Finance & Capital Management

Green Bay, Wis. -- Shopko Stores announced Wednesday that Mike Bettiga has been named interim CEO to replace Paul Jones, who resigned to pursue another opportunity.

Bettiga is a 35-veteran of the company, and most recently served as executive VP and COO. Shopko is owned by private investment firm Sun Capital Partners.

Issaquah, Wash. -- Costco Wholesale Corp. reported Wednesday that net income for the quarter ended Sept. 2 jumped 27% to $609 million, from $478 million in the year-ago period. The warehouse club operator credited strong sales and higher member fees for the improved profit performance.

Sales climbed 14% to $31.52 billion, and same-store sales rose 5%. Membership fee revenue rose 18% to $694 million. The company said it plans to open up to 14 new warehouses before the end of calendar year 2012.

ISSAQUAH, Wash. — Costco reported fourth-quarter sales of $31.52 billion, an increase of 14% from $27.59 billion for the same period last year.

Net income for the quarter was $609 million, or $1.39 per diluted share, compared with $478 million, or $1.08 per diluted share, during the fourth quarter of fiscal 2011.

Comparable-store sales, excluding fuel, rose 6% at U.S. stores, 7% internationally and 6% for the total company.

Rogers, Ark. -- In its annual meeting with analysts on Wednesday, Wal-Mart Stores U.S. president Bill Simon said the retailer would accelerate small-store growth to compete with dollar stores and drug stores, and announced plans to have 500 Neighborhood Market stores and 12 Express stores by fiscal 2016.

“This gives us the opportunity to build more stores for less money," Simon said. Wal-Mart currently operates 217 Neighborhood Markets and 10 Express stores.

Rogers, Ark. -- As part of its annual address to investors on Wednesday, Wal-Mart Stores said it expects global e-commerce sales to reach $9 billion next fiscal year.

The retailer said it has made walmart.com easier to shop with a new search engine, enabled cash payment functions, and is now testing same-day delivery in four markets and a scan-and-go service for smartphones.

Mississauga, Ontario -- Walmart Canada said Tuesday it will complete 30 real estate projects by the end of October, including two supercenter conversions and 28 new stores totaling 2.4 million sq. ft. of retail space.

The new stores were former Zellers locations; 10 will be converted to supercenters and 18 will be Walmart Canada discount stores.

“This is an exciting month for Walmart Canada,” said Jim Thompson, COO, Walmart Canada.

Foothill Ranch, Calif. -- Wet Seal Inc. said Wednesday it has named Clinton Group nominee Lynda Davey as chairman of the board. Davey is the former chairman and CEO of Avalon Group Ltd. and will replace the recently departed Harold Kahn.

The announcement follows earlier news that four Clinton Group nominees joined the Wet Seal board of directors: Davey, Dorrit Bern, Mindy Meads and John Mills.

FOOTHILL RANCH, Calif. — The Wet Seal has named four new members to its board of directors and Lynda Davey as chairman of the board.

The new members, who joined effective Oct. 4, include: Dorrit Bern, Lynda Davey, Mindy Meads and John Mills.