Corporate Governance

Philadelphia -- Metro Commercial announced that Allen Edmonds has opened a flagship shoe store in Philadelphia, located at the corner of 18th & Chestnut Streets.

The 1,900-sq.-ft. store opened in February.

Metro Commercial negotiated the lease on behalf of the landlord Midwood Investment & Development.    

New York -- Retail spending in the United States rose a better-than-expected 1.1% in February, the highest increase since September, according to figures released Wednesday by the Commerce Department.

Sales, excluding gasoline, building materials and autos, rose 0.4%. Industry experts said that consumer spending is holding up even in the face of the higher payroll tax.

Bolingbrook, Ill.  — Ulta Beauty has appointed Scott Settersten as CFO and assistant secretary, effective immediately. Settersten will report to Dennis Eck, interim CEO.

Settersten has been acting CFO and assistant secretary since October 2012. He joined Ulta Beauty in January 2005 as director of financial reporting.

Prior to joining Ulta Beauty, Settersten spent 15 years with PricewaterhouseCoopers as a certified public accountant serving in various senior manager roles in the assurance and risk management practices.

Pittsburgh -- Dick’s Sporting Goods will debut its Field & Stream concept this fall, opening the first store in Cranberry Township, Pa.

Named for the iconic brand that for more than 140 years has been synonymous with outdoor experiences, the Field & Stream store will carry outdoor equipment, accessories and services in hunting, fishing, archery, camping and more, and provide an array of related in-store services.

Columbus, Ohio -- Express said its fourth-quarter net income rose a better-than-expected 6%, but its full-year projection for earnings came up short as the retailer provided a weak outlook.
   
Express, similar to many other retailers, had less traffic in February, as higher taxes and rising gas prices cut into shoppers’ discretionary spending.
 
For the period ended Feb. 2, Express Inc. earned $63.9 million, up from $60.4 million a year earlier.

Waban, Mass. -- Chick-fil-A, Dunkin' Donuts, Sonic Drive-In, and Little Caesar's earned the top spots in the fast food sector of the 2013 Temkin Experience Ratings. At the other end of the spectrum, KFC and McDonalds were the lowest-rated fast food restaurants. The fast food industry earned the second highest average rating out of 19 industries, falling only behind the grocery sector.

Former Coach CFO Michael Devine has joined the board of rapidly growing discount retailer Five Below.

Devine served as CFO at Coach from 2001 to 2011. He will replace Five Below board member Howard Ross who resigned and serve as chair of the retailer’s audit committee.

Devine currently serves on the boards of Express, Deckers, Talbot's, and Sur La Table, and previously served on the board of NutriSystems.

Second quarter sales increased 8% to $24.3 billion and profits, aided by a sizable tax benefit, increased 39% to $547 million, or $1.24 a share.

The surge is profits for the 12 week quarterly period ended February 17 was driven by a $62 million, or 14 cent a share, tax benefit that resulted from the portion of a special dividend payment made in December to participants in the company’s 401(K) program. Costco authorized a one time special dividend of $7 a share last year to return cash to shareholders in advance of a 2013 tax hike on dividend income.

A blood drive and fundraising effort are underway in Southern California to support two employees injured in an explosion at a Sport Chalet store.

The two employees, Victor Gonzales, 25, and Lauren Polzin, 27, were injured earlier this month while attempting to shut off a gas valve after a customer in the retailer’s store in La Canada, Ca., reported smelling gas. Sport Chalet operates 54 stores in California, Arizona, Nevada and Utah.

GREENSBORO, N.C. — The Fresh Market, a high growth specialty retailer of high quality food products, has announced the resignation of Randy Kelley as SVP real estate and development who will leave the company to pursue a new business opportunity. Kelley will remain with the company through early spring.