Finance & Capital Management

H&M isn’t letting a weak second quarter performance stand in the way of its ambitious expansion plans.   The Swedish retailer’s profit in the quarter, which ended May 31, fell 17% to 5.357 billion Swedish kronor ($649.6 million), according to MarketWatch, as unusually cool weather dimmed sales of spring clothing and a strong U.S. dollar added to its costs. The strong dollar will have a negative impact on purchasing costs for the third quarter and a neutral effect in the fourth, the chain said.  

The National Retail Federation has some big concerns about a plan unveiled Wednesday by House Republican leadership to replace President Obama’s Affordable Care Act.    

The nation’s largest specialty pet supplies retailer is upping its store growth this year.   PetSmart said it expects to open approximately 80 net new stores in fiscal 2016, up from 50 locations in fiscal 2015.     PetSmart is on its way to meeting its goal, having opened 12 net new stores in the United States and Canada during the quarter ended May 1, 2016. The new locations average over 12,000 sq. ft., and include service offerings such as grooming and pet training.  

With all the attention placed on cybercrime, it is easy to overlook the threat posed by old fashioned shoplifters and dishonest employees.  

Restoration Hardware Holdings Inc. (RH) has appointed Hilary Krane to its board of directors, effective immediately.   Krane is the executive VP, chief administrative officer and general counsel of Nike Inc. She will also serve on the board’s audit committee. Prior to joining Nike in 2010, Krane held various roles at Levi Strauss & Co., including senior VP, general counsel and corporate affairs.  

The latest planned fulfillment center for Amazon.com will have a big impact on operations in the South.   The e-tail giant will open a new 600,000-sq.-ft. facility in Braselton, Georgia. When opened, it will create more than 500 new full-time jobs. Amazon currently has more than 1,500 full-time employees at its existing facilities in the state.   Employees at the Braselton center will pick, pack and ship large items for customers like household décor items, sporting equipment and gardening tools.

Circuit City is reportedly getting closer to a relaunch.   The new owner of the defunct consumer electronics chain is currently working with brokers from CBRE to open a 6,000-sq.-ft. to 9,000-sq.-ft. prototype store in Dallas, reported consumer electronics industry publication Twice.     The relaunched business will also include a dedicated e-commerce site, as well as a presence on digital marketplaces such as Amazon.    

Meijer is on the move again.   The company on Tuesday opened a 192,000-sq-.ft. supercenters in Flossmoor and Round Lake Beach, Illinois.      The two new stores are part of an investment of more than $400 million in new and remodeled stores that Meijer is making this year, which is creating 3,000 new jobs across the Grand Rapids, Mich.-based retailer's six-state foot print.    

WP Glimcher announced that CEO and vice chairman Michael Glimcher has resigned from the REIT founded by his father, Herbert. Board member Louis Conforti was named interim CEO at the company slated to be rebranded as the Washington Prime Group.   Several other senior leadership changes were announced, including the replacement of Mark Ordan as board chairman with Robert J. Laikin, who had been the board’s lead independent director. Ordan stays on as a director.  

Specialty apparel retailer Lands' End is making a number of new executive appointments in the marketing and merchandising areas of the company.