Corporate Governance

L Brands Q4 sales better than expected; increases dividend
Columbus, Ohio -- L Brands shareholders will receive a post-holiday gift in the way of a $2 a share special dividend. The news comes as the retailer, which also increased its ordinary annual dividend by 47% to $2 a share from $1.36 a share, reported significantly better than expected profits for its fourth quarter.

L Brands, whose brands include Victoria’s Secret, Bath & Body Works and La Senza, said same-store sales increased 7% and total sales for the four-week period ended Jan. 31 increased 7% to $783.1 million.
Liquidation dream team gets shot at Target Canada
It’s the end of an era that never really began for Target Canada as three of the biggest names in the asset disposition world begin store closing sales at Target’s 133 Canadian locations. Gordon Brothers Group, Hilco Global and Great American Group were the successful bidders at a Jan. 27 auction and secured approval from Target Canada and an order from a Canadian court to manage the store closing process for Target’s 133 Canadian locations.

Steinmart borrows millions to pay special dividend

Steinmart plans to pay a $5 special dividend thanks to the availability of low cost financing that allowed the company to more than double the size of its credit facility.
L Brands gives shareholders big gift

Shareholders of Victoria’s Secret parent company L Brands received an early Valentine’s Day gift after the company said fourth quarter profits were much better than expected and it would pay a $2 a share special dividend.

The company said same store sales increased 7% and total sales for the four week period ended Jan. 31 increased 7% to $783.1 million. Sales for the full fourth quarter period also increased 7% to slightly more than $4 billion while same store sales grew 6%.
Kirkland’s names new CEO as sales accelerate

It was a happy holiday in the home décor category and Kirkland’s is celebrating with the appointment of a new CEO and an elevated profit forecast.
Dillard’s cooks up nearly $1M for Ronald McDonald House

Sales of an exclusive holiday cookbook will allow Dillard’s to donate more than $900,000 to of Ronald McDonald House Charities. For the seventh year in a row, Dillard's offered for sale a special edition of the Southern Living Christmas Cookbook to benefit RMHC.
Conn's comps jump 4.9% in Q4

Conn’s Inc. seemed to be putting their troubles behind them in the fourth quarter, as the company reported a modest increase in same store sales. The company posted a 4.9% increase in same store sales for January (in January 2014, the company posted an increase of 28.2% mostly due to softer underwriting guidelines). Same store sales for the quarter increased 1.3% and they increased 8% for fiscal 2015.
Pet expands 'Promise' to homeless families

PetSmart’s nationally acclaimed initiative to help house the pets of homeless families is expanding.

PetSmart Promise, which helps temporarily homeless families keep all members of their family together -– including their four-legged family members -– is expanding into 16 PetSmart PetsHotel locations nationwide. PetSmart Promise is the result of a collaboration between PetSmart and Family Promise.
Boot Barn marches on in Q3

Boot Barn continued its march of success in the third quarter, which produced another round of positive financial results.

The company reported that for the third quarter ended Dec. 27, net sales increased 13.1% to $130.5 million; same store sales, which include e-commerce sales, increased 7.2%; and net income was $8.8 million, or $0.36 per diluted share, compared to a net income of $6.3 million or $0.33 per diluted share.
Cache files for Chapter 11

Cache on Wednesday said it had filed for Chapter 11 bankruptcy protection after running out of capital and time to complete its turnaround.

The women’s apparel retailer will continue to operate its business, but intends to continue to reduce its store count and sell and renegotiate some of its leases. Cache chairman and CEO Jay Margolis said the company filed Chapter 11 with the goal of “securing Cache’s future.”
Sally Beauty down in Q1; names new CEO

Sally Beauty Holdings reported decreased profits for the first quarter, but the company’s just-named CEO says new marketing programs will be paying off soon. Sally Beauty reported a profit of $54.9 million, or 35 cents a share, in its first fiscal quarter ended Dec. 31, compared with a profit of $58 million, or 35 cents a share last year. Analysts surveyed by Thomson Reuters forecast a profit of 38 cents a share and sales increase of 3.7 percent to $975.1 million.
McMillon to speak at CRE event

The Emerging Trends in Retail conference will take place at a new data and time, but the big news is that Wal-Mart Stores, Inc., president and CEO Doug McMillon will headline the annual event put on by the Center for Retailing Excellence.