Finance & Capital Management

LOS ANGELES — American Apparel announced that Tom Casey has resigned as acting president of the company. Casey was appointed in October 2010 to work with Dov Charney and key investors to validate the company’s strategy, improve operating disciplines and optimize the capital structure, the company reported.

BIRMINGHAM, Ala. — Healthy growth in both sales and earnings at Hibbett Sports during the third quarter indicate that sports-related merchandise remains in demand despite an overall weak economic market.

EL SEGUNDO, Calif. — Mattel has announced that Robert A. Eckert, 57, will retire as CEO, after 11 years with the company, effective Dec. 31. The board of directors has named Bryan G. Stockton, 58, who has held the position of chief operating officer for the last year, to succeed Eckert as CEO, effective Jan. 1, 2012. Eckert has agreed to continue in his role as chairman of the board, and the board has elected Stockton as a member of the board, effective January 1, 2012.

Third-quarter results at Target were pretty darn good, but they were actually even better than they seemed depending on how one compares this year’s number to the prior year performance. Profits grew 10.2% to 82 cents in the third quarter compared with 74 cents the prior year, thanks to a 4.3% same-store sales increase and ongoing improvement in the company’s credit card business.

Third-quarter results at Target were pretty darn good, but they were actually even better than they seemed depending on how one compares this year’s number to the prior year performance. Profits grew 10.2% to 82 cents in the third quarter compared with 74 cents the prior year, thanks to a 4.3% same-store sales increase and ongoing improvement in the company’s credit card business. 

New York City -- American Eagle Outfitters will pay a signing bonus of $3.3 million along with a base salary of $1 million to its new incoming CEO Robert L. Hanson, the Pittsburgh Business Times reported.

Hanson takes over for the chain’s longtime chief executive James V. O’Donnell, who is set to retire Jan. 28.

Boston -- A report released Monday by CBRE Econometric Advisors, a division of Los Angeles-based CBRE Group, said that the U.S. retail real estate sector’s availability rate is expected to decline to 12.4% by the end of 2012.

In 2013, the national retail availability rate, including neighborhood and community centers, will drop further, reaching 11.7%.
 
In third quarter 2011 the retail availability rate was 13.2%. This rate remains well above the previous availability peak of 11.3% set in second quarter 1992.

As the International Council of Shopping Centers’ New York Deal-Making Conference in New York City quickly approaches, it seems appropriate to zero in on the world’s No. 1 retailing market. Chain Store Age talked with Ivan Friedman, president and CEO of New York City-based RCS Real Estate Advisors about the Dec. 5-6 conference, and the state of retail in the Big Apple and its surrounding region.

What are your thoughts on the upcoming NY ICSC show?

Birmingham, Ala. -- Hibbett Sports Inc. said that its third-quarter profit jumped 27%, amid strong demand for shoes and apparel. The results beat Wall Street expectations and Hibbett raised its earnings forecast for the full year.

For the quarter ended Oct. 29, the sporting-goods chain reported net income of $16 million, up from $12.6 million in the year ago period. Sales increased 11% to $185.2. Same-store sales rose 7%.
 

Purchase, N.Y. -- Dollar General is now accepting MasterCard credit cards at all of the nearly 10,000 Dollar General locations across the country, expanding on previous acceptance of MasterCard debit and prepaid cards. 

“Dollar General was the first among small-box value discounters to roll out readers for electronic benefits cards and bank debit and credit cards, making transactions even more convenient for customers.