Finance & Capital Management

Columbus, Ohio — Big Lots on Thursday trimmed its expectations for the year amid a fall in first-quarter earnings. In a separate statement, Big Lots said it signed an agreement to buy the Canadian closeout retail chain Liquidation World.

Based in Brantford, Ontario, Liquidation World operates 92 stores in Canada. It is Big Lots’ first expansion outside of the United States

Big Lots posted earnings of $52.5 million for the period ended April 30, compared with $55.9 million a year earlier.

Los Angeles — Guess Inc. beat first-quarter revenue expectations, even though it also reported a 15% decline in net income. The company said net income fell to $42.7 million in the quarter ended April 30, compared with $50.3 million in the year-ago period.

Total revenue increased 9.8% to $592.2 million, beating analysts' predictions of $567.7 million. Strength in Asia, where revenue rose 24%, drove the increase. Revenue in Europe also helped, rising 12%. Revenue in North America was the weakest, up 5%.

Same-store sales fell 3.1% in U.S. dollars.

Suffern, N.Y. — Ascena Retail Group Inc. said Wednesday that its fiscal third-quarter profit rose 8% on increased sales at its Dressbarn, Maurices and Justice clothing stores.

The retailer, formerly known as The Dress Barn Inc., reported net income of $51.8 million for the three months ended April 30, up from $48 million in the year-ago period.

Revenue rose 9% to $722.8 million from $665.5 million in the same quarter a year ago. Dressbarn revenue rose 5% in the quarter, and Maurices revenue jumped 17%. Justice sales rose 6%.

New York — Tiffany & Co. said Thursday its first-quarter profit rose 25% on higher revenue across all regions worldwide. The results beat expectations and the company raised its forecast for the year above current Wall Street estimates.

Tiffany net income rose to $81.1 million for the three months ended April 30, up from $64.4 million a year earlier.

Revenue jumped 20% to $761 million from $633.6 million last year, sharply higher than analyst predictions of $702.6 million.

By Scott Setrakian, [email protected]

Who should manage your company's digital ad budget dollars? In an advertising world where digital advertising dollars have now been proven to impact in-store sales, who should own the digital ad budget — the dot.com division, or the stores team?

ISSAQUAH, Wash. — A larger-than-expected inventory charge may have dinged Costco’s third quarter earnings per share, but strong membership upgrade numbers and a dozen fourth quarter openings bode well for the company’s future performance.

PAWTUCKET, R.I. — Hasbro announced that it is reorganizing its global games business and moving its games marketing and games development employees from East Longmeadow, Mass. to Rhode Island. 

NEW YORK — Royal Ahold executive Kimberly Ross is joining beauty company Avon as EVP and CFO, reporting to Andrea Jung, Avon's chairman and CEO.

Ross currently is EVP and CFO and a member of the executive board of Royal Ahold N.V., a Netherlands-based international group, with more than 2,970 stores and supermarkets spanning Europe and the United States.

New York — Walmart and The Home Depot have each pledged $1 million to help rebuilding efforts in tornado-ravaged Joplin, Mo.

Each of the retailers had a store in Joplin that was leveled in the storm. Both stores had fatalities inside them.

In a statement, Walmart said it has accounted for all of its associates working at the store at that time, but still is reaching out to all of its employees in the area. It also is working to direct truckloads of water, food and other basic items to Joplin.

Cincinnati — Macy’s Inc. said it will open two new stores near Chicago and Milwaukee, including its first-ever location in an outlet mall.