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Finance & Capital Management

  • Kohl’s Q1 profit falls 5% but beats Street

    Menomonee Falls, Wis. -- Kohl's Corp. reported a 5% drop in first-quarter profit on weak sales fell due to unseasonably cold weather in large parts of the United States.

    Kohl's net income fell to $147 million in the quarter ended May 4, down from $154 million a year earlier.

    Sales fell 1% to $4.2 billion. Comparable-store sales fell 1.9%.

  • Tardy tax refunds, cool weather affect Walmart’s Q1

    BENTONVILLE, Ark. — Same store sales at Walmart's U.S. stores declined 1.4% in the first quarter, but the retailer forecasts comps should rebound during the second quarter. 

    Sales were just below Wall Street expectations as the giant retailer struggled with a number of issues that impacted its U.S. sales, from the payroll tax increase to an unseasonably cold spring to delayed tax returns. The discounter also scaled back its earnings expectations for the current three-month period.

  • DDR to acquire select power enters for $1.46 billion

    Beachwood, Ohio -- DDR Corp. announced an agreement to acquire a portfolio of prime power centers from its existing joint venture with Blackstone Real Estate Partners VII.  The acquisition is slated to close in fourth quarter 2013.
     
    The joint venture between Blackstone and DDR currently owns 44 shopping centers, and DDR will acquire Blackstone's 95% common equity ownership interest in 30 of the shopping centers for $1.46 billion.

  • Mother Nature unkind to Kohl’s in Q1

    Kohl's Corp. reported a 5% drop in first-quarter profit on weak sales due to unseasonably cold weather in large parts of the United States.

    Kohl's net income fell to $147 million in the quarter ended May 4, down from $154 million a year earlier.

    Sales fell 1% to $4.2 billion. Comparable-store sales fell 1.9%.

  • HSN's CFO takes on added role of COO

    St. Petersburg. Fla. – HSN has promoted former executive VP and CFO Judy Schmeling to the new position of CEO and CFO. In her new role, she will be responsible for supply chain operations and customer care functions in addition to continuing her responsibility for finance and IT. Schmeling will oversee these areas for both the HSN and Cornerstone brands.

  • Cool weather fails to hold back Macy’s Q1 profits

    CINCINNATI — Macy’s reported increases in sales and income for the first quarter of 2013 compared to the same period a year earlier, despite cool weather that delayed spring shopping in key markets. Net income was $217 million, a 20% hike from $181 million in the year-ago period.  

    While net income slightly beat analyst predictions, same-store sales rose 3.8%, short of the 4.3% expected by analysts. Net sales totaled $6.39 billion, up 4% from $6.14 billion in the year-ago period.

  • Former Aeropostale exec named to Blue Nile board

    SEATTLE — Blue Nile, an online retailer of diamonds and fine jewelry, has appointed former Aeropostale co-CEO Mindy Meads to its board of directors. 

    Meads has 35 years of experience in the global apparel industry. She currently serves on two public boards — Wet Seal, a specialty teen brand, and Mela Sciences, a bio tech company. In these roles, she provides strategic counsel focused on growth and the use of multichannel business strategies.

  • Safeway stockholders approve BOD recommendations

    Pleasanton, Calif. -- Preliminary results from the Safeway annual stockholder’s meeting show that a majority of stockholders followed board of directors recommendations in electing each of the eight directors with a majority of at least 73%. Stockholders also approved the appointment of Deloitte & Touche LLP as Safeway’s independent accounting firm for fiscal 2013.

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