Corporate Governance

Los Angeles -- Guess Inc. reported net income for the second quarter above expectations due to improving sales in North America.

Net income fell 7% to $39.8 million, down from $42.9 million a year ago.

Overall sales rose 0.6% to $639 million. In North America, which accounts for about 40% of the chain’s revenue, retail sales were up 1%.

Same-store sales fell 2%, compared to a 10% drop in the first quarter.

Nashville, Tenn. -- Footwear retailer Genesco estimated second-quarter results below analysts' forecast. The company also slashed its adjusted profit outlook for the current year.

“We are disappointed that our second quarter performance fell short of expectations,” said Robert J. Dennis, chairman, president and CEO of Genesco. “Sales trends proved to be more challenging as the quarter progressed and results came in below our plan. The third quarter has gotten off to a difficult start with comparable sales down 3% through Aug. 24.

Hamilton, Bermuda -- Signet Jewelers Ltd.’s net income fell to $67.4 million for the quarter ended Aug. 3, down from $70.7 million a year earlier, impacted by the Mother’s Day calendar shift.  

Total sales increased 3.1% to $880.2 million, fueled by strong sales at the company’s Kay Jewelers and Jared stores in the United States. Sales were soft at its British chains.

Same-store sales were up 3.6%. At Kay, same-store sales rose 5.8%.

Regional department store chain Gordmans gave shareholders a huge gift this week when the private equity controlled company’s board said it had borrowed $45 million to fund a $3.61 special dividend after reporting lackluster second quarter results.

NEW YORK — Avon Products appointed Brian Salsberg as SVP of global strategy, effective Sept. 23. Salsberg will report to Sheri McCoy, Avon's CEO, and will join the company's executive committee.

IRVING, Texas — Same-store sales at Michaels Stores decreased 1.3% for the second quarter ended August 3. The dip was due, in part, to a 3.6% decrease in transactions and a 0.4% decrease in deferred custom framing revenue, partially offset by a 2.7% increase in the company's average ticket. 

The company experienced its strongest sales performance during the quarter in home accents and yarn.

NASHVILLE, Tenn. — Genesco Inc., a specialty retailer which sells footwear, headwear, sports apparel and accessories, continues navigating through uncertain consumer environments as second quarter results fell short of expectations.

MEMPHIS, Tenn. — Fred's experienced growth in sales, customer traffic, average ticket and gross margin for the second quarter ended Aug. 3.

The company’s net income for the quarter was $3.3 million, or $0.09 per diluted share, compared with net income of $6.1 million, or $0.17 per diluted share, in the year-earlier period. However, the prior-year quarter included a benefit of approximately $4 million, or $0.11 per diluted share, for favorable tax credits. 

Top executives from Walmart will be sharing insights into the company’s strategies this fall by participating in a wide range of conferences and investor event.
First up is Walmart U.S. president and CEO Bill Simon who is scheduled as the featured luncheon speaker on September 11, at the Goldman Sachs Global Retailing Conference in New York. Simon also spoke at the event in 2010 and 2012 and this year he will be fresh off of headlining Walmart’s U.S. manufacturing summit in Orlando in late August.

As if competing against Target, Best Buy and Amazon.com isn’t challenging enough, nationwide the fast-food “strike” which took place Thursday offered a glimpse of the type of headline-grabbing, disruptive activities Walmart can expect from its opponents this holiday season.