Strategy

Meijer has expanded its store footprint in Michigan, opening a new 192,000-sq.-ft. supercenter in Sturgis.
 
The new store is the latest of nine new Meijer supercenters to open – and part of an investment of more than $400 million in new and remodeled stores – this year, which will create 3,000 new jobs across the Grand Rapids, Michigan-based retailer's six-state footprint.

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Specialty retailer Five Below Inc. beat Wall Street projections for earnings and same-store sales in a hot first quarter of fiscal 2016.

Net income was $6.8 million, up 58% from $4.3 million the same quarter a year earlier. Higher gross profit and lower expenses boosted profit. Net sales rose 25% to $192.7 million, from $153.7 million. And the company reported same-store sales growth of 4.9%.

With a couple of exceptions, May same-store sales figures reported by several major apparel, specialty and discount chains were less than impressive.

First the good news. Bath & Body Works reported a 3% same-store sales lift for May 2016 compared to the same month a year earlier. Same-store sales at Costco Wholesale Corp. and L Brands were flat, which may not sound that encouraging but was better than most other retailers reporting figures for the month.

Here is a roundup of other chains reporting negative same-store sales growth for the month.

The National Retail Federation (NRF) has asked the Federal Trade Commission (FTC) to conduct an investigation into an organization founded by the credit card industry that sets data security standards.

According to a letter from NRF senior VP and general counsel Mallory Duncan to FTC chairwoman Edith Ramirez, the practices of the Payment Card Industry Security Standards Council (PCI DSS) raise antitrust concerns.

Specialty electronics and furniture chain Conn’s Inc. is shuffling its executive ranks as it swings to a net loss in the first quarter of fiscal 2017.

Lee Wright, formerly CEO for oil field service firm Professional Directional Enterprises Inc., will succeed Tom Moran as CFO, starting on June 22, 2016. Wright also has experience in the private equity industry. Moran, who joined the retailer in July 2015, is expected to remain at the company for a period of 120 days to support a seamless transition.

Amazon.com shoppers in the Midwest may be able to get a variety of goods a little quicker in the near future.

The e-tail giant plans to open two fulfillment centers in Edwardsville, Illinois, and create more than 1,000 full-time jobs between the facilities when they open. Amazon has an existing Illinois fulfillment center in Joliet where it currently employs 1,500 full-time employees, and also recently announced it will open a second Joliet facility that will create another 2,000 full-time jobs.

Russ Dispense, president of the King Soopers division of The Kroger Co., plans to retire on July 1 after 51 years with the company.

Dispense began his career with Kroger in 1965, when he joined King Soopers as a courtesy clerk. He served in various leadership positions in stores and district management through the years, as well as at warehouses, manufacturing plants and administrative offices. Dispense was promoted to VP of retail operations and merchandising for the King Soopers division in 1983. He also served as VP of real estate.

For Pet Supplies Plus, it’s all about convenience and service. The third-largest specialty player in a fast-growing business that has proven resilient even in hard times, the privately held retailer has found a sweet spot amid bigger box competitors with its friendly neighborhood-store positioning.

Fred’s on Thursday reported its earnings for the first quarter ended April 30, posting an 8% increase in total sales and a net income of $1.3 million. The company saw comparable store sales increase 1% for the first quarter, which is slightly better than the 0.8% increase in comps it posted in Q1 2015.