Finance & Capital Management

Central Garden & Pet's CEO is not settling for the company's margins and bottom line results, despite reporting second-quarter net sales of $498.2 million, a 7% increase over the comparable fiscal 2012 period.

The company's net income for the second quarter ended March 30 was $22.2 million, compared with net income of $21.6 million in the second quarter of 2012. 

NEW YORK — The Buckle and Zumiez all reported better-than-expected same-store sales for April, even as concerns about the job market bit into other retailers’ results.

The Buckle, Inc. reported a 6.2% increase in same-store sales for April, well ahead of the 1.5% same-store revenue growth anticipated by Wall Street analysts. The teen apparel retailer also reported year-to-date same-store revenue growth of 1.2% and total sales of $269.7 million, a 2.3% increase. 

Toronto -- Canadian Tire Corp. plans to spin off most of its real estate assets into a C$3.5 billion (approximately U.S. $3.49 billion) real estate investment trust, with an initial public offering expected later this year. The proposed new REIT would acquire a majority of the company's owned real estate, including approximately 250 properties comprised largely of Canadian Tire Retail stores, Canadian Tire anchored retail developments and one distribution center.  

New York -- Officials in Baton Rouge have approved more than $7 million in incentives to bring a Costco store to the Louisiana city, the Associated Press reported.  
   
Costco is expected to open a 150,000-sq-ft. store by next April at the site of a former Coca-Cola bottling facility, the report said.

TJX and Ross both reported April sales results that exceeded expectations. Same store sales for the four-week period ended May 4, increased 8% for TJX, while Ross saw a same-store sales increase of 7% for the same period.

SALT LAKE CITY — As part of its philanthropic efforts, Walmart is holding a fundraiser between now and Friday, June 21 benefiting Children’s Miracle Network Hospitals.

Walmart is inviting customers and Sam’s Club members to make a $1 donation or more at the retailers’ more than 4,600 U.S. locations. Participants can add a “Miracle Balloon” donation during checkout, and 100% of all funds raised will go directly to the member hospital in the area. 

DALLAS — Kimberly-Clark has named Karen Leets as its new VP and treasurer, succeeding Nancy Loewe, who will continue to serve as the company's chief strategy officer. Leets will report to SVP and CFO Mark A. Buthman.

In her new role, Leets will be responsible for the entire treasury practice at Kimberly-Clark, including capital markets, cash planning, global cash and foreign exchange management, real estate and banking and rating agency relationship management.

Philadelphia -- Wet Seal Inc. agreed to pay $7.5 million to settle a federal racial discrimination lawsuit that accused retailer of firing black employees because they didn’t fit the retailer’s “brand image.”
   
The NAACP Legal Defense and Education Fund represented the plaintiffs in the class-action effort. The lawsuit alleged that former top Wet Seal executives denied equal pay and promotion opportunities to black store managers or removed them outright, replacing them with white employees.