Apparel

Brisbane, California — bebe stores CEO Steve Birkhold has left the company, effectively immediately, and an interim chief has been named to lead while a search for a permanent replacement is underway, said bebe stores on Thursday.

Following the sudden departure of Birkhold, the board appointed Jim Wiggett, currently CEO of Jackson Hole Group, as bebe’s interim CEO.

Washington, D.C. — Consumer spending rose 0.3% in May, marking four consecutive months of rising U.S. retail sales.

The Commerce Department reported Thursday that May results were boosted by strength from the auto sector, which recorded a 1.4% sales increase during the month. U.S. retail sales rose 0.5% in April and 1.5% in March.

San Francisco — Lower gross profits and higher pretax losses helped drive The Gymboree Corp.’s net loss to $15 million in the first quarter of fiscal 2014, up from $2.85 million a year earlier. The retailer plans to open 50 new stores and close 25-30 existing stores during the fiscal year.

Net sales shrank 7% to $272 million from $292.78 million. Same-store sales dropped 10%. Gymboree plans to open new stores fairly evenly across its brands, and will spend $35-$40 million in capital expenditures during fiscal 2014.

Bebe's Steve Birkhold has resigned as CEO, effective immediately. The board has appointed Jim Wiggett, currently CEO of Jackson Hole Group, as CEO while it starts a search for a permanent replacement.

Beachwood, Ohio — DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.

The joint venture will acquire the portfolio in a transaction valued at $1.975 billion, including assumed debt of $461 million and approximately $800 million of new financings.  

Lululemon Athletica Inc.'s first-quarter net income plunged 60%, impacted by a one-time tax adjustment. Although its adjusted profit and revenue beat Wall Street's expectations for the quarter, the retailer lowered its full-year earnings forecast.

Lululemon said that CFO John Currie plans to retire by the end of its fiscal year (February 2015).

Washington, D.C. — The National Retail Federation (NRF) presented its annual Ring of Excellence, Law Enforcement Retail Partnership and Retail Case of the Year awards during the NRF Loss Prevention Conference and Expo on Thursday, June 12.

Newly separated from Sears Holdings, Lands' End reported respectable sales growth during a first quarter that saw it vow to become a global lifestyle brand.

Lands' End completed its separation from Sears on April 4 and for the quarter ended May 2 said its sales increased 3.6% to $330.5 million, driven by a 4.8% increase in the direct segment offset by a 2.3% decrease in the retail segment. Profits increased 48.1% to $10.9 million, or 34 cents a share, compared to $7.3 million, or 23 cents a year the prior year.