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Finance & Capital Management

  • Sprouts Farmers Market and Sunflowers Farmers to merge

    New York -- Sprouts Farmers Market, a Phoenix-based natural-foods supermarket chain, has reached an agreement to merge with competitor, Sunflower Farmers Market, based in Boulder, Col. Terms of the deal were not disclosed.

    The combined company will operate 139 stores in eight states under the Sprouts banner, with annual sales of approximately $2 billion. It will open about 12 new stores this year.

    “Our operations are very similar," said Sprouts president Doug Sanders, who will lead the combined supermarket company.

  • Dunkin' Donuts announces nine new restaurants in Omaha and Lincoln, Neb.

    Canton, Mass. -- Dunkin' Donuts announced Monday the signing of a multi-unit store development agreement with QSR Services for nine new restaurants in Omaha and Lincoln, Neb.

    The first restaurant is planned to open in 2013, and the remainder by 2017.

    "We are excited to expand Dunkin' Donuts' presence in Omaha and Lincoln and play an important role in the daily lives of people who live, work and visit here," said Bryce Bares, president, QSR Services.
     

  • Long-time cable exec finds new connection with B&N

    NEW YORK — Former Cablevision executive, Michael Huseby will join Barnes & Noble as CFO, effective March 13. He will report to CEO William Lynch. 

    Huseby will lead the company’s finance organization, aligning the company’s finance and business strategies, optimizing the company’s capital structure and helping to scale the rapidly growing digital business. He will oversee the functions of planning and analysis, corporate development, accounting, treasury, tax, investor relations and internal audit.

  • Heavy promotions hurt Ann Inc. in Q4

    NEW YORK — Ann Inc.'s net income for its fiscal fourth quarter dropped to $2.2 million from $8 million in the year-ago period, hurt by heavy promotions at namesake stores.

    Sales increased to $566.7 million, from $515.3 million, and same-store sales for fourth quarter rose 5.3%.

    By brand, same-store sales plummeted 10.9% at namesake stores, but rose 8.1% at Loft stores. Strength in the online channel boosted overall same-store results.

  • Aeropostale net income drops by two-thirds in Q4; to open net 38 stores this year

    New York -- Aeropostale Inc. reported Thursday that profit for the quarter ended Jan. 28 dropped to $26.1 million, from $83.8 million a year earlier, hurt by heightened supply-chain expenses.

    Revenue dipped 4% to $808.4 million in the quarter, and same-store sales fell 9%. Results edged Wall Street’s expected $807.6 million in revenue.

    For the full fiscal year 2011, Aeropostale posted a profit of $69.5 million, compared with $231.3 million last year. Revenue to $2.34 billion, from $2.40 billion in fiscal 2010.

  • Best Buy brews new role with former Starbucks exec

    MINNEAPOLIS — While it may seem strange that a former Starbucks executive has been tapped to head Best Buy's digital and global business services, a closer look reveals Best Buy brewed a perfect fit.

  • Best Buy taps former Starbucks exec as its new digital head

    Minneapolis -- Best Buy Co. said Friday it has named Stephen Gillett as executive VP and president of Best Buy Digital and Global Business Services, effective March 14.

    Gillett was previously executive VP Digital Ventures, and chief information officer at Starbucks, charged with leading the company’s efforts to enhance the overall global business operations and improve the customer experience through the use of innovative technology and digital experiences worldwide.

  • Traffic and sales are “pleasing” so far

    It seems like forever ago that Walmart stopped reporting monthly sales and providing regular guidance updates, which is why one comment by Walmart CFO Charles Holley stood out above all the others he made this week at the Bank of America Merrill Lynch Consumer & Retail Conference.

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