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Financial/Banking

  • Troubles mount at J. Crew amid fashion misses, high prices and big debt

    New York — The formerly high-flying J.Crew Group has come down to earth, a victim of fashion miscues and the new competitive landscape. What’s more, the retailer has $1.5 billion in debt on its books, the New York Times reported. Click here for the story.

  • Survey: Half of credit card holders don’t care about rewards

    New York — If credit card issuers stopped offering rewards, a slight majority of American credit cardholders wouldn’t change their spending habits. According to a new Bankrate.com survey, 51% of U.S. credit card holders say they would keep using the card the same way they did previously.    Another 26% would use the card less often and 19% would stop using it entirely.  

  • Gymboree net loss grows in Q1; will close 30-40 stores

    San Francisco – The Gymboree Corp. saw its net loss increase to $22.48 million in the first quarter of fiscal 2015 from $15 million in the first quarter of the preceding fiscal year. Growth in cost of goods sold, selling, general and administrative (SG&A) expenses and interest expense drove the widening net loss.

    Gymboree plans to close 30-40 stores and open 12 new stores during the fiscal year.

    Total net sales climbed 1% to $261.73 million from $259.12 million, while same-store sales remained flat.
     

  • Target announces share buyback, dividend boost

    Target is doubling the amount of its share buyback authorization from $5 billion to $10 billion and boosting its quarterly dividend by 7.7%, confirming the contents of a statement it published inadvertently and took off its website earlier on Tuesday.

  • Target doubles share buyback authorization

    Minneapolis – Target Corp. is doubling the amount of its share buyback authorization from $5 billion to $10 billion. Under this authorization, through first quarter 2015, the company had invested a total of $3.7 billion to retire 56.9 million shares at an average price of $65.06 per share.

  • PetSmart CFO joins board of Crocs Inc.

    The CFO of PetSmart Inc. has been appointed to the board of directors for Crocs Inc.

    Carrie Teffner, the executive vice president and chief financial officer for PetSmart Inc., joined the board June 9.

    Crocs also announced that current director Peter Jacobi is voluntarily retiring from his position.

  • Casey’s beats Street with Q4 profit, sales; will open 75-113 stores

    Ankeny, Iowa – Casey’s General Store beat Wall Street expectations for profit and revenue during the fourth quarter of fiscal 2015. Net income roughly doubled to $41.34 million from $20.94 million, fueled by a drop in cost of goods sold.

    Total revenue fell 14% to $1.65 billion from $1.92 billion, but still exceed analyst estimates.

    During fiscal 2016, Casey’s plans to build or acquire 75 to 113 stores, replace 10 existing locations and complete 100 major remodels.

  • Bebe chairman to sell majority stake

    Brisbane, Calif. – Manny Mashouf, founder and chairman of Bebe Stores Inc., intends to gradually sell off his 59% majority ownership stake in the company. Bebe has filed a registration statement with the SEC for a proposed secondary offering of about 46.9 million shares associated with Mashouf.

    Mashouf will sell the shares during a reasonable period of time. Bebe will not receive any proceeds from the sale.
     

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