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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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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Home Depot tops Street, raises 2013 outlook

BY Marianne Wilson

ATLANTA —A rebound in seasonal categories helped The Home Depot post double-digit same-store sales in the second quarter as it exceeded its own expectations.

Net sales at the world’s largest home improvement retailer increased 9.5% to $22.5 billion in the quarter ended Aug. 4, compared with $20.6 billion in the same quarter last year. Comp-store sales increased 10.7% across the company, and increased 11.4% among domestic stores.

Net earnings for the quarter were $1.80 billion, up 17.2% from $1.53 billion in last year’s 14-week second quarter.

"The second-quarter results exceeded our expectations as our business benefited from a rebound in our seasonal categories, continued strength in the core of the store and the recovering housing market in the U.S.," said Frank Blake, chairman and CEO.

The number of customer transactions increased 4.9%. The average ticket for the quarter increased 4.3% to $57.39.

With the strong performance came increased expectations for the 2013 full-year performance. Home Depot raised its guidance for sales to increase 4.5%, and comp-store sales to increase about 6.0% for the year.

Home Depot operates 2,258 stores in the United States, Canada and Mexico.

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