FINANCE

Another day, another finance chief at a well-known retailer is leaving.

Jane Hamilton Nielsen, CFO at Coach Inc., will be departing the company to pursue another opportunity. In order to facilitate a smooth transition, Nielsen is expected to stay into August 2016. The company is commencing a search for her permanent successor with Crist Kolder Associates. Andrea Shaw Resnick, global head of investor relations and corporate communications, will be appointed interim CFO until a permanent appointment is made.

Fairway Group Holdings Corp., the parent company of Fairway Market, has received a verdict on its May 2016 bankruptcy filing.

The iconic New York food retailer had its Chapter 11 bankruptcy reorganization plan unanimously accepted by 100% of voting secured lenders and confirmed by Bankruptcy Judge Michael E. Wiles. Fairway is expected to emerge from bankruptcy during the week of June 20, 2016 with approximately $50 million in cash, a $140 million reduction of its debt and a reduction of annual debt service obligations by up to $8 million.

Bebe Stores Inc. is building upon efforts to turn itself around and boost its international presence.
 
The specialty apparel retailer, which launched a China growth plan in 2015, has entered into a joint venture with Bluestar Alliance LLC to license its brand domestically and globally. Bebe has received $35 million in connection with the formation of the joint venture.
 

Dollarama Inc. got fiscal 2017 off to a strong start.

Dollarama Inc. reported sharp increases in profit and revenue during the first quarter of fiscal 2017, and intends to open a net of 60-70 new stores by end of the year.
 
Net earnings soared 28% to $83.2 million from $64.8 million the same quarter a year earlier. Improvement of the gross margin and lower selling, general and administrative (SG&A) expenses as a percentage of sales helped drive net earnings growth.

Anyone who is a dad, or sells products dads like, may be in for a happy Father’s Day.

According to a new survey from the National Retail Federation (NRF) and Prosper Insight and Analytics, consumers say they will spend more than ever on Father’s Day in 2016 (Sunday, June 19). Shoppers are expected to spend an average $125.92 for the holiday, up 9% from the prior year’s $115.57. Total spending is expected to reach $14.3 billion, the highest in the survey’s 13-year history but still below the 2016 Mother’s Day total of $21.4 billion.

Specialty arts and crafts retailer The Michaels Companies Inc. exceeded Wall Street expectations for profit and sales in a generally strong first quarter of fiscal 2016.

Michaels reported net income of $70.76 million, a 6% increase from $66.74 million the same quarter a year earlier. Improvements in gross profit helped boost net income.
 

Casey’s General Stores Inc. reported increased net income and decreased revenue during the fourth quarter of fiscal 2016.

The retailer also said it plans to build or acquire 77 to 116 new stores, among other goals for fiscal 2017.

In the fourth quarter, Casey’s reported net income of $47.04 million, up 14% from $41.34 million the same period the prior year. Total revenue fell 4% to $1.58 billion, from $1.65 billion. A significant reduction in cost of goods sold offset increases in operating and other expenses, resulting in higher profits.

Mary Meixelsperger, senior VP and CFO DSW Inc., is shifting professional gears

Meixelsperger has resigned from the company effective June 10, to pursue another unspecified opportunity. Coincidentally or otherwise, DSW recently missed expectations for both profits and sales in a difficult first quarter of fiscal 2016. Net income fell 37% and same-store sales also declined, although revenues grew below Wall Street forecasts.

Hubert Joly, CEO of Best Buy Inc., is doing a little diversification of his personal stock portfolio.

Bloomberg reports that as of June 2, Joly has sold 398,000 shares of Best Buy stock, or 44% of his roughly 910,000 company shares, for $12.8 million.

The retailer said Joly is not exploring other opportunities and has no plans to leave his current position.

Senior management of Walmart Stores Inc. should be happy with the results of its 46th annual shareholders meeting held June 3.