Corporate Governance

Toronto, Canada – The bad news continued for Sears Canada Inc. during the third quarter of fiscal 2014. Following the announcement by parent company Sears Holding that it would sell off most of its 51% ownership stake to shareholders and reports that J.P. Morgan Chase & Co. will end its agreement to issue credit cards for Sears Canada in November 2015, Sears Canada reported a net loss of $118.7 million, significantly larger than the $48.8 million net loss reported the same period a year earlier.

Framingham, Mass. – The TJX Companies Inc. met Wall Street expectations with net income of $594.96 million in the third quarter of fiscal 2014, down 4% from $622.65 million in the same quarter the prior year. Net sales rose 5% to $7.37 billion from $6.98 billion, short of Wall Street expectations.

Mooresville, N.C. - Ross W. (Bill) McCanless will be joining Lowe’s Companies Inc. as general counsel, secretary and chief compliance officer, effective Jan. 12, 2015. McCanless will replace Gaither M. Keener, who announced plans to retire from the company following 30 years of service.

Hamilton, Bermuda – Signet Jewelers Ltd. has named Daniel Shull as its first CIO effective Jan. 5, 2015. As CIO, Shull will be responsible for Signet's IT systems across its three divisions.

Atlanta – The Home Depot Inc. showed solid performance in the third quarter of fiscal 2014 despite reporting a major data breach in September, but still has not fully accounted for all the costs related to the breach. Home Depot reported net earnings of $1.5 billion, topping Wall Street projections and a 7% increase from $1.4 billion the same quarter in fiscal 2013.

The IKEA Group has made its largest investment ever in renewable energy by buying a 165-megawatt wind farm in Cameron County, Tex.

The fourth quarter is off to a very strong start at TJX Companies, according to CEO Carol Meyrowitz, who expects an exciting mix of initiatives to yield a low single digit fourth quarter comp increase and profit growth.

Following in the footsteps of other major retailers, Bi-Lo Holdings, the parent company of Winn-Dixie, Harveys and BI-LO grocery stores, has announced that it will begin accepting Apple Pay in its retail locations.

“Customers want a shopping experience that is convenient, easy and secure,” said Bert DuMars, vice president of digital marketing at Bi-Lo Holdings. “Bi-Lo Holdings is prioritizing digital mobile solutions for our customers, and Apple Pay is an exciting first step in our journey.”

Customers at the nation’s largest home improvement retailer appeared to shrug off any concerns about a data breach as Home Depot’s sales increased 5.4% to $20.5 billion. Comparable store sales increased 5.2%, but grew 5.8% at U.S. stores. The increased productivity at existing stores drove profit growth, with earnings increasing to $1.5 billion, or $1.15 per share, compared to $1.4 billion, or $95 cents a share, the prior year.

Former Guess? and Victoria’s Secret executive Amber Fredman-Tarshis has joined Pacific Sunwear of California to help the teen retailer brand reconnect with customers.