FINANCE

March Retail Sales Up 0.2%

BY CSA STAFF

New York U.S. retail sales unexpectedly rose 0.2% in March, pushed up by a jump in gasoline sales, a government report released on Monday showed.

Sales at gasoline stations rose 1.1%, the Department of Commerce said. Excluding gasoline sales, retail sales were flat last month.

Gasoline prices hit records in March and have continued to rise since then, according to government data.

Analysts polled by Reuters were expecting retail sales to be unchanged from the previous month.

Food and beverage-store sales rose 0.4% reflecting price rises for commodities. Excluding automobiles, retail sales rose 0.1%, in line with expectations. Building materials and supplies sales slid 1.6%, while furniture and appliance-store sales were also down.

Clothing store and general-merchandise stores also saw declines in sales.

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Tuesday Morning promotes Bowman to cfo

BY CSA STAFF

DALLAS Tuesday Morning has promoted Stephanie Bowman to the position of evp and cfo. Bowman was previously serving as vp of finance for Tuesday Morning, prior to that she served as vp of finance for Summit Global Partners.

“Stephanie has an extensive knowledge of financial management and because of her current position with Tuesday Morning, understands the company’s systems, personnel, and culture. She is positioned to hit the ground running,” stated Michael Marchetti, evp, coo and acting cfo.

Tuesday Morning reported that net sales for the third quarter ended March 31 were $178.4 million compared to $189.2 million for the quarter ended March 31, a decrease of 5.7%. Comparable-store sales for the quarter ended March 31 decreased by 8.2% comprised of a 6.6% decrease in traffic and a 1.6% decrease in ticket.

Based on the third quarter sales results, the company currently expects diluted earnings per share for the third quarter to be in the range of (10 cents) to (12 cents).

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Best Buy names Mikan to to board

BY CSA STAFF

MINNEAPOLIS Best Buy has announced the appointment of Mike Mikan to its board of directors. Mikan currently serves as evp and cfo of UnitedHealth Group.

We are delighted to welcome Mike Mikan to Best Buys board of directors, said Richard Schulze, Best Buys founder and chairman of the board. With his deep financial experience, Mike will be a valuable addition to our board. We think his guidance and judgment will be important as we continue to grow Best Buy into the future. 

Mikan was appointed evp and cfo of UnitedHealth Group, in November 2006. Mikan previously served as cfo for UnitedHealthcare and chief financial officer for Specialized Care Services (now OptumHealth).

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