Industry Updates: Discount and Specialty Stores – May 2014
Apple Inc. has added Angela Ahrendts, to the newly created position of Senior VP of Retail and Online Stores.
Cedar Fair Entertainment Company announced Carrie Boldman as the company’s VP, Merchandise and Games. The company also announced the promotion of Matt Shafer to VP, Strategic Alliances.
Dollarama Inc. announced that Johanne Choinière has been appointed Chief Operating Officer. In this role, Ms. Choinière will be responsible for overseeing retail store operations as well as logistics, distribution and supply chain management.
Follett Corporation announced that the company’s board of directors has named Todd Litzsinger Chairman of the Board. Litzsinger succeeds Steve Waichler, who held the role on an interim basis following the passing of Follett’s former Chairman, Alison O’Hara, in July of 2013.
Gordmans Stores President and CEO Jeff Gordman has resigned his post. He is retiring to spend more time with his family as well as to pursue outside interests. Board chairman T. Scott King will serve as interim CEO while the company searches for Gordman’s successor.
Hayneedle Inc., Jon Barker was named CEO to fill a position previously held by Doug Nielsen. Barker most recently served as Hayneedle’s President and prior to that was COO. Nielsen will remain as the company’s Chairman.
Hershey Company announced that Global VP/General Manager for Direct Retail and Licensing, Amy Hahn, has left the company to accept a position with Ahold USA.
H.H. Gregg announced the hiring of Troy Risch for the position of COO, just about a week after he left RadioShack.
Jo-Ann Stores Inc., announced that VP Brent Beebe has left the company to take a position as Brent Beebe at Bartell Drugs.
Kirkland’s Senior VP, Logistics Todd Weier, after announcing plans to leave the company, has left the company after a period allowing for a search for his replacement.
Kirkland’s named Gary Jordan VP Logistics.
Overstock.com announced that Patrick Byrne has relinquished his role as Chairman and Stormy Simon was named President of the online retailer. Byrne will continue to serve as CEO while current Exec Vice Chairman Jonathan Johnson assumes the chairman responsibilities. Johnson’s prior responsibilities as corporate secretary will be assumed by Mark Griffin who serves as Senior VP and General Counsel. Simon, who previously served as co-president of the company was named President and retains her seat on the board while David Nielsen will continue in his role as co-president.
Overstock.com promoted Seth Marks to Senior VP of Merchandising and Strategic Sourcing.
Petco Exec VP of Merchandising Brad Weston has been given additional responsibilities to oversee the retailer’s small format concept branded as Unleashed. Weston was named President of Unleashed by Petco to oversee strategy and operations and will continue to lead the retailer’ merchandising organization.
Petco has named Larry Rutkowski as ExecVP and CFO.
RadioShack announced that Troy Risch resigned his position as Exec VP of Store Operations.
Shopko Stores CFO Mary Meixelsperger, has left the company to accept the position of CFO for the DSW shoe chain.
Target announced that Bob DeRodes will lead information technology transformation as Exec VP and CIO, as the retailer continues to recover from the data breach late last year.
Target suddenly announced that Gregg Steinhafel was no longer Chairman, President and CEO effective immediately. On an interim basis, Target CFO John Mulligan will serve as president and CEO and current board member Roxanne S. Austin will serve as non-executive board chair. To advise the board on its search for a new CEO the firm of Korn Ferry was retained.
Toys “R” Us announced that Senior VP, Chief Logistics Officer Cathy Marie Robinson has left the company to accept a position with Michael Kors.
Tuesday Morning Corporation has appointed former Home Depot executive Melissa Phillips as Exec VP and General Merchandise Manager.
United Stationers Inc., reported the departure of Fareed Khan, Senior VP, CFO.
Walmart announced that Marc Rosen, Walmart’s Senior VP of Global e-commerce, has left the company and will become Exec VP and President of Global e-commerce at Levi Strauss & Co.
Walmart announced that its director for social media and digital marketing, Umang Shah, has left the company for a similar position at another non-competing company.
99 Cents Only recently changed its fiscal year from the Saturday closest to the end of March, to the Friday closest to the end of January, to be in line with its retail industry peers. But during the shortened fiscal year consisting of 44 weeks, from March 31, 2013 to Jan. 31, the company widened its net loss. Total net sales were $1.53 billion, down 8% from $1.66 billion. Same-store sales rose 3.7%.
ALCO Stores, Inc. announced operating results for its fiscal year ended February 2, 2014. Net sales from continuing operations during the 52 weeks of fiscal year 2014 decreased 1.6% to $474.1 million, compared to net sales during the 53 weeks of fiscal year 2013 of $481.8 million.
Bed Bath & Beyond Inc. today reported net sales for fiscal 2013 (fifty-two weeks) were approximately $11.504 billion, an increase of approximately 5.4% from net sales of approximately $10.915 billion in fiscal 2012 (fifty-three weeks). Comparable store sales for fiscal 2013 increased by approximately 2.4% compared with an increase of approximately 2.7% last year. Comparable store sales are calculated based on an equivalent number of weeks for each annual period.
CDW Corporation announced that total net sales in 2013 were $10.769 billion, compared to $10.128 billion in 2012, an increase of 6.3 percent.
The Container Store announced financials for the full fiscal year 2013. Net sales for the year ending March 1, 2014 rose to $748.5 million from $706.8 million for the previous year.
Dollarama Group L.P., announced annual sales of $2.06 billion, up from $1.86 billion from the previous year.
hhgregg, Inc. announced preliminary sales and earnings results for the fiscal year ended March 31, 2014. For the fiscal year, the Company expects to report net sales of approximately $2.3 billion
Hancock Fabrics, Inc. announced financial results for its fiscal year ended January 25, 2014. Net sales for fiscal year 2013 were $276.0 million compared to $278.0 million last year and comparable store sales declined by 0.1% following a 2.9% increase in the previous year.
Insight Enterprises, Inc. reported results of operations for the year ended December 31, 2013. For the full year 2013 compared to the full year 2012, net sales decreased 3% to $5.1 billion.
Kmart announced a decrease of annual sales for the fiscal year ended February 1, 2014 to $13,194 billion from $14,567 billion for the previous year.
Michaels Stores, Inc. reported its financial results for the fiscal year ended February 1, 2014. Net sales increased 3.7% to $4.57 billion from $4.41billion over fiscal 2012.
Office Depot, Inc., formed by the merger of Office Depot and OfficeMax Incorporated announced results for the full year ended December 28, 2013. The company’s fourth quarter and full year 2013 results include OfficeMax’s operations from the date of the merger through December 28, 2013 (the “stub period”), which generated $939 million of sales. Total sales were $11.2 billion in the full year 2013, an increase of 5% compared to the prior year.
O’Reilly Automotive Inc. announced that sales for the fiscal year ended December 31, 2013 were $1.621 billion up from $6.182 billion from the previous year.
PC Connection, Inc. announced results for the year ended December 31, 2013. Net sales were $2.22 billion, an increase of $62.8 million or 2.9%, compared to $2.16 billion for the year ended December 31, 2012.
Six Flags Entertainment Corporation announced its fourth consecutive year of record financial performance. Full year revenue grew 4 percent to $1.1 billion.
Systemax Inc. announced financial results for the full year ended December 31, 2013. The company reported annual net sales were $3.35 billion, down slightly from the $3.54 billion of the prior year.
The Pep Boys – Manny, Moe & Jack announced the following results for the fifty-two (fiscal year) weeks ended February 1, 2014. Sales for fiscal year 2013 decreased by $24.1 million, or 1.2%, to $2,066.6 million from $2,090.7 million for fiscal year 2012. Excluding the fifty-third week of 2012, sales increased by $11.9 million, or 0.6%.
Uni-Select Inc., reported results for the fiscal year ended December 31, 2013. Annual sales were announced at $1.788 billion, down slightly from $1.798 billion for fiscal 2012.
U.S. Auto Parts Network, Inc., reported net sales for the fiscal year ended December 28, 2013, the company generated net sales of $254.8 million compared with net sales of $304.0 million for the fiscal year ended December 29, 2012, a decrease of 16.2%.
The Container Store plans to open six new stores in fiscal 2014, including locations in RI, IL, Los Angeles, Utah, and Chicago.
Family Dollar plans to close 370 underperforming stores. The company is also slowing its new store growth beginning in fiscal 2015 to bolster its return on investment. It now anticipates opening 350 to 400 new stores as opposed to approximately 525 stores in 2014.
J&R Music and Computer World announced the closing of the iconic store, a longtime institution in Lower Manhattan, after 43 years of business. The owners anticipate opening the new retail space in 2015.
Office Depot plans to close 400 of its stores as it looks to realize efficiencies related to its merger with OfficeMax. An estimated 150 of the stores will close this year
O’Reilly Automotive Inc., announced plans to open 200 new stores during 2014.
Walmart, at an event with President Barack Obama, said that it will double the number of on-site solar energy projects at its U.S. stores, Sam’s Clubs and distribution centers by 2020. The commitment is part of Walmart’s global initiative to drive the production or procurement of 7 billion kWh of renewable energy by the end of 2020.