FINANCE

In its search to find the right financial overseer, Destination Maternity Corp. didn’t have to look any farther than the auto parts industry.   On Monday, the maternity apparel retailer named David Stern, former CFO of Pep Boys – Manny, Moe and Jack, as executive VP and CFO, charged with leading the finance and accounting, real estate, loss prevention and procurement areas of the company.   Stern will report to CEO Anthony Romano.  

Deal volume in the retail and consumer sector is up, but deal value is down.   Deal volume in the second quarter in the sector reached its highest level in the past 12 months, with 282 announced deals, up 5% over the first quarter, according PwC’s Q2 2016 retail and consumer M&A report.  

Rent-to-own giant Aaron’s saw its revenues rise but profit drop in the second quarter, and the retailer said it would review its store base going forward.     

Two weeks after its second annual Prime Day surpassed expectations, Amazon’s winning streak continued as it posted its fifth straight quarter of profitability.    The online giant posted adjusted earnings per share of $1.78 for the quarter ended June 30, easily surpassing expectations for $1.11. Net income was $857 million, compared with $92 million in the year-ago period.      

In one of the largest acquisitions in its history, Oracle Corp. has agreed to buy cloud-software provide NetSuite for $9.3 billion, or $109 per share in an all-cash deal, the companies announced Thursday.   “Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” said Mark Hurd, CEO, Oracle. “We intend to invest heavily in both products — engineering and distribution.”  

GNC Holdings on Thursday replaced its chief executive and suspended its earnings guidance. It also reported disappointing second quarter results.     The company has appointed former PetSmart chief executive Robert F. Moran as interim CEO, effective immediately. Moran, a director of GNC, replaces Michael G. Archbold, who has also resigned from the GNC board.  

Dollar General has purchased 41 former Walmart Express locations across 11 states in a move designed to allow the discounter to expand its fresh meat and produce offerings.   Dollar General said it expects to relocate 40 existing Dollar General stores into the purchased sites by October 2016. It will also enter one new market.   Terms of the transaction were not disclosed.  

Supervalu Inc. on Wednesday lower-than-expected profit for the first quarter amid ongoing efforts to spin off its Save-A-Lot division.   The supermarket operator reported a profit a profit of $46 million for the quarter, down from $61 million, in the year-ago period. Adjusted for charges related to the potential separation of Save-A-Lot and other factors, earnings declined to $53 million from $65 million last year.   Supervalu’s net revenue fell 3.9% to $5.20 billion.  

Retailers should be cheered by the latest forecast from the National Retail Federation.    With increases in consumer spending expected to remain solid during the remainder of the year, the NRF on Tuesday upped its forecast for retail sales in 2016 to 3.4%, from the 3.1% forecast earlier.    Online and other non-store sales, which are included in the overall figure, are expected to increase 7% to 10% year-over-year rather than the 6% to 9% forecast earlier.  

Hastings Entertainment is going out of business.