Finance & Capital Management

PLANO, Texas — Dr Pepper Snapple Group reported $629 million in profits for fiscal year 2012, up from $606 million in 2011, the beverage maker said Thursday.

Profits for the fourth quarter were $170 million, compared with $166 million in fourth quarter 2011, driven by fiscal year 2012 sales of $5.99 billion and fourth-quarter sales of $1.48 billion, compared with $5.9 billion and $1.46 billion in 2011, respectively.

Reston, Va. -- Despite the backdrop of continued economic uncertainty, 2012 was a strong year for retail e-commerce, according to comScore’s “2013 U.S. Digital Future in Focus” report. Throughout the year, growth rates versus the prior year remained in the mid-teens to outpace growth at brick-and-mortar retail by a factor of approximately four times.

The apparent advantage online retailers have over their brick-and-mortar counterparts may soon be gone now that new legislation seeking to enforce the collection of sales tax for all retailers has been introduced.

New York -- A Friday report by Bloomberg said that Office Depot is considering selling the remaining 50% of its Mexican unit to Grupo Gigante SAB, which currently owns the other half.

Citing unnamed sources, Bloomberg reported that Grupo Gigante is in talks with local banks to fund the acquisition of Office Depot de Mexico.
 

Irving, Texas -- Michaels Stores has named Chuck Rubin as CEO and a member of the board of directors. Rubin is currently the president and CEO of Ulta Beauty.

Rubin will assume his new roles after a brief period of transition, at which time Michaels will discontinue the “Office of the Chief Executive Officer,” established on an interim basis in May 2012. Charles "Chuck" Sonsteby, a member of the Office of the CEO, will continue as Michaels’ CFO and chief administrative officer.

Columbus, Ohio -- The Limited has established an interim “Office of the President” to manage the day-to-day operations of the business while it searches for a new CEO. The retailer said that its chief executive, Linda Heasley, who joined in 2007, is stepping down to pursue other interests effective Feb. 15.
   
The interim office will be filled by three current executives, John Buell, EVP and CFO; Nicolas Frechette, SVP and general merchandise manager; and William Acevedo, SVP of stores; who will report to the board of directors.

ARLINGTON, Va. — The Consumer Electronics Association has issued praise for the U.S. Congress for introducing legislation to establish sales tax fairness.

New York -- Tiffany & Co. has filed suit against Costco Wholesale Corp., alleging alleges trademark infringement, dilution, counterfeiting, unfair competition, injury to business reputation, false and deceptive business practices and false advertising. Tiffany said it filed the suit “to prevent further sales of counterfeit diamond engagement rings and for damages associated with prior sales.”