Finance & Capital Management

Mooresville, N.C. – Reduced stock awards and incentives resulted in a roughly 24% pay cut for Robert Niblock, president, chairman and CEO of Lowe’s Companies Inc., in 2014. In an SEC filing, Lowe’s reported that Niblock’s total compensation in 2014 came to $14.3 million, compared to $18.7 million in 2013.
  Niblock’s base salary grew 5% to $1.3 million from $1.2 million. However, Niblock’s stock awards fell to $5.8 million from $9.8 million, and other incentives decreased, as well.

Former Walmart President and CEO Mike Duke talks with First Lady Michelle Obama at the quarterly meeting of member CEOs of the Business Roundtable on March 13, 2013. Photo credit: Walmart.

Washington, D.C. – Mike Duke, former president and CEO of Wal-Mart Stores, has joined global alternative asset manager The Carlyle Group. Mike Duke as an operating executive in the Global Consumer & Retail group. He began his duties in mid-April.

Minneapolis – Target Corp. has entered into a settlement agreement with MasterCard International Inc.to resolve losses from the data breach that Target experienced during the fourth quarter of 2013. Under the agreement, alternative recovery offers will be made by MasterCard to eligible MasterCard issuers worldwide that claimed to have been affected by the data breach. 
 

Cleveland – Increased gross profit resulting from a slowing pace in the cost of goods sold helped boost net income at The Sherwin-Williams Co. during the first quarter of fiscal 2015. Net income totaled $131.4 million, up 14% from $115.46 million the same quarter a year earlier.

Net sales grew 3% to $2.45 billion from $2.37 billion, due primarily to higher paint sales volume in the retailer’s Paint Stores and Consumer groups.

City of Commerce, Calif. – 99 Cents Only Stores Inc. shrank its net loss to $2.3 million in the fourth quarter of fiscal 2015, compared to net loss of $14.7 million for the fourth quarter of fiscal 2014.  Net loss decreased primarily due to a previously disclosed workers' compensation charge in the previous fourth quarter.
  Net sales slightly rose 1% to $512.6 million from $505.7 million. Same-store sales climbed 2.8%. 
 

Deerfield, Ill. - Walgreens Boots Alliance is ahead of schedule in its synergy efforts since Walgreens and Boots officially merged in December 2014. At its 2015 Analyst Day in New York City, the retailer’s leadership team outlined plans to support the customer experience in its Retail Pharmacy USA division with investments in key operational efficiencies such as IT systems, modernizing pharmacies and investing in customer care.

Tracy Margolies has returned to Saks Fifth Avenue to leading the department store retailer’s merchandising efforts.

Margolies is no stranger to the Saks organization or upscale department store retailing. She spent the past two and a half years as a senior vice president and general merchandise manager at Bergdorf Goodman.

A record number of openings in 2014 pushed 99 Cents Only close to the 400 unit mark, but the rapid pace of expansion did not translate to profitability during what the company called a transformative year.

Smart & Final’s largest shareholder has further reduced its ownership stake in the profitable and growing company by 10 million shares, but still maintains majority control as the retailer pursues ambitious plans in 2015.

Former Walmart CEO and current board member Mike Duke is the newest operating executive at the Carlyle Group, which suggests the pace of deal-making activity in the retail and consumer packaged goods world could be about to heat up.