Finance & Capital Management

TOLEDO, Ohio — Hickory Farms, a leading provider of specialty foods and holiday food gifts, has made changes to its executive team.

The company has promoted VP of brand marketing Michael Holton to CMO. VP of supply chain Joe Loch has been promoted to VP of franchise and retail sales. Director of logistics Ty Hanline has been promoted to VP of supply chain. The company has also hired Davenport, Hanf & Company executive Joe Herman to be its interim CFO.

Walpole, Mass. -- Walmart announced the completion of eight new solar photovoltaic (PV) arrays in Massachusetts, celebrating with an event at its Walpole store.

ST. PETERSBURG, Fla. — Interactive multichannel retailer HSNi has promoted Judy Schmeling to COO and CFO. Schmeling has served as HSNi's EVP and CFO since 2001. In her new role, she will be responsible for supply chain operations and customer care functions in addition to providing ongoing leadership for finance and information technology. 

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.

Boston -- The administration of Massachusetts Gov. Deval Patrick has agreed to allow the construction of a 4.5-acre complex called Fenway Center in the area around Fenway Park in the city’s Back Bay neighborhood. Developer John Rosenthal will pay $226 million in rental fees to build the development, which will include retail stores as well as homes and office buildings.

The development includes state-owned land as well as air rights over the Massachusetts Turnpike.

NEW YORK — Olivier Goudet, partner and CEO of the Joh. A. Benckiser Group and former CFO of Mars Inc., has been appointed global beauty brand Coty’s board of directors. Goudet replaces Bernd Beetz, who stepped down from Coty's board to pursue other interests.  

JAB is a privately held group that owns and invests in premium brands; it is also Coty's majority shareholder.

PHILADELPHIA — Teen discounter Five Below increased its first quarter profit forecast as sales for the period increased 33% to $95.6 million and same store sales advanced 4.2%.

Los Angeles -- CBRE Group released research findings on Tuesday that showed Hong Kong’s continued top position as the world’s most expensive global retail market, recording prime rents nearly 150% higher than New York City.

London ranked third, with prime rental rates 400% lower than Hong Kong’s.