Finance & Capital Management

Walmart is stupid to take on Amazon.com head-to-head in too many areas, according to Wharton marketing professor Stephen Hoch who, along with other members of academia and one retail futurist, weigh in on the competitive situation that promises to impact the entire retail industry.

Seattle – Nordstrom reported declining net earnings during the third quarter of fiscal 2013 despite an increase in net sales. Net earnings totaled $137 million, down 7.5% from $146 million in the same quarter a year earlier.

Walmart said sales of its Global eCommerce business unit grew by 40% during the third quarter as it increased investments, expanded assortments and included results from a Chinese acquisition.

Food Holdings, a leading nationwide provider of specialty foods, healthcare foods, gluten-free foods and direct-from-source artisanal foods to the professional foodservice market, has elected Justin Wiernasz, president of Innovative Food Holdings, to its board of directors.

Houston – Susser has signed a definitive agreement to acquire substantially all of the convenience store assets and fuel distribution contracts of Sac-N-Pac Stores, Inc. and 3W Warren Fuels, Ltd.

Following a heated back-and-forth between Jos. A. Bank and the Men’s Wearhouse, which culminated in an ultimatum, Jos. A. Bank Clothiers has terminated its acquisition proposal.

As previously reported, Jos. A. Bank had advised the Men's Wearhouse board that it would terminate its all-cash proposal to purchase the company for $48 per share if the board failed to “engage in good faith negotiations” by Nov. 14. The day came and went and the companies continued in a deadlock.

New York – Patrick F. McGuiness, CFO of Tiffany’s, has resigned his position effective Nov. 27, 2013. James M. Fernandez, 58, executive VP and COO of Tiffany’s, will assume the position of CFO on an interim basis.

Sam’s Club was Walmart’s best performing division during the third quarter and holiday plans outlined by president and CEO Rosalind Brewer suggest that could be the case in the fourth quarter as well.

Same store sales at Sam’s increased 1.1% and total sales increased 2.1% to $12.4 billion a while with traffic was up among both business and individual members. Operating profit increased 9.2% to $474 million.