FINANCE

Dick’s Sporting Goods profit up 57%, but misses estimates

BY Marianne Wilson

PITTSBURGH—Dick’s Sporting Goods reported a 57% increase in second-quarter net income, which was chiefly related to a big charge last year.

For the period ended Aug. 3, the retailer earned $84.2 million, up from $53.7 million in the prior-year period when it recorded a $32.4 million impairment charge tied to an investment in JJB Sports. Revenue rose 6% to $1.53 billion, short of analyst projections of $1.57 billion. Same-store sales edged down 0.4%.

Chairman and CEO Edward Stack said bad weather reduced traffic and hurt sales.

"Our second-quarter results were below our guidance as a sluggish consumer environment along with higher levels of precipitation and cooler temperatures contributed to a decrease in traffic, resulting in lower than expected same-store sales," said Stack.

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C-SUITE

Tuesday Morning taps interim CEO as permanent chief

BY Marianne Wilson

DALLAS —Closeout retailer Tuesday Morning announced the appointment of Michael Rouleau to CEO, effective immediately. Rouleau, who was appointed interim chief executive in March 2013, will also continue to serve on the company’s board of directors, which he joined in November 2012.

“I am delighted to lead Tuesday Morning —a company that I believe, having worked here for a short time now, has tremendous potential as a value retailer," Rouleau said. "We are off to a good start, developing a company strategy, selling off merchandise that no longer fits our strategy, cleaning up our stores and fine tuning our merchandise direction.”

Rouleau’s resumé includes most recently serving as president and CEO of Michaels Stores (1996 to 2006), and also as its president from 1997 to 1999 and again from 2001 to 2006. He previously served as executive VP of store operations for Lowe’s Companies, Inc. from 1992 until 1996. Prior to joining Lowe’s, Rouleau was a co-founder and president and CEO of Office Warehouse, which subsequently merged into Office Max.

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C-SUITE

TJX Q2 profit jumps14%, ups annual forecast

BY Marianne Wilson

FRAMINGHAM, Mass. —TJX Cos. reported that its fiscal second-quarter net income rose a better-than-expected 14%. The off-price retailer also increased its profit outlook for the year.

The company earned $479.6 million for the quarter, which ended on Aug. 3, up from $421.1 million in the same quarter last year.

Revenue increased 8% to $6.44 billion, above Wall Street’s estimate of $6.37 billion. Same-store sales increased 4%, with the strongest increases in its European stores and its HomeGoods division. TJX said its third quarter was off to a “solid” start.

“We are in an excellent inventory position, which gives us the flexibility to capitalize on the great brands and fashions available to us in the marketplace,” said CEO Carol Meyrowitz.

Meyorwitz said the company saw great growth opportunities in its brick-and-mortar business and was excited about the long-term potential of e-commerce.

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