Finance & Capital Management

Washington, D.C. – The National Retail Federation (NRF) is formally opposing the proposed settlement of a federal antitrust lawsuit brought by 19 trade associations and six retailers in 2005. The lawsuit involves “swipe fees” charged for credit card transactions by Visa and Mastercard. Retailers that agree to settlement terms are eligible for a share of a $7.25 billion settlement.

LENEXA, Kan. — Balance Innovations, a provider of reconciliation and cash office management solutions for the retail industry in the United States and Canada, has named former Safeway executive Steve Rempel president and CEO. 

In this role, Rempel will lead the company as it further develops its core products and evolves to the next generation of cash office reconciliation solutions for the retail industry.

PITTSBURGH — Although Dick’s Sporting Goods reported a year-over-year increase in revenues for first quarter 2013, performance still fell short of Wall Street expectations.

The sporting goods retailer reported first quarter revenues of $1.33 billion, a 4% increase from $1.28 billion. However, analysts expected revenues for the quarter to total $1.36 billion.

Net income grew 13%, from $57.2 million to $64.8 million.

SHANGHAI — Hershey is heading to China to launch a candy brand called Lancaster, marking the first time in its 120-year history that the company has launched a new brand outside of the United States. It’s also the first time in 30 years that Hershey launches a brand that is neither a brand extension nor an acquisition.

The brand will be available in the cities of Wuhan, Hangzhou and Chengdu in June, with wider distribution following next year. 

The Home Depot shrugged off bad weather, and thanks, in part, to a recovering housing market, the company reported first quarter sales of $19.1 billion, up 7.4% from last year's quarter, which had one less week. 

On a like-for-like basis, comparable store sales for the first quarter were positive 4.3%. U.S. stores comps were positive 4.8%, also on a like-for-like basis.

Philadelphia – Urban Outfitters, Inc. reported stronger than expected net sales, which drove a 39% increase in net earnings. The specialty retailer reported record total net sales of $648 million during first quarter fiscal 2014, up 14% from $568 million in the same quarter last year. Net earnings for the quarter were $47 million, higher than analyst expectations and up 39% from first quarter fiscal 2013.

Atlanta – The Home Depot reported sales of $19.1 billion during first quarter fiscal 2013, a 7% increase from $17.8 billion in the same quarter of 2012. Home Depot credited $574 million of this $1.3 billion increase to the addition of an extra week to the first quarter of this year. Net earnings rose 20%, from $1 billion to $1.2 billion.

Memphis – AutoZone reported net sales of $2.2 billion for third quarter fiscal 2013, representing a 4.5% increase from $2.1 billion during the same period in fiscal 2012. Meanwhile, net income increased almost 7% from $248.6 million to $265.6 million. Same store sales experienced a slight 0.1% dip compared to third quarter fiscal 2012.