Finance & Capital Management

Salt Lake City – Online discount retailer Overstock.com saw its second quarter profit diminished by expenses including technology spending, but still remains bullish on the upcoming release of its “cryptobond” financial encryption service.

Overstock reported net income of $1.7 million in the second quarter of fiscal 2015, down 10% from $1.9 million the same quarter a year earlier. Rising technology expenses, as well as increased expenses related to staffing and sales and marketing, drove the decrease in profit.

Morrisville, N.C. — While specialty jewelry retailer Charles & Colvard Inc. saw sales decline and many expenses rise in the second quarter of fiscal 2015, a sharp decrease in income tax expense allowed the retailer to reduce net loss to $4.05 million from $6.19 million in the prior-year period.

Net sales declined 5% to $7.48 million from $7.84 million.

Seattle – Online jewelry retailer Blue Nile Inc. had profit and sales results in the second quarter of fiscal 2015 that crested beyond Wall Street expectations. Net income rose 4% to $2.3 million from $2.2 million the same quarter a year earlier.

An increase in interest and other income, as well as cost of sales growth that did not match the growth pace of sales, drove the increase in net income. Net sales rose 7% to $113.69 million from $106.57 million.

San Antonio – Convenience and fuel store operator CST Brands Inc. was not able to rev up profits and sales to Wall Street expectations in the second quarter of fiscal 2015. Increased total operating expenses helped drive net income down 22% to $25 million from $32 million a year earlier.

Operating revenues also fell 22%, to $2.55 million from $3.26 million. Lower per gallon selling prices for both the U.S. and Canadian retail segments, as well as a weaker Canadian dollar, negatively impacted revenues. 

New York — Where would the retail industry would be without entrepreneurs? The growth of retail is dependent on individuals who identify opportunities and take risks. Now, an organization that fosters that mentality among a future generation of difference-makers needs your vote!

Enactus USA, formerly called Students In Free Enterprise or SIFE, is looking to earn a $500,000 grant from Microsoft in the tech company’s #UpgradeYourWorld campaign which runs through August 23.

New York — Ron Johnson’s newest venture has secured a big round of additional funding.

Enjoy Technology, the online e-commerce start-up founded by the former J.C. Penney chief and Apple store executive, announced it has secured $50 million in a round of Series B funding led by Highland Capital.

Phoenix — Sprouts Farmers Market has a new CEO.

The company announced a leadership succession plan, effective Aug. 6, whereby CFO Amin Mereda has been appointed CEO. Doug Sanders, currently president and CEO, ascends to the role of  executive chairman.

Goodlettsville, Tenn. — A familiar face has returned to head up merchandising at Dollar General.

Dollar General said James W. “Jim” Thorpe had rejoined the company as executive VP and chief merchandising officer, effective immediately. Thorpe previously served as Dollar General’s senior vice president and general merchandise manager from May 2006 until he retired in July 2012. 

A familiar face has returned to lead Dollar General’s merchandising organization following the departure of David D’Arezzo who leaves the 12,000 unit retailer after serving as chief merchandising officer for 20 months.

Imagine where the retail industry would be without entrepreneurs? The growth of retail is dependent on individuals who identify opportunities and take risks. Now, an organization that fosters that mentality among a future generation of difference-makers needs YOUR vote!

Enactus USA, the organization formerly known as Students In Free Enterprise or SIFE, is looking to earn a $500,000 grant from Microsoft in the company’s #UpgradeYourWorld campaign which runs through August 23.