Finance & Capital Management

PLANO, Texas — JCPenney posted first-quarter net income and comparable-store sales growth thanks to strong growth in key categories and better management of expenses. 

The country's second largest home center chain posted sales of $12.2 billion in its first quarter ended April 29. That's down 1.6% as the one-two punch of bad weather and weak economy took its toll.

The company's earnings also declined -- down 5.7% to to $461 million. Comparable store sales were down 3.3%.

HERSHEY, Pa. — Kevin Walling has joined confectioner Hershey's team as its SVP and chief people officer, effective June 1.

In his new role, Walling will serve as the chief architect for Hershey’s human resources, talent retention, development and recruitment, as well as total rewards strategies.

Walling, who joins Hershey from global technology and manufacturing company Kennametal, will report to Hershey president and CEO David West.

NEW YORK — The Deloitte Consumer Spending Index, which tracks consumer cash flow as an indicator of future consumer spending, fell to 3.16% from an upwardly revised gain of 3.78% a month ago.

The index showed the largest single month decline since November 2007.

Deloitte said that the index, which is comprised of four components — including tax burden, initial unemployment claims, real wages and real home prices — saw a drop due to "a sharp deterioration in real wages coupled with a rise in jobless claims."

LONDON — Wal-Mart Stores' Asda division Asda confirmed that it was exploring opportunities to franchise its George at Asda range in markets overseas.

The company expects to announce its first overseas franchising partner in the next few months with the intention of establishing a small number of pilot stores in the Middle East in the first half of 2012.

George currently accounts for around half of Asda’s general merchandise sales and is already a growing global brand through Walmart stores in seven countries worldwide, the company reported.

PHILADELPHIA — Urban Outfitters announced net income of $39 million, or earnings per diluted share of 23 cents for the first quarter ended April 30, compared with net income of $53 million, or earnings per diluted share of 31 cents.

Total company net sales rose by 9% over the same quarter last year to $524 million. Comparable retail segment net sales, which includes direct-to-consumer channels, decreased 1% for the quarter while comparable store net sales decreased 5% for the quarter. 

New York City -- Falling real wages and rising jobless claims in April contributed to largest single month drop in the Deloitte Consumer Spending Index since November 2007. The Index, which tracks consumer cash flow as an indicator of future consumer spending, fell to 3.16% from an upwardly revised gain of 3.78% a month ago.

New York City -- Dillard’s will pay $50,000 and provide additional, unspecified relief to settle an age discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the Triangle Business Journal reported.

Woodland Hills, Calif. -- GA Keen Realty Advisors, a division of Great American Group, has been retained to assist in the marketing and disposition of 70 leased properties across 21 states operated by Metropark, which filed for bankruptcy earlier this month. Metropark’s retail properties, which range in size from 2,000 sq. ft. to 3,500 sq. ft., are concentrated in the West (California, Arizona, Colorado, Nevada and Texas) and in the East (New York, New Jersey, Pennsylvania, Georgia and Florida).

Mooresville, N.C. -- Lowe's Cos. said Monday its first-quarter profit fell 6%, due in part by bad weather and difficult economic conditions. The chain cut its full-year outlook.

Lowe's reported net income of $461 million for the three months ended April 29, down from $489 million a year earlier. Its results missed estimates. Revenue fell 2% to $12.19 billion. Same-store sales were down 3.3%.