Aaron’s names two new VPs
Atlanta – Lease-to-own retailer Aaron’s Inc. has named Sharon Lawrence VP finance and Kirby Salgado as VP merchandising. Lawrence, formerly Aaron’s director of franchise finance, joined Aaron’s in 2012 after a 25-plus year career at SunTrust Bank, while Salgado most recently served as VP/general merchandise manager for Sears Holdings.
"Sharon was instrumental in raising the financing for Aaron’s acquisition of Progressive Finance," said Steve Michaels, Aaron’s president. "In her brief two years at Aaron’s, she’s demonstrated tremendous value and has built great relationships for the company with our banking group. She will be an outstanding VP of finance while leading the Aaron’s, Inc. finance team going forward. Additionally, after a national search, we’re pleased to welcome Kirby Salgado to Aaron’s as VP of merchandising. His extensive experience in sourcing and merchandising leadership will provide immediate results in driving cost efficiencies while securing the quality, brand-name products that our customers expect and deserve from Aaron’s.”
PetSmart net income grows in Q1; same-store sales miss
Phoenix – PetSmart Inc. posted a 1.3% increase in net income during the first quarter of fiscal 2014, rising to $104 million from $102 million in the first quarter of the prior year. Net sales increased 1.1% to $1.7 billion, but same-store sales missed Wall Street expectations by falling 0.6%.
PetSmart cited a challenging and volatile consumer environment and a competitive market as contributing to its weaker-than-anticipated same-store sales results.
Looking ahead, the company anticipates same-store sales for the full year to remain relatively flat, net sales growth in the low-single digits and earnings per share to range between $4.29 and $4.39. For the second quarter, the company anticipates comparable-store sales growth to remain flat or decrease slightly and earnings per share of $0.92 to $0.96.
“We are pleased with the company’s ability to achieve earnings per share growth of 6.1% while continuing to drive earnings before tax margin expansion during the first quarter,” said PetSmart president and CEO David Lenhardt. “However, we did not achieve our sales goals, which were impacted by a challenging and volatile consumer environment and a competitive market.”
Dick’s Sporting Goods targets female customers
Pittsburgh – Dick’s Sporting Goods Inc. is going to increase its focus on female customers. In a conference call with analysts discussing the company’s first quarter financial results, CEO Ed Stack said that the women’s segment has the most growth potential of any segment Dick’s targets.
The increased focus will include an expanded product selection for women, as well as female-oriented specialty stores located within larger Dick’s stores. Dick’s will make the wider women’s assortment available online as well as in stores.