News

Norwalk, Conn. -- The CFOs of U.S. middle-market retailers are more optimistic about the current state of their own industry and the U.S. economy, although they are significantly more pessimistic about the global economy, according to the latest GE Capital U.S. Mid-Market Survey.

Fifty-one percent of retail CFOs say their industry will grow over the next 12 months — an increase of 25% over the previous wave of this survey, which was conducted in the third quarter of 2011.

SAN FRANCISCO — Gap Inc. has selected long-time H&M veteran, Stefan Larsson, as the first global brand president for Old Navy. Larsson will join the company by October.

PHILADELPHIA — Pep Boys has released preliminary financial results for its first quarter ended April 28 and expects sales to be between $524 million and $526 million compared with $513.5 million for the same period last year. Net income for the quarter is expected to be between $0 million and $2 million, compared with $12.4 million for the same period last year.
             

New York -- Microsoft Corp. and Barnes & Noble have entered into an agreement by which Microsoft will invest $300 million in Barnes & Noble’s digital-book (Nook) business and college texts unit.

With the arrangement, Barnes & Noble's digital and college businesses will become a new, still-to-be-named subsidiary in which Barnes & Noble holds an 82.4% stake and Microsoft owns 17.6%. The agreement also means the two companies have settled their patent dispute.

CHICAGO — Consumers’ confidence in their personal finances is returning to levels seen in first quarter 2011, according to SymphonyIRI Group’s latest MarketPulse survey, released Friday. But while confidence remains high, the same consumers remain frugal.

Dallas -- The Food Marketing Institute (FMI) announced that it has entered into a strategic business partnership with TopSource LLC, a sourcing company and wholly owned subsidiary of Topco Associates LLC. FMI said the partnership will provide its members the opportunity to support the foundations of their growing businesses with significant savings related to costs in not-for-resale areas.

ASHEVILLE, N.C. — Net sales for Ingles Markets experienced a spike during the second quarter and first half of fiscal year 2012, the retailer reported Monday.

Redwood Shores, Calif. -- Charming Shoppes has selected Oracle Retail to drive growth across its multiple platforms and brands. The retailer said it will use Oracle Retail applications to deploy a modern technology platform that helps transform its merchandising supply chain and store operations to reduce the total cost of ownership of hardware, software and support while enabling a better shopping experience for customers across channels and brands.