Finance & Capital Management

Increases in cost of sales, operating expenses and depreciation resulted in net income dropping at Kirkland’s Inc. during a generally disappointing first quarter of fiscal 2016.
 
The specialty home décor chain’s net income totaled $916 million, down 64% from $2.53 billion in the first quarter of the previous fiscal year. Net sales rose 10% to $129.91 million from $118.31 million, below expectations. Same-store sales edged up 0.5%.
 

Amazon.com has been encroaching on Barnes & Noble Education’s collegiate bookstore business with a rapidly expanding network of campus pickup locations, but Barnes & Noble is striking back.
 
Fourteen colleges and universities have selected Barnes & Noble College as their partner of choice to operate their campus bookstores. The 14 new contracts represent 23 new campus and virtual bookstores. The schools represent a projected additional 140,000 students and their faculty.
 

The nation’s leading auto parts retailer produced modest sales and profit growth during its third quarter but managed to achieve double digit earnings per share growth thanks to stock buyback activity.

AutoZone sales increased 4% to $2.6 billion during the quarter ended May 7, thanks to the addition of new stores and a 2% same-store sales increase. Net income increased 6% to $327.5 million, while earning per share increased 12.6% to $10.77 as the company spent $533 million to repurchase 687,000 shares.

ModCloth, a San Francisco-based e-commerce retailer focused on vintage and independent apparel styles, has named Nicholas Genest as CTO.
 
Genest joins ModCloth with more than 15 years' experience across consumer, tech and online retail industries. He most recently served as the CTO for the online luxury consignment retailer The RealReal, where he strategically led the development of their mobile, web and data technologies since 2013.

L Brands subsidiary Victoria’s Secret has named a veteran of the specialty and intimate apparel verticals as its new CEO.

Jan Singer, who served as CEO of Spanx from June 2014 – March 2016, is now CEO of Victoria’s Secret. Previously, she held corporate VP positions at Nike from February 2004 – June 2014.

Retail mergers have long been subject to scrutiny by the antitrust authorities at the Federal Trade Commission (FTC). But perhaps no two retail chains have found themselves more often in the FTC’s cross-hairs than the two largest office supply providers in the United States, Staples and Office Depot.   
     

The National Retail Federation (NRF) is saying thanks to representatives in Congress who back retailers on important issues.

Rent-to-own retailer Rent-A-Center Inc. has named Angela Yochem to senior VP, IT and CIO.

Yochem’s responsibilities will include developing Rent-A-Center’s IT talent; expanding recently developed technologies; enhancing the company’s web, online and mobile solutions; and providing technology leadership for new opportunities.