Labor & Employment

As much as Sears deserves credit for the various actions it has been taking to shore up the company, there is no denying that this (Sears second quarter financials) is a miserable set of numbers. Indeed, the precipitous drop in comparable sales and the continued lack of progress on profit suggests the company isn't moving far or fast enough to ensure its long-term survival.  

Sears Holdings Corp.'s second-quarter earnings beat the Street as it benefitted from cost-saving initiatives. But it continued to struggle with weak traffic and declining sales, and added 28 more locations to its long list of store closings.    Sears reported that its second-quarter loss narrowed to $251 million, or $2.34 per share, in the quarter ended July 29, helped by cost savings resulting from the streamlining of operations and store closings.  

An 11-year veteran of Canadian department store giant HBC is stepping down.    HBC, whose banners include Hudson's Bay, Saks Fifth Avenue, and Lord & Taylor, announced that Don Watros, president of HBC International, has made the decision to leave, effective September 29, 2017. The company did not name a successor.   

J.Crew Group named an internal associate as CFO as the retailer continues to struggle to turn around its namesake brand.   The retailer announced that Vincent Zanna, previously senior VP of finance and treasurer, has been promoted to CFO and treasurer, effective immediately. He will continue to report to Michael Nicholson, who was previously CFO and COO, and now serves as president and COO.    

It was another disappointing quarter for Lowe’s Cos., which on Wednesday reported lower-than-expected adjusted earnings and revenue and gave notice of slower growth in profit margin for the second half.    The home improvement company reported that its revenue rose 6.8% to $19.5 billion for the quarter ended Aug. 4, which was short of estimates. Same-store sales rose 4.5%, exceeding Street forecasts.   

In a move that reflects the increased prominence of digital in traditional retail operations, Macy's has hired a senior eBay executive as president of its namesake brand.    Hal Lawton has been named president of Macy’s, effective Sept. 8, 2017. He will be responsible for all aspects of the Macy’s brand, including merchandising, marketing, stores, operations, technology, and consumer insights and analytics. Lawton will report to CEO Jeff Gennette, who previously held the role before becoming chief executive in March. 

The man who resigned from the number two position at Uber after six months on the job has been named chief executive of the nation's largest tax preparer.   H&R Block named Jeffrey J. Jones II president and CEO, effective Oct. 9, 2017. He will succeed Tom Gerke, who will continue to serve as interim president and CEO until then. Gerke will remain general counsel and chief administrative officer.  

No matter how many robots, kiosks and shiny technology are readily available to improve the in-store experience, retail stores still need human power to operate and provide personalized customer service through store associates. After all, the human touch still gives brick-and-mortar retailers a key advantage over e-commerce merchants.   

Dollar General is celebrating an important milestone.   The discounter has opened its 14,000th retail location. The store is located in Dauphin, Pa.   “Dollar General is excited to celebrate our company’s continued growth by celebrating our 14,000th store grand opening today,” said Todd Vasos, CEO, Dollar General. “For nearly 80 years, Dollar General has continually been focused on delivering everyday low prices, convenience and value to the communities we serve."  

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