Finance & Capital Management

The historic May flood of 2010 in Nashville and Middle Tennessee took 23 lives, displaced thousands of residents and flooded hundreds of businesses, as more than 13 inches of rain was recorded over a two-day period and the Cumberland River reached nearly 12 ft. above flood stage.

Among the business casualties was the Opry Mills, a Simon Property Group outlet retail destination seven miles from downtown Nashville and a short walking distance from the Grand Ole Opry.

New York City -- A report by the Associated Press revealed that Gap CEO Glenn Murphy received compensation worth nearly $6 million in 2010, an 18% increase from the year before.

Most of the increase came from a one-time bonus and stock awards. Murphy didn't receive any stock awards the year before.
 

DALLAS -- Tuesday Morning's third-quarter sales offered another boost to the home retail segment, albeit not to the extent of Bed Bath & Beyond or Pier 1, which reported 4Q comps of 8.5% and 8.9%, respectively. 

New York City -- J. Crew said Tuesday that it plans a $20 million expansion of its Lynchburg, Va., distribution center to facilitate the retailer’s goal of selling more clothes overseas.

According to a report in the Lynchburg newspaper News & Advance, J. Crew is slated to open its first store outside the tates and start shipping orders to Europe by the end of 2011. Those orders will be filled at J. Crew’s facility in Lynchburg.

Dallas -- Tuesday Morning Corp. reported Tuesday that sales for the quarter ended March 31 rose 1.3% to $174.3 million, compared with $172 million in the year-ago period.

Same-store sales edged up 0.7%, as traffic dipped 3.2% and average ticket increased 3.9%.

The retailer said it expects capital expenditures of $19 million and to end the fiscal year with 10 to 13 more stores than at the end of the previous year.

New York City -- A report released Tuesday by The Conference Board found that the top concern facing CEOs across the globe is business growth.

The Conference Board CEO Challenge 2011 polled more than 700 CEOs, presidents and chairmen from across geographies and industries regarding the most pressing issues they face in today’s business environment.

Indianapolis -- Finish Line announced that Terry Ledbetter has been appointed CIO, effective April 14. Most recently, he served as VP information technology, Dick’s Sporting Goods.

In other appointments, the chain said that Donald J. Gualdoni has been appointed VP business development and corporate strategy, effective April 14.

Bentonville, Ark. -- Wal-Mart Stores said Tuesday it plans to reduce space for electronics in its U.S. stores, saying that sales in that category have declined.

The company will reduce floor space devoted to items such as flat-screen televisions and give some of that space to apparel, according to Rosalind Brewer, who runs the Wal-Mart East division and addressed a retail conference in Atlanta on Tuesday.