FINANCE

Signet Jewelers Ltd., whose store banners include Kay Jewelers and Zales, issued a strong rebuttal against charges that its stores swapped customers’ gems for lesser-quality stones while they were in for service.   The controversy started with an article by BuzzFeed about a Maryland woman who said her engagement ring — purchased at a Kay Jewelers store — had its diamond swapped out for a lower-quality manmade stone while in for service. The story quickly went viral on social media.   

The CEO of Wal-Mart Stores called on associates to reimage the chain’s future at the company’s 46th annual shareholders meeting.         “We have the opportunity to reimagine retail again,” said president and CEO Doug McMillon.  

Several factors conspired to produce a drop in net income at Village Super Market Inc. during the third quarter of fiscal 2016, despite a slight bump in sales.

Net income was $5.88 million in the quarter, down 55% from $13.21 million in the third quarter of the previous fiscal year. The prior year period including a net gain from the recovery of insurance receivables related to Superstorm Sandy and a tax benefit a result of a settlement with the New Jersey Division of Taxation.

Specialty electronics and furniture chain Conn’s Inc. is shuffling its executive ranks as it swings to a net loss in the first quarter of fiscal 2017.

Lee Wright, formerly CEO for oil field service firm Professional Directional Enterprises Inc., will succeed Tom Moran as CFO, starting on June 22, 2016. Wright also has experience in the private equity industry. Moran, who joined the retailer in July 2015, is expected to remain at the company for a period of 120 days to support a seamless transition.

Specialty retailer Five Below Inc. beat Wall Street projections for earnings and same-store sales in a hot first quarter of fiscal 2016.

Net income was $6.8 million, up 58% from $4.3 million the same quarter a year earlier. Higher gross profit and lower expenses boosted profit. Net sales rose 25% to $192.7 million, from $153.7 million. And the company reported same-store sales growth of 4.9%.

Synchrony Financial will continue to offer consumer financing to Pandora Jewelry customers.

The two companies have announced a multi-year extension of their consumer financing program agreement. The program, which began in 2011, will continue to provide Pandora shoppers with access to a range of payment options through the Pandora Preferred card program. Special financing will be available at select concept stores nationwide.

With a couple of exceptions, May same-store sales figures reported by several major apparel, specialty and discount chains were less than impressive.

First the good news. Bath & Body Works reported a 3% same-store sales lift for May 2016 compared to the same month a year earlier. Same-store sales at Costco Wholesale Corp. and L Brands were flat, which may not sound that encouraging but was better than most other retailers reporting figures for the month.

Here is a roundup of other chains reporting negative same-store sales growth for the month.

Ahold USA first quarter sales were up 4% to $8.2 billion. Excluding gas, sales increased 4.1% at constant exchange rates. The addition of 25 A&P stores in the New York Metro market in fourth quarter 2015 was the main contributor to the overall sales growth and resulted in an overall market share improvement in both dollars and volume, Ahold reported.