Finance & Capital Management

Sears plans to close at least 80 stores this year after widening its loss in the first quarter of fiscal 2014.

Although same-store sales increased 0.2% for the quarter, the company’s net loss climbed to $402 million from $279 million in the prior-year quarter. Revenues declined 7% to $7.9 billion, from $8.5 billion in the prior-year quarter.

Williams-Sonoma had a strong first quarter of fiscal 2014, with net income climbing 17% to a better-than-expected $46.16 million from $39.17 million.

Net sales grew 10% to $974.33 million from $887.8 million, also topping estimates.

Total same-store sales grew 10%. Williams-Sonoma credited much of its success during the quarter to market share gains and advantages conferred by its multichannel operations.

Walmart is reportedly planning to substantially expand its e-commerce operation based in Sunnyvale, California. According to the Oakland Tribune, Walmart intends to add hundreds of staffers to its global e-commerce unit there, bringing the total number of e-commerce employees to about 1,000.
 
In addition, Walmart will lease a 107,000-sq.-ft. space in Sunnyvale to help house its e-commerce operations. Currently, the retailer employs about 550 e-commerce employees in Sunnyvale at an existing facility it will maintain.

Toys “R” Us has appointed Campbell Lennox as managing director of the company’s Australia unit, effective May 26. Lennox will report to Monika Merz, president, Toys “R” Us, Asia Pacific.
 
Lennox joins the company with more than 20 years of retail and management experience, including a series of roles of increasing responsibility in operations and merchandising. He most recently served as GM, merchandise operations for Harvey Norman, an omnichannel retailer, incorporating an integrated retail, franchise, property and digital platform.

Overstock.com released a statement lamenting the decision of Senate Judiciary Committee Chairman Patrick Leahy to delay patent troll litigation reform legislation — the same legislation requested by President Obama and passed by the House of Representatives.

During the first year of Walmart’s Veterans Welcome Home Commitment, the company hired more than 42,000 veterans. The commitment, launched last Memorial Day, guarantees a job offer to any honorably discharged veteran within his or her first 12 months off active duty. Walmart projects it will hire more than 100,000 veterans in five years.

Unilever has signed an agreement for the sale of its North America pasta sauces business under the Ragu and Bertolli brands to Mizkan Group for a total cash consideration of approximately $2.15 billion. The annual turnover for Ragu and Bertolli is more than $600 million.

The transaction includes two production facilities — a sauce processing and packaging facility in Owensboro, Ky., and a tomato processing facility in Stockton, Calif.

The Institute for Veterans and Military Families (IVMF) received a $450,000 grant from Sam’s Club to support women veteran entrepreneurs through its business management training program V-WISE, Veteran Women Igniting the Spirit of Entrepreneurship.

Chicago - Renewed consumer spending is in line with pre-recession trends and consumer optimism is higher than it's been in years. In 2013, Mintel estimates that personal consumption expenditures on consumer goods reached $10 trillion for the first time.

San Bruno, Calif. – Wal-Mart is reportedly planning to substantially expand its e-commerce operation based in Sunnyvale, California. According to the Oakland Tribune, Wal-Mart intends to add hundreds of staffers to its global e-commerce unit there, bringing the total number of e-commerce employees to about 1,000.

In addition, Wal-Mart will lease a 107,000-sq.-ft. space in Sunnyvale to help house its e-commerce operations. Currently, the retailer employs about 550 e-commerce employees in Sunnyvale at an existing facility it will maintain.