Corporate Governance

Philadelphia - Five Below is entering the Florida market with the opening of nine stores on June 12. These locations, which will bring the fast-growing retailer’s store count to 400, and are part of a total 70 new stores it plans to open in 2015.

“Entering the state of Florida, our 25th state and opening our first stores in Jacksonville, Orlando and Tampa, is very exciting as we continue to grow our footprint across the country," said Joel Anderson, CEO of Five Below.

Best Buy is inspiring young people across the country to consider technology careers with summer camp sessions called the Geek Squad Academy.

This grassroots tech experience inspires underserved teens to consider technology careers and help address the nation’s widely anticipated professional labor shortage.

Houston – Reductions in sales, general and administrative (SG&A) expenses, as well as in operating expenses, helped Mattress Firm Holding Corp. increase net income 41% to $7.72 million from $5.48 million the same quarter the prior fiscal year. The acquisition of 131 Back to Bed and Bedding Experts, Bedding Experts, and Mattress Barn stores in September 2014 drove a 69% jump in net sales to $562.6 million from $333.5 million.

Same-store sales rose 1.3%. Mattress Firm plans to open 220-240 new stores during the fiscal year.

The CFO of PetSmart Inc. has been appointed to the board of directors for Crocs Inc.

Carrie Teffner, the executive vice president and chief financial officer for PetSmart Inc., joined the board June 9.

Crocs also announced that current director Peter Jacobi is voluntarily retiring from his position.

San Francisco – The Gymboree Corp. saw its net loss increase to $22.48 million in the first quarter of fiscal 2015 from $15 million in the first quarter of the preceding fiscal year. Growth in cost of goods sold, selling, general and administrative (SG&A) expenses and interest expense drove the widening net loss.

Gymboree plans to close 30-40 stores and open 12 new stores during the fiscal year.

Total net sales climbed 1% to $261.73 million from $259.12 million, while same-store sales remained flat.
 

Target is doubling the amount of its share buyback authorization from $5 billion to $10 billion and boosting its quarterly dividend by 7.7%, confirming the contents of a statement it published inadvertently and took off its website earlier on Tuesday.

Minneapolis – Target Corp. is doubling the amount of its share buyback authorization from $5 billion to $10 billion. Under this authorization, through first quarter 2015, the company had invested a total of $3.7 billion to retire 56.9 million shares at an average price of $65.06 per share.

Value priced teen retailer Five Below is making a big splash in the Sunshine State this month with the opening of nine stores there as the company continues to expand across the country.