Corporate Governance

Fremont, Calif. – Men's Wearhouse Inc.'s third-quarter profit plunged 82%, mainly on expenses related to its June 2014 acquisition of rival Jos. A. Bank Clothiers Inc.      The retailer reported a profit $6.8 million in the third quarter of fiscal 2014, from $38.2 million in the year-ago-period and below Wall Street projections.  

Ankenny, Iowa – Casey’s General Stores Inc. beat Wall Street expectations with net income of $49.89 million in the second quarter of fiscal 2015, up 21% from $39.43 million the same period the prior year. Growth of cost of goods sold did not keep pace with growth of sales, aiding the retailer’s profit.  

Foothill Ranch, Calif. -  The troubles keep mounting for teen retailer Wet Seal Inc., which reported a wider loss for the third quarter amid lower revenues and fees related to its exit from its former Arden B business.  The retailer posted a loss of $35.9 million in the quarter emded Nov.1, up from a loss of $12.5  million the previous fiscal year.    

San Jose, Calif. – EBay Inc. is reportedly considering cutting up to 3,000 jobs early in 2015. According to the Wall Street Journal, the staff reductions would primarily occur in the EBay Marketplace unit as the company prepares to spin off its PayPal unit.   

Corte Madera, Calif. – Restoraton Hardware Holdings Inc. (RH) beat Wall Street forecasts with net income of $19.4 million in the third quarter of fiscal 2014, more than double net income of $9.5 million in the same period a year earlier.  

  Vancouver, Canada – Net earnings at Lululemon Athletica Inc. fell 8% to $60.45 million in the third quarter of fiscal 2014 from $66.11 million a year earlier to increases in selling, general and administrative (SG&A) expenses and cost of goods sold.    Net revenue fared better, rising 10% to $419.4 million from $379.9 million. Same-store sales fell 3% but total comparable sales, including direct-to-consumer revenue, climbed 3%.

SIDNEY, Neb. - Cabela’s Inc. announced today plans to open a 72,000-sq.-ft. store in Farmington, Utah.  Construction is scheduled to begin in 2015, and Cabela’s anticipates a spring 2016.   The store will be located in the newly planned Park Lane Commons development adjacent to Station Park on the west side of Interstate   

New York - Back in the fall, reports were rampant that Amazon would open a physical store in mid-town Manhattan in time for the holiday rush. The online giant had rented space across from the Empire State Building,  according to reports, with plans to open a space that would double as a store and mini-depot where select orders could be picked up and returned.  But with the holiday season in full-swing, there is no Amazon storefront on West 34th Street—and it doesn’t appear any is likely in the near future.  

RadioShack CEO Joe Magnacca contends the company’s core strategies are working even though evidence of the success was hard to see between a steep third quarter loss and double digit same store sales decline.

Same store sales were down 13.4% in the third quarter ending Nov. 1, driven by traffic declines and soft performance in the mobility business, the company said. Total sales and operating revenue were $650.2 million, compared with $775.4 million last year.

Lowe’s CEO Robert Niblock cited the recovering U.S. economy as among the reasons why the company plans to focus more on market differentiation and omnichannel retailing.

The company said it will outline these and other strategic priorities in a meeting with investors on Dec. 11 in North Carolina.