Finance & Capital Management

SAN JOSE, Calif. -- eBay announced that its is now offering limited-time pricing for broken or damaged iPods, iPhones and iPads through its Instant Sale program. Additionally, eBay said it will offer every user that sends in their device -- broken or not -- a bonus $5 eBay gift card and a matching $5 donation to Global Green USA.

Through April 30, eBay Instant Sale will begin paying up to $150 for broken iPads, $100 for iPhones, and $50 for iPods. 

Bentonville, Ark. -- Wal-Mart Stores reported in a filing on Monday that its CEO  Mike Duke received compensation valued at $18.7 million last year, less than a year earlier, as U.S. store sales dropped.

Duke received incentive pay, which is tied to Wal-Mart’s financial performance, of $3.85 million in the year ended Jan. 31, down from $4.8 million a year earlier.

His salary rose 2.4% to $1.23 million, based on U.S. Securities and Exchange Commission rules. A year earlier, Duke’s compensation totaled $19.2 million.

Matthews, N.C. -- Family Dollar Stores announced Monday that it has named Brad Rogers to the position of VP real estate development.

Rogers will report to Keith Gehl, senior VP real estate and facilities.

Rogers began his career at Family Dollar in 1998 as real estate manager. Since joining the company, he has held additional roles in the real estate division, most recently serving as regional VP of the real estate portfolio and new stores.
 

Camp Hill, Pa. -- Rite Aid Corp. said Monday that Tony Montini has been promoted to executive VP merchandising.

Montini most recently served as senior VP of category management.

In his new position, Montini will oversee field merchandising and the company’s new store format development in addition to his current responsibilities for category management. The company’s new store formats include wellness stores, value + stores and co-branded Save-A-Lot Rite Aid stores.

From where I sit, I’ve noticed a certain “buzz” of optimism in our industry -- frustrations and anxieties from a tough couple of years seem to be giving way to increasingly sunny retail sales forecasts. Is this sudden sense of optimism justified by cold, hard facts? Or, is this increasing sense of optimism somewhat irrational?

Houston -- Men's Wearhouse announced Monday that company president and COO Douglas S. Ewert will succeed founder George Zimmer as president and COO, effective June 15.

According to the retailer, the transition is part of a previously announced succession plan.

Ewert, 47, has been nominated by the board to be elected as a director of the company at the annual shareholder meeting and will be included in the list of nominees in the proxy statement for consideration by the shareholders.

ABILENE, Kan. -- Duckwall-ALCO Stores reported that net sales from continuing operations for the fourth quarter of fiscal 2011 increased 4.4% to $136.9 million and same-store sales, excluding fuel center sales, increased 1.8%, compared with the same period in the prior fiscal year. Net sales from continuing operations for the fiscal year decreased 0.6% to $465.2 million and same-store sales decreased 2.4%, compared with the same period in the prior fiscal year.

MINNEAPOLIS -- Best Buy said that it plans to open hundreds of wireless device stores, as well as expand online and in China in an effort to be more competitive as consumers up their online shopping. The chain is also scaling back the size of its signature namesake format. 

In an analyst conference Thursday, the retailer unveiled plans to shrink square footage at big-box stores by 10% over the next three to five years, a move that Best Buy said will eventually save $70 million to $80 million annually.

COMMERCE, Calif.  -- Even with an extra week in this year's reporting period, 99 Cents Only Stores reported a total sales increase for it fiscal fourth quarter. The company reported total sales of $378.5 million for the 14-week fourth quarter of fiscal 2011 ended April 2, 2011, compared with $339.3 million for the 13-week fourth quarter in the prior fiscal year. 

The company reported a same-store sales increase of 0.5% for the quarter. Excluding Texas operations, comps were up 0.7%.

By John Haber, [email protected]

For the past two months, consumers have paid higher gas prices as a result of the political unrest in the Mideast. But, consumers aren’t the only ones feeling a pinch. Retailers are feeling it too as many suppliers, manufacturers and distributors implement “emergency fuel surcharges” as reported by The Wall Street Journal in late March of this year.