Marketing

Belk blamed costs associated with strategic initiatives for its drop in profit in the fourth quarter.

The retailer reported a 7.8% decrease in net income to $146.1 million during the fiscal year that ended Jan. 31, compared with from $158.5 million in fiscal 2014.

Restoration Hardware is in the middle of a strategy overhaul that may slow down revenue growth, but the retailer did post better-than-expected profits in the fourth quarter.

Restoration Hardware Holdings Inc. reported that its profit for the fourth quarter increased a better-than-expected 25% to $42.5 million from $34 million in the year-ago period. Restoration Hardware’s total sales in the fourth quarter grew 23.5% to $582.7 million. For the year, the company reported profit of $91 million. Revenue was reported as $1.87 billion.

Huntington Beach, Calif. -- Quiksilver announced that its CEO, Andy Mooney, has resigned. Mooney had been CEO for just over two years and was appointed chairman in November. The company’s CFO, Richard Shields, has also resigned. The news comes almost two weeks after the company reduced guidance for the current year and finished an investigation into its revenue-accounting practices.

Pierre Agnes, president of Quiksilver and a 27-year-company veteran, has been promoted to CEO and added to the board of directors.   

Corte Madera, Calif. -- Restoration Hardware Holdings Inc. (RH) reported that its profit for the fourth quarter increased a better-than-expected 25% to $42.5 million from $34.0 million in the year-ago period. The upscale home furnishings company cited the West Coast port slowdown in providing first-quarter guidance that fell short of projections. But it remained upbeat about the long-term, and disclosed that it is working on two new concepts that will be revealed later this year.  

Mahwah, N.J. - Brian Lynch, a 35-year fashion and retail industry veteran, has been named president and CEO of Ascena Retail Group’s Justice brand, which is targeted at tween girls. Lynch most recently served as president of Ann Taylor brand. Previously, he held executive positions with Ann Inc.; Gap Inc.; Learningsmit Inc.; and The Walt Disney Co.

Lynch replaces Michael Rayden, who retired in January. Rayden had announced his retirement in October, and Ascena subsequently launched a search for his replacement.

The sports retail market has been strong for Foot Locker and similar retailers, but not for Finish Line, which reported a drop in holiday quarter profit.

Vancouver -- Lululemon Athletica Inc. is apparently back on track, reporting better-than-expected results for the fourth quarter amid increased traffic. On the company’s quarterly conference call, executives said the retailer hopes to post double-digit square footage growth for the United States and Canada in its current fiscal year, in addition to continuing to grow its brand overseas.

Proctor & Gamble is trying to increase Latina interest in its products with a new “Living Fabulosa” (living fabulously) initiative.

It is part pf the company’s Orgullosa campaign, which highlights the unique and complex experience of the modern, bicultural Latina -- the Nueva Latina.