FINANCE

Investors in Target Corp. decided on several important issues at the retailer’s 2016 annual meeting.

Shareholders elected 14 members of the board of directors, ratified the appointment of Target’s independent registered public accounting firm, approved proposal on compensation for executives and rejected one shareholder proposal.

Jane Hamilton Nielsen, who just left her position as CFO of Coach Inc. to pursue other opportunities, is not waiting long to make her new role known.

According to Fortune, Ralph Lauren is expected to announce Nielsen’s hiring as its new CFO. She would replace current Ralph Lauren CFO Robert Madore, who has held that title since April 2015.

Francesca’s Holdings Corp. saw net income decline, but still beat Wall Street predictions, in the first quarter of fiscal 2016.
 
The specialty apparel retailer reported net income of $7/08 million, down 2% from $7.24 million the same quarter a year earlier. Higher selling, general and administrative (S,G&A) expenses offset improvements in gross profit.
 

Consumers are being choosy about where they are spending extra money that is becoming available with the end of the recession.
 
According to a new study from Mintel, more than two in five (44%) Americans describe their financial situations as "healthy" in 2016, compared to 37% in 2015 and 33% in 2013, indicating that improvements in the economy are being felt at a household level. However, different retail categories are receiving the benefit more than others.
 

Specialty home furnishings retailer Restoration Hardware Holdings Inc. (RH) had what could be termed a messy start to the fiscal year.
 
RH swung to a net loss of $13.5 million in the first quarter of fiscal 2016, compared to net earnings of $7.2 million the prior year period, falling short of Wall Street expectations. Revenue grew 8% to $455.5 million from $422.4 million, but also missed projections. Increases in cost of goods sold and selling, general and administrative (S,G&A) expenses helped push the retailer into the red despite improving sales.

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.