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Devine joins Five Below board
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.
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Costco sales, profits up again in 2Q
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.