International Business

Seattle -- Starbucks Corp. remains highly bullish on expansion. In remarks at the company’s annual shareholders meeting, the coffee giant revealed that over the next five years it plans to open 3,500 locations in its Americas region and 8,000 new stores in foreign markets. And just in case you were wondering … Starbucks noted that Shanghai has more Starbucks stores than any other city in the world in which it operates.

New York -- The collapse of oil prices translates into a huge tax cut for 90% of the economy, former CNBC host, economist and newspaper columnist Larry Kudlow told attendees at Chain Store Age’s 51st annual SPECS show. Kudlow was a keynoter at the event, which was held at the Sands Expo, Venetian/Palazzo Hotel, Las Vegas, March 15 – 16, and brought together retail executives in store planning & design, construction and facilities.
 

New York – The elimination of a one-time adverse legal ruling helped Tiffany & Co. swing from loss to profit in the fourth quarter of fiscal 2014, but a strengthening dollar hurt overall sales. Tiffany reported net earnings of $196 million, compared to a net loss of $104 million the same period a year earlier.

However, worldwide net sales of $1.28 billion were down 1% from $1.3 billion, with the stronger U.S. dollar negatively impacting foreign sales results. Same-store sales dropped 4%.

Los Angeles -- Guess reported a better-than-expected fourth quarter profit amid a 37% jump in the company’s online business and falling expenses. The apparel retailer, however, forecast a disappointing 2015, primarily due to the stronger U.S. dollar (1,190 of Guess’1,668 stores are located outside the United States and about 45% of its revenue comes from international markets).

Guess income fell to $53.9 million for the fourth quarter, ended Jan. 31, from $69.6 million a year earlier.

Just two years after starting the job, the general counsel at Dollar General has been promoted to executive vice president.

Irving, Texas -- The Michaels Cos. reported Thursday its net income rose 18% to $157 million in the fourth quarter, up from $133 million in the year-earlier period. But the retailer gave a soft outlook for the year, citing, among other things, unfavorable Canadian exchange rates and the impact of the West Coast port slowdown.
 
Sales for the fourth quarter increased 3.4% to $1.61 billion. Same-store sales increased by 1.4%

Toys “R” Us Inc. has named a new head merchant to drive product innovation and differentiation at the company’s Babies “R” Us stores.

Reg McLay has been named senior vice president, Babies “R” Us Business, effective March 30. In this role, McLay will lead the Babies “R” Us merchandising team in the U.S. He will report to Hank Mullany, president of Toys “R” Us, U.S.

New York -- Cindi Marsiglio,  VP of U.S.manufacturing for Walmart, shared new details about the company's  first-of-its-kind event, which is designed to advance the retailer’s $250 billion domestic sourcing agenda.  The event is planned for early July in Bentonville, Arkansas.

During a fast-paced presentation Thursday morning organized by a group called Doing Business in Bentonville, Marsiglio shared wide-ranging insights regarding the company’s 10 year, $250 billion domestic sourcing commitment unveiled in January 2013.