International Business

Tiffany chairman and CEO Michael J. Kowalsk said the company enjoyed “an excellent and encouraging start to the year.”

The company grew net earnings 50% in the first quarter. Net earnings increased 50% to $126 million, up from $84 million in the same period a year earlier, aided by the elimination of pre-tax charges relating to staff and occupancy reduction.

Worldwide net sales grew 13% to $1.01 billion, from $895.48 million. Worldwide same-store sales rose 11% due to growth in most regions.

Dole announced a succession plan for two of its operational divisions, which includes internal candidates transitioning to more substantial leadership roles.

“We have implemented the following succession plan at two of our operating divisions,” said Michael Carter, Dole’s president and chief operating officer. “David Murdock and I are pleased to have the following internal successors at our Vegetables and North America Fresh Fruit divisions:

Pittsburgh - Following a comprehensive fleet review, American Eagle Outfitters Inc. has identified 150 stores to close in North America during the next three years, including nearly 100 AE stores. For 2014, the company is planning to close approximately 50 AE and 20 aerie stores in North America.

Rand Corporation has appointed former Bloomingdale’s chairman and CEO Michael Gould and Paul Kaminski, who has held high-level posts in U.S. Department of Defense, to its board of trustees.

“Michael Gould and Paul Kaminski are talented leaders and each has a passion to help Rand deliver rigorous and objective analysis to policy and decision makers in all corners of the world,” said president and CEO Michael D. Rich. “I know they will be valuable additions to our governing board.”

Despite the massive data breach that hurt Target’s fourth quarter, people are not staying away from the retailer. According to a Reuters report, the company saw a dramatic improvement in traffic in the first quarter compared to its late fourth-quarter trends.

By Sandy Skrovan, U.S. Research Director, Planet Retail

On Target's Q1 results, Sandy Skrovan, U.S. Research Director at Planet Retail, comments:

"Don't expect a lot from Target this quarter. The data breach and subsequent fallout - including leadership turnover and ongoing shopper trust issues - weigh like an albatross around the retailer's neck. Besides dealing with internal issues, some broader retail metrics don't bode well for Target either, suggesting another disappointing quarter is on the cards."

The Boston Consulting Group has named former P&G vice chairman Dimitri Panayotopoulos as a senior adviser in its consumer practice.

In his 37 years at P&G, Panayotopoulos was a cornerstone of the company’s global success and earned a reputation for relentlessly pushing boundaries. As vice chair global business units and more recently the adviser to the chairman and CEO, Panayotopoulos helped the company focus on breakthrough ideas, speed to market and large-scale transformation across all businesses.

Following disappointing results during the first quarter of fiscal 2014, which were consistent with the company’s expectations, American Eagle Outfitters has decided to close 150 stores in North America during the next three years, including nearly 100 AE stores.

For 2014, the company plans on closing approximately 50 AE and 20 aerie stores in North America. The store closings will translate to annualized after-tax savings of between $10 and $15 million beginning in 2015.