Finance & Capital Management

Supervalu Inc. is losing its chief finance officer.   The company announced that Bruce Besanko plans to resign as executive VP, COO and CFO effective July 5, 2017 to pursue an outside opportunity.  

Amazon is impacting its hometown of Seattle in ways large and small.  

Eddie Bauer LLC could be for sale.   The retailer has hired investment banks Guggenheim Partners LLC and Financo LLC to explore strategic alternatives, including a potential sale, Reuters reported. The debt-laden company is seeking relief from a $225 million term loan due in 2020 and $200 million revolving credit line that comes due in 2019, the report said.  

Increased security in airports is helping to boost sales in airport stores.    Travel retail, particularly in airports, is currently a bright spot in the retail world.    Spending in airports hit $38 billion globally in 2016, according to GlobalData. It is set to grow by 27% to $49 billion by 2021.  

Wages

California: A state overtime pay bill that matches the salary threshold of the Obama administration’s overtime regulation at $47,476 passed the Assembly and now heads to the Senate. The federal regulation is currently on hold due to a court injunction and Labor Secretary Acosta is expected to rescind the rule. New York recently instituted an overtime rate at a similar level.

German discount grocer is expanding its presence and investment in the U.S. — on two fronts.    On the heels of its first 10 stores opening in the U.S., Lidl is expanding with more locations. On July 13, the company will open two stores in Virginia (in Chesapeake and Culpeper) and two in North Carolina (Havelock and Wake Forest).  

The Finish Line met earnings estimates for its first quarter amid sales that were less than expected.    The retailer reported net income of $8.1 million. Adjusted earnings per share came in at $0.23, in  line with analysts' expectations.    Consolidated net sales inched down 0.1% to $429.8 million in the quarter ended May 27. Same-store sales decreased 1.1%. Same-store sales at Finish Line in-store shops at Macy’s 13.6%.  

Bed, Bath & Beyond, which missed sales and earnings expectations for its first quarter, is focusing online for growth.   Citing strong digital growth, CEO Steven Temares said on the chain's quarterly earnings call that he expects store closings to increase as leases expire and as the way customers shop continue to evolve.  

Sears Canada is looking to reinvent itself.    The long-struggling department store retailer said it expects to close 59 of its 225 stores and cut 2,900 of its approximately 17,000 workers as part of its restructuring. Sears Canada filed for protection from its creditors under Canada's Companies' Creditors Arrangement Act, the equivalent of Chapter 11 bankruptcy, on Thursday.    

While the pace of decline at B&N has eased, the company remains firmly in decline with sales down across the board. The saving grace is that a firm grip on costs, which were slashed by $137 million over the year, allowed the group to reduce losses for the quarter, and to post a $22 million net profit for the full fiscal.