Corporate Governance

Cool weather affected sales at Lowe's for the first quarter ended May 3. 

Lowe’s saw net earnings of $540 million for the quarter, a 2.5% increase over the same period a year ago. Sales for the quarter decreased 0.5% to $13.1 billion from $13.2 billion in the year-ago quarter, while comparable-store sales decreased 0.7%. 

The world’s second largest home improvement retailer reported its results a day after rival Home Depot announced first-quarter sales of $19.1 billion, up 7.4%.

Dallas — Zale Corporation, a specialty retailer of diamond and other jewelry products, has elected former Signet CEO Terry Burman as a director and as chairman of the board. John B. Lowe Jr., who has served as chairman for the past five years, will remain on the board.

New York -- Sears Canada reported a net loss in its first quarter of C$31.2 million ($30.3 million) compared with a net profit of C$93.1 million, a year earlier amid weakened demand for major appliances and home products.

Revenue fell more than 6% to C$867.1 million. Same-store sales fell 2.6%.

The company also named E.J. Bird as CFO. Bird was appointed interim CFO in March, two months after Sharon Driscoll resigned from the post.

FRAMINGHAM, Mass. — Staples was hurt by a stronger dollar and weak same-store sales in North America and Europe. 

The office products company reported that its first-quarter profit for the period ended May 4 was $169.9 million, down from $187.1 million in the year-ago period. Its results missed Wall Street forecasts.

Total sales fell 3.5% to $5.81 billion, also falling short of estimates. In North America, same-store sales were down 2% on weak demand for computers, software and technology accessories.

Framingham, Mass. -- Staples reported that its first-quarter profit was $169.9 million, down from $187.1 million in the year-ago period, hurt by a stronger dollar and weak same-store  sales in North America and Europe. Its results missed Wall Street forecasts.

Total sales fell 3.5% to $5.81 billion, also falling short of estimates. In North America, same-store sales were down 2% on weak demand for computers, software and technology accessories.

MINNEAPOLIS — Colder weather and more conservative shoppers contributed to a drop in Target's first quarter 2013 profits, but the company's underlying business remains healthy, executives said Wednesday morning in a conference call with investors.

"While we are not satisfied with this quarter's performance, we remain highly confident in our strategy," president, chairman and CEO Gregg Steinhafel said during the call.

Pittsburgh -- American Eagle Outfitters Inc. earned $28 million in its first quarter, down from $39.7 million in the same quarter last year, as cooler weather hurt demand for its spring fashions and some special charges cut into its results. But the retailer still beat market expectations.

In related news, American Eagle Outfitters will invest more than $160 million to construct a new direct-to-consumer distribution center in Hazle Township, Pa.

ST. LOUIS — Anheuser-Busch is providing 2,156 cases of emergency drinking water — or 51,744 cans — for use by relief workers and residents affected by the tornado in Oklahoma City and its surrounding suburbs.

A truck loaded with emergency drinking water left Cartersville, Ga., and will be arriving in the region this week. Anheuser-Busch is working with the American Red Cross to get the water where it's most needed. Additionally, the company has made a $25,000 donation to the Red Cross to assist in their relief efforts.