Corporate Governance

Staples has named Tom Conophy as EVP, chief information officer, overseeing all aspects of Staples’ global IT organization. He will report directly to Ron Sargent, Staples’ chairman and CEO, and will serve on the Staples executive committee.

San Francisco -- Gap Inc. reported a 9.4% increase in third-quarter profit as the retailer's turnaround continues. The company also reaffirmed its full-year profit guidance and said it is increasing its stock buyback authorization by $1 billion.

The chain posted net income of $337 million in the three-month period ended Nov. 2, compared with $308 million last year.

Hoffman Estates, Ill. -- Sears Holdings widened its loss in the third quarter as sales decreased at both its Sears and Kmart units.

For the three months ended Nov. 2, Sears lost $534 million, down from a loss of $498 million a year earlier.

Revenue fell 7% to $8.27 billion from $8.86 billion mostly because it had fewer Sears and Kmart stores operating.

Same-store sales dropped 3.1%, and were down 4% at Sears' stores and declined 2.1% at Kmart stores.

Walgreens has named Sona Chawla, currently president of e-commerce, as president of digital and chief marketing officer. In this new role, Chawla will lead a newly created digital and marketing division, establishing an integrated digital, enterprise-wide marketing and customer loyalty and insights group to advance Walgreens “Well Experience” strategy.

Minneapolis -- Target Corp.'s third-quarter net income fell 47%, hurt by costs related to its Canadian expansion. Its adjusted profit beat analysts' estimates, but sales fell short. The retailer lowered its full-year adjusted earnings forecast.

For the three months ended Nov. 2, Target earned $341 million, or 54 cents per share, down from $637 million in the year ago period. Removing Canada-related expansion costs and other items, earnings were 84 cents per share.

Chicago -- Retail industry veteran Steve Embree has joined the executive leadership team of spin photography services and solutions provider Snap36 as director of business development. Embree is responsible for driving business development and go-to-market strategies for Snap36 across both B2C and B2B markets.

Mooresville, N.C. -- Lowe's Cos. net income rose 26% in the third quarter, just short of projections, amid the housing market's ongoing resurgence. The retailer raised its fiscal 2013 outlook, but its earnings forecast was still below expectations.

Lowe's earned $499 million for the period ended Nov. 1, up from $396 million last year. Its earnings were a penny per share short of Wall Street expectations.

Revenue rose 7% to $12.96 billion from $12.07 billion, beating analysts’ predictions. Same-store sales increased 6.2%.

Strong retail sales in the month of October point to a good holiday sales season ahead. According to the National Retail Federation, October retail sales, excluding automobiles, gas stations and restaurants, increased 2.5% seasonally adjusted over September, and 4.2% unadjusted from 2012.

In a broader view, October retail sales released Wednesday by the U.S. Census Bureau, which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants, increased 0.4% seasonally adjusted month-to-month, and 3.9% adjusted year-over-year.