Corporate Governance

Nashville, Tenn. – Despite a late back to school season, Genesco Inc.’s profit and revenue beat the Street in the second quarter, helped by the strong performance of its Lids headgear division.

Genesco reported net earnings of $7.52 million, up 60% from $4.69 million the same period a year earlier and beyond Wall Street predictions. Improve pretax earnings, combined with lower income tax expense, perked up profit at Genesco Inc.

Net sales rose 6% to $655.52 million, from $615.47 million.

Dodgeville, Wis. – The second quarter was nothing short of a fiscal landslide for Lands’ End as the specialty retailer posted its third straight disappointing quarter. Revenue fell 10% and profit was down by more than a third.

“The results that we are sharing today do not represent the true potential of our company,” Federica Marchionni, president and CEO, told analysts during a conference call.

Washington, D.C. -- The National Retail Federation continues to turn up the heat on the Labor Department’s proposal to expand overtime pay.   

Milpitas, Calif. – Lowe’s Companies Inc. is strengthening its support of the ZWave wireless Internet of Things (IoT) standard.

Lowe’s has joined The Z-Wave Alliance, a global consortium of more than 325 member companies, with its Iris smart home solution.

Launched in July 2012, Iris by Lowe's is a smart home solution created to monitor and control virtually everything in the home anytime, anywhere from a computer, smart phone or tablet.

Norwalk, Conn. – Online pricing provider The Priceline Group is digging into the food service market.

Priceline has acquired AS Digital, an Australian provider of restaurant table and reservation management solutions.

London – Natalie Massenet, founder and chairman of U.K.-based online luxury retailer Net-a-Porter, unexpectedly resigned from the company just as it looks to become a global powerhouse.

The former fashion journalist is leaving as Net-a-Porter, which she launched in 2000, prepares to be purchased from Swiss parent company Richemont by Italian e-commerce retailer Yoox. The merger will create the world’s largest luxury e-commerce group.

Philadelphia -- Teen and tween fave Five Below Inc. may not be meeting sales projections, but it remains on track for store expansion, with plans to open a total of 70 net new stores during fiscal 2015, including 16 net new stores in the third quarter.

The company, where every item costs no more than $5, is achieving its profitability targets, but doing so with productivity improvement in its selling space that is surprisingly weak given the newness of its store base.

Woonsocket, R.I. – When consumers have less access to cigarettes, they smoke fewer of them.

This is the basic conclusion of a new report from CVS Health showing that overall cigarette sales fell in 13 states where CVS has more than a 15% market share.

Target Corp. has a new finance chief and executive VP. Cathy Smith officially joined the discounter on Sept. 1, coming from Express Scripts, the nation’s largest pharmacy benefits manager, where she was also CFO.  

A seasoned retail leader, Smith also held CFO positions at Walmart International, GameStop, and others. Target recently posted a Q&A with Smith on its Bullseye blog. Here are some highlights:

What made you decide to take on this role at Target?

Fast-growing online furnishings retailer Wayfair.com plans to host a “Shark Tank-like” business competition for entrepreneurs.

Winners of the "Kitchen Cabinet" contest will receive a $2,500 home office makeover and a business consultation from the home furnishings and decor e-tailer.

Wayfair said the event will take place Oct. 2 and its Heart Home conference, a three-day gathering of bloggers, designers, and other entrepreneurs, at the Boston Copley Marriott. Participants must enter by Sept. 15.