Finance & Capital Management

CITY OF INDUSTRY, Calif. — Jim McGinty, CFO of teen retailer, Hot Topic, has resigned from the company, effective March 29, the company announced Monday. George Wehlitz, VP, Finance, will serve as the interim CFO.

“We are grateful for Jim’s committed service to the company over the past 12 years and wish him well in the next phase of his career,” said Lisa Harper, chairman and CEO of Hot Topic.

AMSTERDAM, the Netherlands — Dutch retailer Ahold reported that sales at its U.S. operations rose 4.3% to $6.1 billion during the fourth quarter, thanks to efforts to keep stores open during Hurricane Sandy.

Identical-store sales for U.S. stores rose 2.4%, and comparable-store sales were up 2.8% during the fourth quarter.

Net sales at U.S. stores for the year increased 3.1% to $25.8 billion. Idents rose 1.4% for the year, while comps were up 1.9%, 

By Jonathan Lapat and Jason Baker, [email protected], [email protected]

YONKERS, N.Y. — American Sugar Refining, Inc., the world's largest supplier of refined sugar, has a new corporate brand name. ASR Group will now encompass its leading brands and affiliated companies, which include Domino Sugar.

San Jose, Calif. -- Sandwich chain Togo's Eateries Inc. announced Monday it is in development on 30 new Togo’s units, as the company executed as many franchise agreements in 2012 in order to add to its West Coast presence.

Delhi, India -- A Monday report by Bloomberg said that Ikea has received the go-ahead from the Indian government to open outlets in the country, making it perhaps the first major foreign retailer to set up its own stores in the region.

The Swedish furniture retailer was cleared by the Foreign Investment Promotion Board, according to a statement by Commerce Minister Anand Sharma. The approval is a turnaround for the Indian government which last year barred Ikea from operating cafes and limited retail wares it could sell in stores.

The board of directors of Stanley Black & Decker has announced that CEO John Lundgren has been elected to serve in the additional capacity as chairman of the board, effective March 13, following the expiration of Nolan Archibald’s term as executive chairman of the board.

Archibald’s employment agreement with the company expires on March 12, at which time he will retire as executive chairman of the board and as an executive of the company.

Amsterdam -- Ahold reported Friday that sales for the fourth quarter rose 7.5% to $10.4 billion, boosted largely by its ability to keep U.S. stores open during Hurricane Sandy, said the company. Same-store sales advanced 2.8%.

Its U.S. business includes the Stop & Shop, Giant-Landover and Giant-Carlisle supermarket banners and the Peapod online grocery service. Ahold posted fourth quarter sales of $6.1 billion in the U.S., marking a 4.3% rise over the year-ago period.

For the full fiscal year, sales increased 8.5% to $43.6 billion.