Finance & Capital Management

Stein Mart reported negative same-store sales growth on the same day that the company also lost its chief merchant to an off-price rival.

For the third quarter ended Oct. 31, Stein Mart comps fell 2.3%.

"Unseasonably warm weather impacted traffic and our sales during the third quarter," said Jay Stein, CEO. "We continue to have a positive outlook on our important fourth quarter holiday sales which will include incremental sales from six new stores opened through the third quarter plus four more new stores opening in November."

Gap Inc. is reportedly steering its store networking strategy away from hardware such as switches and routers.

According to the Wall Street Journal, Gap network architect Snehal Patel told attendees at a recent New York University networking conference that the retailer is transitioning its store network traffic to software-defined routers from Vipeta Inc. The new routers allow Gap to route traffic over the public Internet, maintaining security with encrypted connections.

While Whole Foods Market and The Fresh Market struggle to eke out sales growth and profit, Sprouts Farmers Market is quietly emerging as a perennial winner in the grocery sector.

Sprouts reported its third quarter results this week, and the company's financials exceeded company guidance and even Wall Street estimates.

The grocery chain reported results for the 13-week third quarter ended Sept. 27 that included:

• Net sales of $903.1 million, an 18% increase from the same period in 2014

Signet Jewelers has hired its first ever chief strategy officer to lead the jewelry company's transformation and future growth.

The world's largest retailer of diamond jewelry announced that Uta Werner has joined the company as Signet chief strategy officer. Werner will be responsible for strategy development and execution and will be focused on the identification of growth opportunities, strategic planning and mergers and acquisitions.

Breaking the cycle of promotional ridiculousness at Jos. A. Bank is proving to be a far worse drag on sales and profits than parent company Men’s Wearhouse expected.

Men’s Wearhouse revealed the cost of breaking the promotional cycle at the acquired Jos. A. Bank stores on Nov. 6 when CEO Doug Ewert announced a huge downward revision to the combined company’s third quarter and full-year sales and profit outlook.

Ross Stores Inc. has hired away the chief merchant at Stein Mart to lead merchandising at DD's Discounts.

Ross Stores announced that Brian Morrow will join the company as president and CMO at DD's effective Dec. 7. Morrow will report directly to Barbara Rentler, the company's CEO, and be responsible for directing all aspects of merchandising at DD's Discounts.

The New York attorney general's office has reached a settlement with Lowe's to refund up to 10% of flooring installation fees paid by more than 16,000 customers. The Associated Press reports that Lowe’s, with 64 New York stores, overcharged the customers with a deceptive sales practice that it has since agreed to halt. The retailer had offered installation of carpeting, tile, wood and laminate flooring by third-party contractors at square-foot rates that were applied to materials bought, not those actually installed.

The New York attorney general's office has reached a settlement with Lowe's to refund up to 10% of flooring installation fees paid by more than 16,000 customers.

The Associated Press reports that Lowe’s, with 64 New York stores, overcharged the customers with a deceptive sales practice that it has since agreed to halt. The retailer had offered installation of carpeting, tile, wood and laminate flooring by third-party contractors at square-foot rates that were applied to materials bought, not those actually installed.

For a variety of retailers – from supermarkets, to restaurants, to department and convenience stores – the holiday shopping season represents the peak time of year for staffing up on temporary workers to help meet all of the increase in consumer demand.

The Walgreens Boots Alliance/Rite Aid deal can pass Federal Trade Commission scrutiny with as little as 170 retail store divestitures, according to a proprietary analysis conducted by Credit Suisse, but the company will more likely be required to sell off some 950 stores.