Hudson’s Bay Shares Plunge as Q3 Loss Widens

Hudson’s Bay shares fell sharply on Wednesday after the retailer reported a much worse-than-expected quarterly loss, with both overall revenue and comparable store sales declining by more than 3%.The net loss for the third quarter came to C$243 million ($192 million), or C$1.33 per share — up fro...

By Matthew Heller • Dec. 6, 2017

Lands’ End Swings to Profit, Shares Climb 12%

Lands’ End shares jumped nearly 12% on Wednesday after the struggling apparel retailer posted its first quarterly profit in two years, reflecting a strong performance from its online and catalog unit.For the third quarter, Lands’ End swung to a net profit of $162,000, or 1 cent per share, from a ...

By Matthew Heller • Dec. 5, 2017

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Tax policy shifts: What CFOs need to know to stay ahead

Discover how evolving tax policies are creating new opportunities and challenges for CFOs.

By CFO.com staff

SEC Accountants Voice Resource Constraints

Top officials of the Securities and Exchange Commission’s office of the chief accountant on Monday cited constraints on the OCA’s resources in the face of advancing technology and an abundance of new accounting rules.Wesley R. Bricker Wesley R. Bricker, Other Reporting RisksSpeaking at an America...

By David Katz • Dec. 5, 2017

Top CFO Priorities for 2018: Taking Aim

Next year promises to be an exciting (and, possibly, very critical) year for many companies. Interest rates may finally head higher, workers may be tougher to find, valuations pricier, and consumer spending more robust. Or, as CFOs know all too well, none of that may happen. Unforeseeable events ...

By CFO Editorial Staff • Dec. 4, 2017

June Cyberattack Bites Into Nuance Revenues

Healthcare IT solutions provider Nuance Communications took a $53 million revenue hit from a global malware attack but the damage was less than initially anticipated.The June cyberattack known as “NotPetya” affected Nuance’s cloud-based dictation and transcription services for hospitals and healt...

By Matthew Heller • Dec. 1, 2017

Judgment Calls Stalk Revenue Recognition

Finance and accounting executives hustling to bring their companies into line with the Financial Accounting Standards Board’s new revenue recognition standard by its December 31 deadline are grappling with unprecedented judgment calls, according to a top American Institute of Certified Public Acc...

By David Katz • Dec. 1, 2017

VMware’s Cloud Offerings Drive Earnings Beat

Enterprise software firm VMware posted better-than-expected quarterly revenue and profit, with strength across its product portfolio including the legacy on-premises business.VMware’s revenue for the third quarter rose 11% to $1.98 billion while net income increased to $443 million, or $1.07 per ...

By Matthew Heller • Dec. 1, 2017

‘Zero-based Supply Chain’ Drives Down COGS

Make no mistake: companies are still enthusiastically implementing supply chain cost-reduction strategies. After all, at least half of many companies’ costs typically reside in the cost of goods sold (COGS). Yet most are seeing little sustainable impact on their bottom lines.Companies across indu...

By Andrew Corr • Nov. 30, 2017

Sears Narrows Loss But Comp Sales Drop 15%

Sears Holdings on Thursday reported a narrower net loss as its cost-cutting drive continued but same-store sales declined for a 24th straight quarter.The retailer has slashed its operating costs by closing roughly 330 stores this year, with 100 more closures scheduled over the fourth quarter. It ...

By Matthew Heller • Nov. 30, 2017

Tiffany Beats Estimates, Comp Sales Fall 1%

Tiffany’s third-quarter earnings beat estimates as same-store sales returned to positive territory in the Americas but showed weakness in Europe and the Asia-Pacific region.In the first full quarter under new CEO Alessandro Bogliolo, the upscale jeweler on Wednesday reported that worldwide net sa...

By Matthew Heller • Nov. 29, 2017

Shares Drop When Cos. File Late: Study

Investors pummel companies for tardiness in filing 10-Ks and 10-Qs, even when they affirm that they will meet deadline extensions, according to a new study.Companies’ share prices plummet when they file Form NT (“non-timely”), despite stated expectations to meet their deadlines, according to a pa...

By David Katz • Nov. 29, 2017

Special Report: Supply Chain Reinvention

Supply chains are alive with innovation, and a majority of it is not first and foremost about containing costs.Considering the history of the function, that’s something of a profound statement — and one that might have drawn incredulous reactions just a few years ago. But it’s not imaginary. Ever...

By David McCann • Nov. 29, 2017

Small-Business Owners Allege Tax Plan Bias

Fifty-one percent of small-business owners “oppose the tax plan that has been proposed in Congress,” while 31% support it, according to a poll released today.Without specifying whether it was asking about the Senate or House Plans, or both, the newly formed Businesses for Responsible Tax Reform a...

By David Katz • Nov. 27, 2017

How Revenue Recognition Impacts Pricing Strategy

In today’s customer-centric subscription economy, pricing and packaging can provide a winning edge. Companies using the subscription business model are using this key customer-touching aspect to differentiate their offerings. The more successful ones tend to offer plenty of flexible pricing and p...

By Monika Saha • Nov. 27, 2017

Deere Posts 5th Best Year for Sales, Earnings

Deere & Co. shares rose more than 4% on Wednesday after the company’s quarterly earnings easily beat estimates and it forecast continued growth in demand for farm equipment next year.For the fourth quarter, the world’s largest farm-equipment manufacturer on Friday reported worldwide net sales...

By Matthew Heller • Nov. 24, 2017

Pull an Uber and Disclose your Data Breach, Now

Uber has finally disclosed that it experienced a cyber breach in 2016 in which the personal details of both drivers and customers were hacked by cyber criminals. The company reportedly had kept the breach secret for a year and paid a $100,000  ransom to have the data destroyed.Here we go again. A...

By Joseph Carson • Nov. 22, 2017

Lowe’s Gets $200M Sales Boost From Hurricanes

Lowe’s Companies delivered better-than-expected quarterly results across the board as sales, like those of rival Home Depot, benefited from strong demand for hurricane-related supplies.For the third quarter, Lowe’s same-store sales, a key retail metric, rose 5.7%, easily beating analysts’ estimat...

By Matthew Heller • Nov. 22, 2017

Financial Task Force Targets Climate Risk

The global financial crisis of 2008 and 2009 spawned a new institution, the Financial Stability Board, set up by the G20 nations to ensure balance in the world’s financial markets. In the eight years since, the FSB has addressed issues like credit ratings and market liquidity. But more recently, ...

By Dylan Tanner • Nov. 21, 2017

QuickBooks Online Powers Intuit Sales Surge

Financial software maker Intuit easily beat quarterly earnings estimates amid continued strong growth in QuickBooks Online subscribers.For the first quarter, Intuit posted adjusted earnings per share of 11 cents, up 83% year over year, on revenue of $886 million, up 14%. Analysts had expected ear...

By Matthew Heller • Nov. 20, 2017

Foot Locker Beats Estimates, Stock Climbs 26%

Foot Locker’s key metrics fell across the board in the latest quarter but the declines were less than Wall Street anticipated, sending the retailer’s shares up more than 26% in trading Friday.The stock had fallen more than 55% before Friday’s earnings report as new athletic footwear styles failed...

By Matthew Heller • Nov. 17, 2017

Wal-Mart Heads Into Holidays on Sales Surge

Wal-Mart Stores shares soared to an all-time high after the world’s largest retailer posted better-than-expected quarterly results that suggested it is holding its own in the competitive battle with Amazon.For the third quarter, Walmart same-store sales in the U.S., excluding fuel, rose 2.7%, as ...

By Matthew Heller • Nov. 17, 2017

Cisco to Break 2-Year Streak of Declining Sales

Cisco Systems shares rose nearly 6% on Wednesday after the network equipment maker reported better-than-expected quarterly earnings as it continues its shift from hardware to high-margin businesses.For the first quarter, Cisco’s revenues fell 2% year on year to $12.136 billion. But that beat anal...

By Matthew Heller • Nov. 15, 2017

Target Stock Falls 8% on Holiday Season View

Target on Wednesday reported better-than-expected quarterly sales but its stock fell sharply on a disappointing forecast for the crucial holiday season.Target’s projection of flat to 2% growth in fourth-quarter same-store sales appeared to revive investors’ doubts over its turnaround plan. The re...

By Matthew Heller • Nov. 15, 2017

Rev Rec Rule Transforms Accounting: FASB’s Siegel

Issuing the Financial Accounting Standard Board’s revenue recognition rule, which will go into effect for many companies in a month, is perhaps the board’s most “transformative” action in the last decade, according to outgoing FASB member Marc Siegel. Marc Siegel The rule, a converged effort by F...

By David Katz • Nov. 15, 2017

iPhone X Production Woes Hit Foxconn Profit

iPhone X production problems took their toll on Apple manufacturing partner Foxconn Technology Group, which reported its largest quarterly earnings decline in a decade.The Taiwanese company, formally known as Hon Hai Precision Industry Co., is assembling the iPhone X and Apple accounts for more t...

By Matthew Heller • Nov. 15, 2017