Finance & Capital Management

New York City -- Lee Scott, the former CEO of Wal-Mart Stores, sold 100,000 shares in the company on Friday, reducing his direct stake in the company by about 14%, according to a filing released late on Tuesday, Barrons reported.

Scott sold the shares for $57.17 each on average. He still owns about 607,000 shares directly, not including any options he may still have, the report said. Scott had not sold shares since March 2010, when he also sold about $5.7 million worth, according to InsiderScore.com.
 

New York City -- Modell’s Sporting Goods announced it will open a 16,460 sq. ft. store in Oceanside, N.Y., on Dec. 2. It will be the retailer’s 61st location in New York.

Modell’s operates 148 stores located in New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and Washington, D.C.
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Washington, D.C. -- The National Retail Federation urged the House Judiciary Committee to support legislation that would require Internet retailers to collect sales tax the same as local merchants, saying online sellers have a price advantage that is “stifling” Main Street stores’ ability to compete.

Philadelphia -- Simon Property Group announced Tuesday plans to unify the two main shopping venues of King of Prussia Mall, in King of Prussia, Pa., expanding one of America's most productive and iconic retail destinations.

Irvine, Calif. -- Steadfast Cos. said that Richard Gann has been hired as chief marketing officer for Steadfast Capital Markets Group, the company’s securities and financial services division.

In the newly created role, Gann will oversee strategic marketing functions to assist in the overall positioning and growth of the Steadfast Income REIT, the company’s $1.65 billion public, non-traded real estate investment trust, as well as future alternative investment programs.
 

Hampstead, Md. -- JoS. A. Bank Clothiers said that net income for the third quarter of fiscal year 2011, ended Oct. 29, 2011, increased 19.3% to $15.0 million verses $12.6 million in the year-ago period. However, the chain warned that its forth quarter has started out more slowly than expected, and that it has adjusted its December merchandising and marketing plans for the stores.

Total sales increased 21.0% to $209.6 million, from $173.3 million. Same-store sales rose 14.6% and direct marketing sales increased 28.6%.

Albany, N.Y. -- Trans World Entertainment Corp. announced it has named Tom Seaver as CFO, effective immediately.

Seaver, most recently held the position of VP – strategic planning and previously held the position of VP – finance global PMC.

Pleasanton, Calif. -- Safeway said its board of directors increased its stock buyback authorization by $1.0 billion, to $8.0 billion.

The supermarket operator said it had repurchased $6.1 billion of its stock through the end of the third quarter and had about $0.9 billion remaining under the buyback program at that time.

The repurchase authorization does not have an expiration date, Safeway said in a statement.
 

Pittsburgh -- American Eagle Outfitters Inc. reported that its third-quarter net income increased 59%, helped by a year-ago charge. The chain posted fourth-quarter guidance that was above Wall Street expectations.

For the August-October quarter, the company said net income was $52.4 million, compared with $33 million in the same period last year. Analysts expected 26 cents per share.

Revenue rose 11% to $831.8 million, from $751.5 million last year. Analysts expected $820.3 million. Same-store sales rose 5%, as did online revenue.

London – WorldPay, the global leader in payment processing has appointed Charlotte Speller, VP global marketing, for the e-commerce division of the business.

Charlotte joins WorldPay from Sage Pay, where she was head of marketing and PR and publisher of e-commerce and payments magazine Moving Money.