Finance & Capital Management

A “merchandising misstep” took its toll on Christopher & Banks in its second quarter as sales decreased more than expected.

Gymboree increased same store sales and profit in the second quarter, but the kids' retailer still plans to close dozens of stores and sell a distribution center.

New York -- The administration of Gov. Andrew Cuomo approved a wage increase that will gradually raise the minimum wage for fast-food workers in New York to $15 an hour. And now Cuomo wants the hike to be even broader.

Speaking Thursday at a labor rally in New York City, Cuomo proposed a $15 minimum statewide wage for all industries, with the increase to be enacted over time. It would give the Empire State the highest statewide minimum wage in the country. New York’s minimum wage is now $8.75 an hour.

Lynnwood, Wash. -- It was tough going for Zumiez Inc. in the second quarter as its profit fell 57% amid increased promotional activity.

The skate and surf apparel retailer reported net income of $3.2 million in the quarter, compared to net income of $7.5 million in the year-ago period. The results included include costs of approximately $0.4 million, for charges associated with the acquisition of Blue Tomato.

Total net sales for the quarter increased 1.8% to $179.8 million, from $176.7 million a year ago.

Minneapolis – A “merchandising misstep” took its toll on Christopher & Banks in its second quarter as sales decreased more than expected.

The company posted a net loss of $710,000 in the quarter, compared to earnings of $3.36 million in the year-ago period.

Montreal - Dollarama Inc. is reporting a significant increase net earnings and sales for the second quarter of fiscal 2016.

 Gross margin improvements and a reduction in selling, general and administrative (SG&A) expenses as a percentage of sales drove net earnings to $95.5 million, up 39% from $68.9 million.

Arlington, Va. -- A report says that only one in five debit and credit cards are ready for the EMV shift.

As retailers spend billions to upgrade their point of sale terminals to accept new chip cards before the Oct. 1 liability shift deadline, the nation’s largest card network acknowledged that a staggering number of magnetic “swipe” cards have not been replaced with new cards.

Cincinnati — Kroger on Thursday announced the appointment of four executive VPs to lead key lines of business.

Berkeley, Calif. - Cheryl Hughes has joined Andronico’s Community Markets as CFO. Recently appointed CEO Suzy Monford leads the all-female team.

Hughes formerly held the role of controller for Chemoil, a global oil trading organization. Prior to this role she was CFO at Pacific Convenience & Fuels based in Pleasanton. Her career in food and retail dates back to her 15-year stint as director of U.S. Finance with Circle K Stores Inc.