News

Faucet manufacturer Moen Inc. promoted Ji Kim to director of global design, effective immediately. In her new role, Kim will be responsible for providing design leadership and vision for the global design team at Moen. She will set and drive strategy for product design in several countries for categories including faucets, showerheads, accessories and bath safety items.

New York -- The Finish Line Inc. said Friday its fiscal first-quarter profit fell 25% as higher costs offset sales growth.

For the quarter ended June 2, the company earned $12.3 million, just beating Wall Street expectations, down from $16.4 million in the year-ago period.

Sales rose 6.5% to $319 million, from $299.5 million. Same-store sales were up 8%.

The company's cost of sales rose 9.3% to $214.4 million. Selling, general and administrative expenses increased 11% to $84.8 million.

Arlington, Va. --Texas joins eight other states in taking legislative action requiring online-only retailers, notably Amazon.com, to collect sales tax. Online retailers will have to collect sales tax in Texas beginning July 1.

NEW YORK — The Jones Group has appointed Scott Bowman to the newly created role of group president global retail and international development, effective immediately. Bowman will oversee the international strategy and operations of retail and licensing for the company's portfolio of fashion brands.  He will report to Richard Dickson, president and CEO of branded businesses at The Jones Group.

BEAVERTON, Ore. — Nike reported that fourth quarter revenues rose 12%t, or 14% on a currency neutral basis, to $6.5 billion, the largest revenue quarter in the company's history. This was a result of higher revenues across every Nke brand geography, key category and product type.

Family Dollar’s third quarter results were not as good as expected, but only marginally so, and the company’s growth strategy and potential to steal traffic from Walmart remain intact.

INDIANAPOLIS — The Finish Line reported first quarter net sales of $319 million, an increase of 6.5% from the same period last year. Comparable-store sales were up 8% on top of a 6.5% increase last year.

The company reported earnings of 24 cents per diluted share.
   

MINNEAPOLIS — Target has donated $30,000 in monetary support and product to assist with Colorado wildfire relief efforts. A $17,500 cash donation was distributed among several American Red Cross chapters in Colorado in addition to $5,000 in product donations for essentials such as water and food. A separate donation of $7,500 in gift cards was given to other nonprofit organizations in the affected areas.