revenue.

For the year, net income more than doubled to $19.7 million from $9.8 million, and revenue rose 22% to $29.7 million.

Everett, Wash. -- Teen retailer Zumiez Inc. reported Thursday that profit for the fourth quarter increased 24.9% to $18.7 million, from $15 million a year earlier, boosted by better margins.

Revenue rose 18% to $183.9 million, edging Wall Street’s expected $183 million in revenue.

The company has now surpassed analyst estimates for four quarters in a row.
 

Minneapolis -- Best Buy Co. said Friday it has named Stephen Gillett as executive VP and president of Best Buy Digital and Global Business Services, effective March 14.

Gillett was previously executive VP Digital Ventures, and chief information officer at Starbucks, charged with leading the company’s efforts to enhance the overall global business operations and improve the customer experience through the use of innovative technology and digital experiences worldwide.

Beachwood, Ohio -- Mall owner DDR Corp. said Friday that Dick's Sporting Goods will open stores at two of its shopping centers in Utah.

The new Dick's Sporting Goods locations will replace former F.Y.E. stores and result in higher and longer-term contracted rents. At the same time, the re-tenanting improves the merchandise mix and credit quality of cash flows at the shopping centers by replacing underperforming stores with a market-share and category-leading retailer.

Johannesburg, South Africa -- A South African regulatory body gave Wal-Mart permission on Friday to move ahead with its $2.2 billion purchase of South African chain Massmart.

The Competition Appeal Court upheld a ruling last year by the Competition Tribunal, but did require a study to determine a path to protect small producers who might not be able to compete with foreign producers from whom Wal-Mart can import cheaper goods.

New York -- Aeropostale Inc. reported Thursday that profit for the quarter ended Jan. 28 dropped to $26.1 million, from $83.8 million a year earlier, hurt by heightened supply-chain expenses.

Revenue dipped 4% to $808.4 million in the quarter, and same-store sales fell 9%. Results edged Wall Street’s expected $807.6 million in revenue.

For the full fiscal year 2011, Aeropostale posted a profit of $69.5 million, compared with $231.3 million last year. Revenue to $2.34 billion, from $2.40 billion in fiscal 2010.