Strategy

ATLANTA — Sales increased 4.2% at The Home Depot, the company reported Tuesday morning.

The Atlanta-based company posted $20.2 billion in sales for the period. The company's net earnings for the quarter were $1.4 billion, compared with net earnings of $1.2 billion in the same period of fiscal 2010. 

Encouraged by the growth, the world's largest home improvement retailer raised its fiscal 2011 diluted earnings-per-share guidance to an expectation of $2.34 for the year, up 16%.

Hoffman Estates, Ill. -- Sears Holdings Corp. said Tuesday it has named Robert A. Schriesheim as executive VP and CFO.

Schriesheim’s position as executive VP is effective immediately, and he will begin his CFO duties on Aug. 22.

Schriesheim most recently was CFO for Hewitt Associates, leading the company's global financial and administrative roles until its merger with Aon Corp. He replaces acting CFO Bill Phelan.

PHILADELPHIA — Urban Outfitters, which caters to a clientele with a unique and forward-looking approach to fashion and lifestyle merchandise, missed the mark during the second quarter, reporting a 21% profit decline and a same-store sales slip of 2%.

The company reported that earnings for the quarter were $56.7 million compared $71.7 million a year earlier. The company blamed increased expenses related to investments in e-commerce, retail catalogs and technology for the performance slip.

Eden Prairie, Minn. -- Restaurant chain Cosi said Monday it has selected WAND Corp. as its exclusive vendor for all digital menu board technology. Cosi said it plans to install the WAND Digital Menu Board system in all new and remodeled corporate restaurants and will encourage its franchisees to follow suit.

HOFFMAN ESTATES, Ill. — Sears Holdings announced Tuesday that Robert Schriesheim will join the company as EVP and CFO.  Schriesheim, who starts with the company immediately as EVP, will assume his responsibilities as CFO effective Aug. 22.

Schriesheim, 51, most recently was CFO for Hewitt Associates, leading the company's global financial and administrative roles until its merger with Aon Corp.

New York City -- Nordstrom announced Monday that its new Treasure&Bond concept will open in SoHo on Friday, according to a report by the New York Times. The boutique-style store, which represents a new market entry for Nordstrom, will be a fraction of the size of a typical Nordstrom department store and all profits will be donated to charity. Merchandise is funkier, but is not discount like its Nordstrom Rack sister. 

GRAND RAPIDS, Mich. — Meijer announced that it is strengthening its commitment to local suppliers by increasing the amount of fruits and vegetables it sources from Midwest farms by 5% this year.  The announcement was made today by Mark Stevenson, produce director at the Grand Rapids, Mich.-based supercenter chain.

Philadelphia -- Urban Outfitters reported Monday that profit for the quarter ended July 31 dropped 21% to $56.7 million, from $71.7 million a year earlier. The company blamed increased expenses related to investments in e-commerce, retail catalogs and technology for the performance slip.

The operator of Urban Outfitters, Anthropologie, Free People and Terrain clothing stores saw revenue rise 10% to $609.2 million, beating analysts’ expected $604.1 million.

Same-store sales slipped 2%.