Finance & Capital Management

Walmart overcame a meager 1% same stores sales increase at U.S. stores to deliver better than expected fourth quarter profits on Thursday.

The company said total sales increased 3.9% to $127.1 billion compared to $122.3 billion last year. Without the benefit of a favorable currency exchange situation, sales would have increased a lesser 3.7% to $126.8 billion. Full year sales increased by 5% to $466.1 billion compared to last year’s total of $443.8.

DALLAS — Zale Corp. reported that revenues for its second quarter rose 1.1% to $7 million from $664 million last year.

“The growth achieved in the quarter was driven by our exclusive, branded collections. Further expanding these products and supporting them with compelling marketing and training is an important part of our growth strategy,” commented Theo Killion, CEO.

For the second quarter of fiscal 2013, comparable-store sales increased 2.8%. This increase follows a 5.8% rise in the same period last year. 

New York -- Winick Realty Group announced that it is exclusively representing Chipotle Mexican Grill in its leasing efforts throughout Northern New Jersey, Long Island and all five boroughs of New York City.

The Winick team is seeking 1,600-sq.-ft. to 2,300-sq.-ft. sites in these markets. Since opening its first Manhattan location in 2003, Chipotle has grown to 60+ locations in New York City, Long Island and Northern New Jersey.

Whirlpool has appointed Diane Dietz, executive VP and chief marketing officer of Safeway, to its board of directors, effective immediately.

"Diane Dietz's history of leadership in the consumer products industry makes her an outstanding addition to our board," said Jeff Fettig, Whirlpool chairman and CEO. "We know her breadth of experience in driving sales and building successful brands will be invaluable to our board of directors and Whirlpool Corporation." 

New York -- OfficeMax Inc. and Office Depot have formally announced an agreement under which the two companies would combine in an all-stock merger that would transform the office supply sector of retail. The merger, which creates a single company with nearly $18 billion in revenue, was unanimously approved by the board of directors of both chains.

NEW YORK — Iconix Brand Group has acquired Lee Cooper, a global lifestyle brand with over a 100-year heritage for $72 million in cash. The brand was acquired through the company's Luxembourg subsidiary, Iconix Luxembourg Holdings Sarl. 

New York -- Britain’s Topshop is planning on increasing its U.S. presence. The fashion chain plans to open 10 additional stores in the United Stores over the next two years, according to the New York Daily News.
   
There are currently four U.S. Topshop stores, with the most recent being a flagship at The Grove in Los Angeles. The 25,000-sq.-ft. store carries the retailer's full range, including its Topman brand for men.

Las Vegas -- MGM Resorts International CEO Jim Murren said Wednesday that the company is considering selling parts of its $8.5 billion CityCenter project on the Las Vegas Strip, including the Crystals Mall.

The sell-off would be a move to reduce CityCenter’s $1.85 billion in debt, which has been paid down from $2.5 billion last year.

CityCenter also houses the 4,000 Arai hotel casino which, said Mullen, is not part of any potential sale.