Finance & Capital Management

Chicago -- Teen retailer Claire's Stores provided some hope that discretionary spending is improving by reporting net sales of $421.9 million for the fiscal 2010 fourth quarter, an increase of $11.2 million, or 2.7% compared with the fiscal 2009 fourth quarter. Consolidated same-store sales increased 3.2% in the fiscal 2010 fourth quarter consisting of a 4.7% increase in North America and a 0.6% increase in Europe.

Cupertino, Calif. -- Apple reported a record second-quarter net profit of  $5.99 billion, or $6.40 per diluted share, and revenue of $24.67 billion, thanks to strong sales in Macs, iPhones and iPads. These results compare with net quarterly profit of $3.07 billion, or $3.33 per diluted share, and revenue of $13.5 billion, in the year-ago quarter. International sales also helped boost profits, as they accounted for 59% of the quarter’s revenue, the company reported.

Cleveland -- Forest City Enterprises said Wednesday it has promoted Duane F. Bishop Jr., to the position of executive VP and COO of the company’s Commercial Group.

Bishop was previously executive VP – Asset Management. 

Forest City’s Commercial Group, the largest of three major strategic business units, includes the company’s retail, office and hotel properties.

The recent opening of the 500th Vitamin Shoppe store was heralded as an important milestone for this rapidly growing company but within a few years the nation’s second largest nutritional products specialty retailer could be eyeing 1,000 units.

“There are many markets we are interested in establishing a presence in, and we will continue to move forward with our growth plans to expand in current markets and penetrate new ones,” Vitamin Shoppe CEO Tony Truesdale said on the occasion of the opening of the 500th store in St. Peters, Mo., earlier this month.

The multichannel capabilities of Toys “R” Us were enhanced this week when the company announced plans to open a new online fulfillment center near Reno, Nev., that will allow for more timely shipment of West coast customers’ online orders.

New York City -- Tesco PLC said Tuesday that its profit rose 14% to $4.3 billion in its most recent fiscal year ending Feb.26, while annual group sales increased 8% to almost $106 billion. However, losses continued to mount at its U.S. division, Fresh & Easy Neighborhood Market, which lost about $302.6 million. The division, which opened its first stores in 2007, now has 172 locations. It has yet to post a profit.

Tesco remains committed to Fresh & Easy, and said it is ramping up expansion, with about 50 stores on tap for this year.

New York City -- Women’s fashion apparel retailer Francesca's Holdings Corp. filed for up to an estimated $150 million to be raised in an initial public offering.

The company has about $41.4 million in proceeds from the offering earmarked toward repaying a senior secured credit facility, Dow Jones Newswires reported. Remaining funds may be used for opening new stores and growing its e-commerce business.

For the year ended Jan. 29, Francesca's same-store sales climbed 15% on top of a 9.8% increase a year earlier.

Anaheim, Calif. -- Pacific Sunwear of California announced that Michael Kaplan will join the company as senior VP and CFO, effective May 2. He will be replacing Mike Henry who became interim CFO in November 2007 and was named CFO in January 2008.

Most recently, Kaplan was CFO of Harbor Freight Tools, a 349-store retailer of proprietary branded tools. Prior to joining Harbor Freight Tools in 2010, he was a senior executive of Gap Inc. from 2005 to 2010.

New York City -- Loehmann's Holding Co. announced that Joan Durkin has been appointed CFO and senior VP finance. She assumes the CFO role from Joe Melvin who successfully led the company out of Chapter 11 in early March.

Durkin most recently served as VP finance for Brown Shoe Co.

Wayne, N.J. -- Toys “R” Us announced Wednesday that it will open a new e-commerce distribution center near Reno, Nev., to support its expanding online business.

The dedicated e-commerce fulfillment center, located in McCarran, is slated to open in July.

Once operational, the retailer said the 300,000-sq.-ft. facility will enable it to increase its fulfillment capacity and expedite deliveries to online customers in the western United States.