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Finance & Capital Management

  • Lowe's reaches out to online retailer affiliates

    MOORESVILLE, N.C. -- Lowe’s has joined the likes of Sears Holdings and Barnes & Noble in extending an invitation for a business partnership with online retailer affiliates.

    “Lowe’s is committed to the communities where we do business,” said Gihad Jawhar, vice president of Lowes.com. “We sincerely hope businesses will consider Lowe’s as a partner.”

  • Consumer Sentiment Index falls more than estimated to 68.2

    Ann Arbor, Mich. -- A report released Friday by Thomson Reuters/University of Michigan showed that confidence among U.S. consumers fell more than forecast in March, precipitated by a surge in fuel prices.

    The Thomson Reuters/University of Michigan Consumer Sentiment Index fell to 68.2, the lowest in five months, from 77.5 in February. The gauge was projected to decline to 76.3, according to a Bloomberg News survey. The index of expectations plunged to the lowest level since March 2009.
     

  • Magnacca's role at WAG expands

    DEERFIELD, Ill. — Walgreens has expanded Joseph Magnacca's role at the drug store chain by appointing him president of daily living products and solutions.

  • Blockbuster cleared for sale process, will avoid liquidation

    New York City -- A Manhattan bankruptcy judge on Thursday has cleared the path for Blockbuster to sell itself to a group of hedge funds, preventing the movie rental chain from having to liquidate its assets.

    Judge Burton R. Lifland has approved procedures for the auction of Blockbuster, with a $290 million initial offer from a group of senior bondholders led by hedge fund Monarch Alternative Capital.
     

  • Kirkland’s Q4 profit falls

    Nashville, Tenn. — Kirkland's Inc. said Thursday that its fourth-quarter profit fell about 35% as its sales softened.

    The company reported net income of $14.4 million for the 13 weeks that ended Jan. 29, compared with $22.1 million a year earlier.

    The results included an $800,000 income tax benefit related to prior years' taxes.

    Quarterly net sales fell to $139.6 million, from $142.8 million in the prior-year period. Same-store sales were down 7.95%.

  • Ann Taylor Q4 profit jumps; changing corporate name to Ann Inc.

    New York — Ann Taylor Stores Corp. On Friday posted a bigger-than-expected quarterly profit on improved sales. The company, which said it will change its corporate name to Ann Inc. to better reflect its multichannel focus, also forecast strong first-quarter sales.

  • Jo-Ann Q4 profit up 8.9%, will open 55 to 60 stores in 2011

    New York City -- Jo-Ann Stores reported Wednesday that net income for the quarter ended Jan. 29 rose 8.9% to $40.4 million, compared with $37.1 million in the year-ago period.

    Sales increased 3.6% to $624.1 million, just missing Wall Street’s expected $625.1 million. Same-store sales rose 2%.

    Chairman and CEO Darrell Webb said the fabric and crafts retailer plans to open 55 to 60 new stores and remodel 60 more this year.

  • The Buckle profit rises in Q4

    Kearney, Neb. -- The Buckle reported Thursday that net income for the quarter ended Jan. 29 rose to $49.5 million, compared with $42.1 million in the year-ago period.

    Sales rose 10.4% to $303.1 million, from $274.4 million.

    Same-store sales increased 6.3%.

    For the full year, The Buckle reported that net income rose to $134.7 million from $127.3 million in 2009. Yearly sales increased 5.7% to $949.8 million, from $898.3 million. Same-store sales edged up 1.2%.

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