Finance & Capital Management

El Segundo, Calif. -- Big 5 Sporting Goods Corp.’s first-quarter net income fell 54% and missed analysts' expectations because of increased expenses as customer traffic declined.

The company also gave a second-quarter earnings outlook much lower than Wall Street's view.

Big 5 reported late Tuesday that it earned $2.8 million for the period ended April 3, down from $5 million a year ago.

CINCINNATI -- The Procter & Gamble announced the following organizational changes:

Edward Shirley, vice chairman beauty and grooming, will retire from P&G, effective Jan. 1, 2012, after 33 years service.  Until that time, effective July 1, Shirley has been named vice chairman on special assignment, continuing to report to Robert McDonald, chairman of the board, president and CEO.  

EL SEGUNDO, Calif. -- Big 5 Sporting Goods reported that for the fiscal 2011 first quarter, net sales were $221.1 million, compared with net sales of $218.5 million for the first quarter of fiscal 2010. Same-store sales decreased 0.9% for the first quarter of 2011 versus the comparable period in the prior year. This compares to a same-store sales increase of 2.4% in the first quarter of 2010.

New York City -- Wal-Mart Stores said that by the end of the year it will have invested the equivalent of approximately $756 million to expand its operations in Brazil.

Marcos Samaha, president of Wal-Mart's Brazilian subsidiary, said in a Tuesday statement that 1.2 billion reals ($755 million) will be used to build 80 stores, renovate existing locations and improve logistics.

New York City -- Harry & David Holdings, which filed for Chapter 11 in March, asked the court Tuesday for permission to hire a real estate consultant to help close 50 of its 122 stores.

The company seeks approval to hire DJM Realty Services, a subsidiary of the Gordon Brothers Group. The filing said that DJM also could help Harry & David renegotiate leases with landlords for 69 of its other stores

Hoffman Estates, Ill. -- Sears Holdings on Tuesday announced that its same-store sales for the first quarter fell 3.6%. The retailer forecast a loss for the quarter ended April 30 of $145 million.

Same-store sales decreased 1.6% at Kmart, and 5.2% at Sears in the quarter. Sears Canada projects same-store sales will be down 9.2%.

By Jeff Raber, [email protected]

ENGLEWOOD, Colo. -- Dish Network announced that it has named a president for its newly-acquired subsidiary, Blockbuster. Michael Kelly, who most recently served as EVP of Dish Network's commercial services division as well as both the direct sales and media sales organizations and played a key role in Dish Network's purchase of Blockbuster. has been charged with returning the struggling retailer to profitability.