FINANCE

The National Retail Federation on Wednesday has lowered its annual retail sales forecast, citing government data revisions.   Retail sales for 2017 are now expected to increase between 3.2% and 3.8%, down from the 3.7% - 4.2% growth the NRF predicted earlier this year. The revision comes after the Census Bureau lowered its retail sales figures, and the Bureau of Economic Analysis downgraded its personal income and consumption figures.   

Destination Maternity is looking for a new chief executive.   The struggling maternity apparel retailer said that Anthony M. Romano is stepping down as president, CEO and board member as part of a mutual agreement, effective Sept. 7. Romano has served in the role since 2014, and, prior to that, was president and CEO of Charming Shoppes. His departure follows the recent termination of an agreement for Destination Maternity to be acquired by France's Orchestra-Prémaman.  

Customer traffic continues to weaken, and sales are down. Within this dynamic, books are holding up slightly better, but non-book sales are in sharp decline. Some of this is down to the fact that many Barnes & Noble stores, especially older ones, are a hodgepodge of product with seemingly little coordination and thought given to ranging. As much as it is sensible to stock things like toys and games, there are lots of other places that sell these items -- often at lower prices. In essence, B&N needs to refine its non-book offer and work harder to create differentiation.

Barnes & Noble reduced its loss in its first quarter due to cost savings even as its sales continued to fall.   The company reported a net loss of $10.8 million for the quarter ended July 29, or 15 cents per share, compared to a loss of $14.4 million, or cents per share, for the year-ago period. Analysts had expected a loss of 12 cents a share.   

It's a homecoming for Abercrombie & Fitch Co.'s next finance head.   The teen apparel retailer appointed Scott D. Lipesky as senior VP and CFO, effective October 2, 2017. Lipesky most recently served as CFO of American Signature Inc., a privately-held home furnishings company. Prior to that, he spent nine years with Abercrombie in a variety of finance roles, most recently as CFO of Hollister Co.  

Toys "R" Us' debt may have finally caught up with it.    With $400 million in debt coming due in 2018, Toys "R" Us is bringing in advisors to help the retailer weigh its options, which could include filing for bankruptcy protection. The nation's largest specialty toy retailer has hired Kirkland & Ellis, a law firm that specializes in corporate restructurings.   

At Home Group is on a roll — and then some.    The fast-growing, value home decor retailer on Tuesday reported its 14th consecutive quarter of same-store sales increases and 13th consecutive quarter of over 20% net sales growth.   In the second quarter ended July 29, At Home's net sales increased 23.2% to $232.1 million, from $188.4 million in the year-ago period.   Analysts had expected sales of $227.1 million. Same-store sales rose 7.8%.  

Pep Boys is expanding its national service center footprint in the Phoenix area.   The company, a wholly-owned subsidiary of Icahn Automotive Group, has entered into a definitive agreement to acquire Advanced Auto Service & Tire Centers. Advance operates 15 service centers in Arizona, with the majority in the Phoenix area. The Advance locations will be transitioned to Pep Boys Service & Tire Centers.