FINANCE

L Brands starts 2014 with strong Q1

BY Dan Berthiaume

Columbus, Ohio – L Brands had a successful start to fiscal 2014. The company reported a 10% increase in net income to $156.9 million in the first quarter from $142.5 million the first quarter of the previous fiscal year.

Net sales rose 5% to $2.39 billion from $2.27 billion, and same-store sales grew 2% across its retail banners. Higher pretax income and operating income helped boost net income, while especially strong growth in sales at the Victoria’s Secret banner helped drive overall net sales growth.

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OPERATIONS

Stein Mart taps former Belk exec as director on e-commerce

BY Marianne Wilson

Jackonsville, Fla. — Stein Mart on Thursday said it has appointed Sara Meza as director of e-commerce.

Meza came on board in April, following a 12-year tenure at Belk where she led the original launch of the retailer’s website business.

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News

Tim Hortons offers Passbook support on payment app

BY Dan Berthiaume

Oakville, Canada – The Tim Hortons TimmyMe iOS app now includes support for Passbook. Customers can add their prepaid Tim card to Passbook, which they can then scan to pay in-store or at the drive-thru in participating locations.

The TimmyMe app also offers a store finder and nutritional data.

"Tim Hortons is committed to offering the ultimate guest experience, and that includes leveraging technology to offer our guests faster, convenient service,” said David Clanachan, COO, Tim Hortons. “The launch of mobile barcode payments with Passbook support lets us do just that. Our guests can now use their iPhone and iPad to make secure, quick and easy payments, which we hope will make their visit, coffee and meal with us even more enjoyable."

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