Finance & Capital Management

Toronto, Canada — Lowe's Canada has named Jeff Boyd as VP, real estate, construction and store design effective immediately. Boyd joined Lowe's in October 2007 and has played an instrumental role in the development of the company's Real Estate and Construction function in Canada over the past seven and a half years.  

New York – Foot Locker Inc. scored big in the second quarter of fiscal 2015 with profit and sales that exceeded Wall Street expectations. Net income was $119 million, a 33% increase from $92 million the same period the prior year.   Total sales climbed 3% to $1.69 billion from $1.64 billion. Same-store sales grew 9.6%. Falling selling, general and administrative (SG&A) expenses aided profit growth, while foreign currency fluctuation had a negative impact on sales growth.  

Birmingham, Ala. – Hibbett Sports Inc. missed Wall Street expectations for profit and sales in the second quarter of fiscal 2015. Net income fell 20% to $8.4 million from $7 million the same quarter the prior fiscal year.   An increase in store operating, selling and administrative expenses helped cut profit. Net sales rose 3% to $199.26 million from $193.92 million. Same-store sales dropped 1.1%.  

Dublin, Calif. — Ross Stores Inc. surpassed Wall Street expectations for profit and revenue in a successful second quarter of fiscal 2015. Net earnings rose 8% to $259 million from $240 million the same quarter the prior fiscal year.

Sales rose 9% to $2.97 billion from $2.73 billion, with same-store sales up 4%

New York — New York & Company Inc. maintained an essentially flat net loss in the third quarter of fiscal 2015, even as other financial metrics improved. The retailer reported net loss of $146 million, compared to $147 million the same period the previous fiscal year.

Increased selling, general and administrative expenses, including charges related to headcount reductions, consulting fees and legal and moving expenses that were part of an ongoing business re-engineering project, helped keep New York & Company in the red.

Omaha, Neb. — Gordmans Stores Inc. was able to reduce its net loss in the third quarter of fiscal 2015 as a result of gross margin improvements. Net loss totaled $3.03 million, compared to $3.19 million the same quarter a year earlier.

Net sales increased 2% to $143.4 million from $141 million Same-store sales dropped 1.6%, negatively impacted due to a sales tax holiday shift from July to August.

Gordmans intends to open two additional new stores in the third quarter of 2015 and close one store later this year when the lease term expires.

Dallas — Tuesday Morning reduced net loss to $4.2 million in the fourth quarter of fiscal 2015 from $7.4 million in the same period a year earlier. Reduced selling, general and administrative (SG&A) expenses helped the retailer cut its loss.

Net sales increased 0.2% to $213 from $212.6 million, impacted by the net closure of 41 stores in the current fiscal year. Same-store sales increased 3.6%, with negative impact from a reduced clearance program.

Greensboro, N.C. – The Fresh Market Inc. did not meet Wall Street expectations for profit or revenue in the second quarter of fiscal 2015. The grocer reported net income of $17.47 million, up 53% from $11.39 million the prior period.

Higher gross margin and pretax income drove profit growth. Net sales increased 5% to $442.1 million from $422.23 million, and same-store sales decreased 1%. The Fresh Market plans to open 18 new stores and remodel or refresh nine to 10 stores during the full fiscal year.

Morrisville, N.C. — Jewelry retailer Charles & Covard Ltd. has appointed Jaqui Lividini and Suzanne Miglucci to serve on the company’s board of directors. Lividini previously served as senior VP fashion merchandising & communications at Saks Fifth Avenue and has served as CEO and founding partner of brand strategy company Lividini & Co. since 2005.

Miglucci previously served as senior director of global procurement solution marketing for SAP and has served as chief marketing officer of ChannelAdvisor Corp. since June 2012.

It is a case of better late than never at value priced department store retailer Gordmans Stores where the company has the distinction of being one of the last major retailers to sell merchandise on the Internet.

Omaha, NE-based Gordmans has grown to 101 stores in 22 states and in the company’s second quarter it achieved the somewhat belated milestone of selling online.