Corporate Governance

Moorestown, N.J. – Destination Maternity Corp. swung from profit to loss during the four-month period ended Jan. 31, 2015. This period marks the transition period related to the company's previously announced fiscal year-end change from Sept. 30 to the Saturday nearest Jan. 31 each year.

Destination Maternity reported a net loss of $17.38 million, compared to net income of $3.09 million in the same period a year earlier. Higher cost of goods sold and a variety of impairment charges pushed Destination Maternity into the red.

Nashville, Tenn. – Positive traffic and conversion rates helped Kirkland’s Inc. increase net income during the fourth quarter of fiscal 2014 26% to $15.6 million, from $12.3 million in the year-earlier period. Net sales increased 14.5% to $178.7 million, from $156.1 million.

Same-store sales, including e-commerce sales, increased 8.2%.

Goodlettsville, Tenn. -- Dollar General Corp. is not sitting back while rivals Family Dollar and Dollar Tree prepare to merge. Following its failed bid to acquire Family Dollar, Dollar General has accelerated its expansion plans for 2015. The discounter, which already has the retail industry’s most aggressive new store strategy said it will open 730 new stores and remodel 875 existing locations in 2015, translating into a 6% increase in total square footage. And looking ahead, Dollar General plans to grow its square footage by 7% in 2016.

Fremont, Calif. – Men’s Wearhouse reported a loss of $35.9 million for the fourth quarter, compared with a loss of $30.5 million in the year-ago period, weighed down by costs related to its June 2014 acquisition of Jos. A. Banks.

Net sales increased 66% to $928.4 million from $560.6 million, aided by the addition of revenue from Jos. A. Bank.

By brand, same-store sales increased 6.8% at Men’s Wearhouse stores, 8.6% at Moores and 6.8% at K&G. Sales fell 6.6% at Jos. A. Bank.

Nashville, Tenn. – A variety of pretax items, including network intrusion expenses and a lease termination, helped limit fourth quarter net earnings growth at Genesco Inc. to a level below company expectations. However, net income still rose 19% to $50.4 million from $42.15 million the same quarter in the previous fiscal year.

Net sales increased 13% to $893 million from $793 million. Same-store sales increased 10%.

Jacksonville, Fla. – Stein Mart Inc. had a generally successful fourth quarter of fiscal 2014 and plans to open 11 new stores, close two stores and relocate one store during fiscal 2015. The off-price retailer reported net income of $12.3 million, up 66% from $7.4 million the same quarter a year earlier and driven by higher gross profit and lower selling, general and administrative (SG&A) expenses.

Net sales rose 7% to $387 million, from $360.79 million. Same-store sales increased 5.6%.

Bentonville, Ark. – Wal-Mart Stores Inc. has integrated the Visa ReadyLink instant fund service into its Rapid Reload network of prepaid card programs. Now Visa reloadable prepaid cardholders can add funds to their general purpose reloadable (GPR) cards at participating Wal-Mart stores.

New York - Martha Stewart Living Omnimedia is opening its first Martha Stewart Cafe, in the Starrett-Lehigh building, home to Martha Stewart Living Omnimedia's corporate headquarters. The cafe will offer handcrafted espresso beverages and teas.

The menu, personally curated by Martha Stewart, will serve hot beverages, cold-brew iced coffee, artisanal loose-leaf teas, and pastries. The cafe is partnering with Kobrick Coffee, a New York City-based and family-owned roaster, and Wei Bertram of Connecticut-based Arogya Tea,

The addition of 700 new stores last year and a 4.9% increase in fourth quarter same store sales helped Dollar General achieve record results and has the company looking to capitalize on the momentum by accelerating what is already the retail industry’s most aggressive new store expansion plan.

Dollar General chairman and CEO Rick Dreilling said the company will add to its 2014 year end store total of 11,789 units in 2015 by opening 730 new stores and remodeling 875 others.

The acquisition of JoS. A. Bank is weighing on the financials at Men’s Wearhouse, which posted a decline in profits for the fourth quarter.

Men’s Wearhouse reported a quarterly loss of $35.9 million, or $0.75 per share, versus a year-ago loss of $30.4 million, or $0.64 per share. Excluding non-operating items, the company lost $0.03 per share, versus a year-ago loss of $0.38 per share. Its net sales surged 66% to $928.4 million.