Corporate Governance

Dallas — Neiman Marcus saw adjusted profits slip in the third quarter, even as revenues and comps rose.

For the quarter ended May 3, the company reported a net loss of $2.7 million, compared with net income of $70.8 million in the year-ago period.  On an adjusted basis, however, the company reported earnings of $45.1 million compared with $78.7 million last year.

Also in the quarter, the company reported total revenues of $1.16 billion, up from $1.10 billion in the year-ago period. Same-store sales rose 5.9%.

Brisbane, California — bebe stores CEO Steve Birkhold has left the company, effectively immediately, and an interim chief has been named to lead while a search for a permanent replacement is underway, said bebe stores on Thursday.

Following the sudden departure of Birkhold, the board appointed Jim Wiggett, currently CEO of Jackson Hole Group, as bebe’s interim CEO.

Corte Madera, California — Furniture and housewares retailer Restoration Hardware reported a profit of $1.8 million in the quarter ended May 3, compared with a loss of $161,000 last year. Results topped Wall Street expectations and prompted the company to raise its outlook for the year.

Revenue grew 22% to $366.3 million, from $301.3 million in the year-ago period. Wall Street predicted $346.7 million.
 

Beachwood, Ohio — DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.

The joint venture will acquire the portfolio in a transaction valued at $1.975 billion, including assumed debt of $461 million and approximately $800 million of new financings.  

Dodgeville, Wisconsin — Lands' End reported that profit for the first quarter surged 68% to $10.9 million, from $6.5 million in the year-ago period, as shoppers have responded to improved merchandise assortments and targeted promotions.

The company, which was recently spun off by Sears, also reported a revenue rise of 4% to $330.5 million. Same-store sales climbed 3.4%.
 

Daniel Castle, former Iconix VP of international and business development, will be joining Saban Brands as the company’s managing director of strategic business development.

A study conducted by DHL e-commerce that compares consumer behavior across 20 markets has created a detailed look into how people shop around the world.

The “Shop the World” survey, which uses data from some 11,000 respondents, shows the growing prominence and earning potential of ecommerce and distance selling operations in different countries.

Vera Bradley has named Angel Ilagan as EVP, chief marketing officer, effective July 21.

Since 2010, Ilagan has served as marketing chief and VP of marketing in the Americas for Pandora Jewelry, where he oversees consumer advertising, promotions, marketing research, public relations, co-op advertising, Web management, customer relationship management (CRM) and social media management. His additional global responsibilities at Pandora include branding, strategic marketing and e-commerce content.

Bigcommerce, a commerce platform for growing and emerging brands, has named Tim Schulz as SVP of product management.

Bebe's Steve Birkhold has resigned as CEO, effective immediately. The board has appointed Jim Wiggett, currently CEO of Jackson Hole Group, as CEO while it starts a search for a permanent replacement.