Corporate Governance

Birmingham, Ala. – Hibbett sports reported a slight dip in net income during first quarter fiscal 2013, although same-store sales and net sales showed some improvement. Net income for the quarter totaled $26.2 million, down slightly from $26.4 million a year earlier. Same-store sales slightly rose 0.8%, while net sales increased 3% from $232.9 million to $240 million. Net income fell short of Wall Street estimates.

Bentonville, Ark. – Wal-Mart has launched an initiative to hire any honorably discharged US military veteran within the first 12 months after they have been on active duty. Through a program dubbed Veterans Welcome Home Commitment, Wal-Mart anticipates hiring more than 100,000 veterans by 2018.

Norwalk, Conn. -- GE Capital announced it is administrative agent on a $550 million senior secured credit facility for Lord & Taylor, a leading North American retailer. The proceeds will be used to refinance debt, support ongoing working capital needs and for other corporate purposes.  

GE Capital also provided the company with interest rate risk management products and services.  GE Capital Markets served as joint lead arranger and book runner.
 

New Albany, Ohio -- Abercrombie & Fitch shrunk its net loss during the first quarter of 2013 but still reported thin financial results. Net loss for the quarter was $7.2 million, compared to $21.3 million during the first quarter of 2012. The results missed analysts’ estimates.

Net sales dropped 9% from $921.2 million to $838.8 million. Same-store sales plummeted 17%. Direct-to-consumer sales fell 6%. U.S. same-store sales fell 14%; international comparable sales were down 16%.

Canton, Mass. -- Destination XL reported disappointing financial results for the first quarter. The company’s net income fell 56% from $2.3 million in first quarter 2012 to $1 million, while same store sales grew 0.8%. Total sales also declined 2%, from $95.5 million to $93.6 million. Destination XL cited a colder-than-normal spring and a 60% drop in catalog sales as a contributor to declining quarterly performance.

Cincinnati – Former CEO A.G. Lafley, 65, is returning to Procter & Gamble in his former position. Lafley is assuming the role of CEO, president and chairman of the board immediately, and will replace current CEO Bob McDonald, who is retiring June 30. Procter & Gamble has been involved in restructuring efforts, including thousands of layoffs, for the past year and a half.

Anaheim, Calif. – Pacific Sunwear of California Inc. is opening a new pop-up store in the SoHo neighborhood of New York this summer. The two-floor, 10,000-sq.-ft. shop, located at 583 Broadway, opens today and runs through Labor Day weekend.

Boca Raton, Fla. – Office Depot Inc. and OfficeMax Incorporated have selected The Boston Consulting Group (BCG) to provide integration support for the two companies’ pending merger. BCG will provide a dedicated onsite support team and work with management from both companies to establish a detailed integration plan and establish an overall vision and priorities for the merger.

Hoffman Estates, Ill. -- Sears Holding Corp. reported a bigger-than-expected net loss of $279 million for the first quarter of fiscal 2013, compared to net income of $189 million in the first quarter of fiscal 2012. The retailer also said that it is considering selling its protection-agreement business in an ongoing effort to raise cash as it struggles to improve its profits.