Finance & Capital Management

New York - Tiffany & Co. turned to a main competitor when it was time to find a new global business executive. Tiffany has named Philippe Galtié to the position of senior VP international, effective Aug. 17.

Galtié, 54, most recently held the post of Cartier’s international retail director. He began his career with a range of general management and global marketing roles at Moët-Hennessy, Mars Inc., Eridania Beghin Say and the Nestlé Group.

San Diego – Net income at warehouse club retailer PriceSmart Inc. stayed essentially flat at $21.2 million during the third quarter of fiscal 2015, compared to $21.3 million in the prior year period. Meanwhile, total revenues rose 13% to $697.1 million, from to $615 million.

Higher income taxes kept PriceSmart’s profits flat even as rising export sales and membership income boosted total revenues. Same-store sales increased 4% during June 2015, compared to the same month in the previous year.
 

Brentwood, Tenn. - Tractor Supply Co. is extending its private label credit card relationship with Citi Retail Services. The multi-year extension builds on an existing 15-year partnership with Citi.

Irving, Texas – Some stockholders of The Michaels Companies Inc. intend sell 12.5 million shares of Michaels common stock. The selling Stockholders will receive all of the net proceeds from this offering.

No shares are being sold by the company. Goldman, Sachs & Co. will act as underwriter for the offering.
 

International wholesale club PriceSmart keeps attracting shoppers to its stores, as the retailer reported an increase in same store sales for the third quarter.

Gap Inc. continues to suffer from a lack of traffic to its stores and Web site, but the sales decline abated somewhat in June.

The private equity firms that paid a premium to take Michaels private nearly a decade ago continue to gradually unwind their majority position in the nation’s largest arts and crafts retailer.

Coty is buying 43 beauty brands from Procter & Gamble Co., including Miss Clairol, Covergirl and Max Factor.

New York -- Although the list of retailers reporting monthly sales has grown considerably slim over the past few years, a handful are still going public with the metric.

Costco Wholesale Corp. announced on Thursday that its same-store sales fell 1% in June, following a 1% drop in its most recent quarter (ended May 1), which was the chain’s first quarterly drop since 2009.

New York -- Trader Joe’s is opening a store in the heart of what is arguably the nation’s hippest enclave.

The grocer has signed a lease to open an 18,000-sq.-ft. in the Williamsburg section of Brooklyn, New York, reported Crain’s New York.

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