International Business

ROCKFORD, Mich. — Wolverine Worldwide has appointed Gene McCarthy as president of the Merrell brand. 

"Gene McCarthy is a visionary leader with a passion for brands and consumers," said Blake W. Krueger, chairman, CEO, and president of Wolverine Worldwide. "Merrell has been and continues to be a leader in the outdoor space and a jewel within the Wolverine portfolio — I am thrilled to have Gene join the Merrell team as it continues its drive to be the first billion-dollar-brand in our Company's history."

New Albany, Ohio -- Abercrombie & Fitch Co. earned $11.4 million for the second quarter, down from $17.1 million in the year-ago period, amid a 10% drop in same-store sales. The retailer, whose results missed analysts' estimates, also gave a third-quarter earnings forecast well below Wall Street expectations.

Abercrombie & Fitch and many other teen retailers have struggled of late, with their sales impacted not only by financially constrained consumers but also by the inherent fickle nature of their customer base.

New York -- CBL & Associates Properties has announced the appointment of A. Larry Chapman to its board of directors.

Chapman is a retired 37-year veteran of Wells Fargo. He most recently served as group head of the bank’s commercial real estate lending business, responsible for the group’s 75 nationally located real estate loan production offices and 1,500 full time employees.

Los Angeles — Hong Kong is by far the world’s most expensive city for global retailers, but prime rents in New York City, London, Tokyo and Zurich are on the rise, according to research from CBRE Group, Inc.

CBRE’s second quarter 2013 ranking of the top 10 prime global retail markets saw little change relative to previous quarters; however, four of the top 10 markets — New York City, London, Zurich and Tokyo — saw quarterly increases in prime retail rents. Only one market saw a quarterly increase in the first quarter.

SAN FRANCISCO — Gap has elected Padmasree Warrior, chief technology and chief strategy officer of Cisco Systems, to its board of directors, effective Sept. 30.

“Padma is an accomplished business leader with nearly 30 years’ experience within the technology industry, as both a strategist and innovator,” said Glenn Murphy, Gap Inc. chairman and CEO. “As we increase our investment in serving customers across all channels, Padma’s relevant expertise will be an asset to our board and management team.”

Minneapolis -- Target Corp. reported that its second quarter profit dropped 13% to $611 million in the quarter ended Aug. 3, down from $704 million a year earlier, amid start-up costs related to its entry into Canada. Total company profits, excluding start-up costs related to Canada, increased 6.1%. Similar to other retailers, the chain issued a muted annual profit forecast as it deals with a still uncertain economy and cautious consumers.

LOS ANGELES — JustFab and ShoeDazzle have entered into a definitive agreement to merge and form one fashion subscription e-commerce business.

With the merger, the two brands will be able to expand their customer base in the United States and further accelerate international and category expansion plans. The combined company is expected to be profitable in 2014.

A 3% same store sales decline at Staples North American retail units contributed to weaker than expected second quarter results and prompted the company to reduce its full year financial forecast.

Total company sales for the quarter ended August 3, declined 2% to $5.3 billion with the closure of 103 stores in North America and Europe responsible for about half the decline. Profits for the period declined to $104 million, or 16 cents a share, two cents worse than analysts forecast, compared to $125 million, or 19 cents a share the prior year.