Corporate Governance

DSW tops Q3 expectations
Columbus, Ohio – DSW Inc. exceeded Wall Street expectations for net income and sales in the third quarter of fiscal 2014. Net income fell a less than expected 10% to $49.55 million from $54.96 million the same quarter a year earlier, with higher operating expenses and lower pretax income contributing to the decline. Sales totaled $670 million compared to $633 million and same-store sales rose 2.6%.
Chico’s swings to loss in Q3
Fort Myers, Fla. – Chico’s FAS Inc. reported a net loss of $28.5 million in the third quarter of fiscal 2014, compared to net income of $35.8 million in the third quarter of the previous fiscal year and below Wall Street predictions. Non-cash goodwill and trade name impairment charges drove Chico’s into the red. Sales totaled $665.6 million, an increase of 1.5% compared to $655.6 million. Same-store sales dropped 1.6%.

Fred’s turns red in Q3, will close 47 stores

Memphis, Tenn. – Fred’s Inc. swung to a net loss of $10.4 million in the third quarter of fiscal 2014, compared to net income of $7.3 million in the same quarter a year earlier. Costs associated with closing five underperforming stores in the third quarter, and an anticipated 47 stores in the fourth quarter, contributed to the loss, which exceeded Wall Street projections.
Casey’s reveals $31.5 million tax error; plans 72-108 new stores

Ankeny, Iowa – Casey’s General Stores Inc. will revise its financial statements for fiscal years 2012, 2013 and 2014 and the first quarter of fiscal year 2015, due to a $31.5 million error in how it accounted for excise tax on sales of ethanol fuel. The retailer also stated a fiscal 2015 goal of building or acquiring 72-108 new stores and replacing 25 existing stores.
Home Depot faces 44 breach-related suits

Atlanta – The Home Depot Inc. faces at least 44 lawsuits connected with a data breach that affected the retailer from April-September 2014. In a regulatory filing, the retailer said state and federal agencies are investigating the breach and more legal action is possible.
Fred's Super Dollar reports Q3 loss

Fred's Super Dollar has reported total sales for the third quarter of $476.2 million, up 3%. However, Fred's net loss totaled $10.4 million, or minus 28 cents per diluted share, compared with net income of $7.3 million, or 20 cents per share in the year-ago period.
Wet Seal plunges into strategic review

Wet Seal has hired an investment banker and a senior adviser to analyze potential financial alternatives for the struggling retailer.

The company said it has hired investment bank Houlihan Lokey and former Tilly's Inc. executive William Langsdorf to aid in a strategic review. Wet Seal said it has not set a deadline for completion of the process and that “there can be no assurance that the exploration of the potential alternatives will result in a transaction.”
DSW steps up, beats Q3 expectations

DSW Inc. exceeded Wall Street expectations for net income and sales in the third quarter.

Net income fell a less than expected 10% to $49.5 million from $54.9 million the same quarter a year earlier, with higher operating expenses and lower pretax income contributing to the decline.

Sales totaled $670 million compared to $633 million in the prior-year quarter and same-store sales rose 2.6%.
Tiffany’s same store sales sparkle

Tiffany & Co. reported a better-than-expected increase in same-store sales, mainly due to strong demand for high-end fashion jewelry in North and South America.
Books-A-Million reports higher Q3 sales

Despite continuing to lose money, Books-A-Million announced higher same store sales for the third quarter.
Longtime Container Store employees get married at headquarters—with co-founder officating

DALLAS - The Container Store has long been lauded as one of the places to work—and now it looks like it’s also a great place to get married. The chain on Saturday celebrated the wedding of two 25+ year tenured employees—Greg Arechar and Lety Covarrubias—from its distribution Center, at its headquarters. Co-founder and chairman emeritus Garrett Boone, an ordained officiant, led the ceremony.
Dunkin’ Donuts on a tear with 63 new sites planned for San Francisco area

CANTON, Mass. - Dunkin’ Donuts continues its aggressive expansion with the signing of multi-unit store development agreements with five franchise groups for a total commitment of 63 new restaurants in the greater San Francisco Bay Area, Palm Springs and Bakersfield over the next several years.