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Strategy

  • Completed merger creates third-largest U.S. specialty retailer

    Mahwah, N.J. — Ann Inc. is no more. 

    Ascena Retail Group Inc. has completed its acquisition of Ann Inc., formerly called Ann Taylor. Shares of Ann Inc. will be delisted from the NYSE and trading  ceased at the close of business on Friday, August 21st.   

  • Lowe’s Canada names VP of real estate

    Toronto, Canada — Lowe's Canada has named Jeff Boyd as VP, real estate, construction and store design effective immediately. Boyd joined Lowe's in October 2007 and has played an instrumental role in the development of the company's Real Estate and Construction function in Canada over the past seven and a half years.  

  • Foot Locker scores big with Q2 profit, sales

    New York – Foot Locker Inc. scored big in the second quarter of fiscal 2015 with profit and sales that exceeded Wall Street expectations. Net income was $119 million, a 33% increase from $92 million the same period the prior year.   Total sales climbed 3% to $1.69 billion from $1.64 billion. Same-store sales grew 9.6%. Falling selling, general and administrative (SG&A) expenses aided profit growth, while foreign currency fluctuation had a negative impact on sales growth.  

  • Hibbett Sports misses Street in Q2

    Birmingham, Ala. – Hibbett Sports Inc. missed Wall Street expectations for profit and sales in the second quarter of fiscal 2015. Net income fell 20% to $8.4 million from $7 million the same quarter the prior fiscal year.   An increase in store operating, selling and administrative expenses helped cut profit. Net sales rose 3% to $199.26 million from $193.92 million. Same-store sales dropped 1.1%.  

  • Report: Wal-Mart rearranges merchandising responsibilities

    Bentonville, Ark. — Wal-Mart Stores Inc. is rearranging how responsibilities are handled by its merchandising executives. According to the Wall Street Journal, an internal company memo indicates that among the changes is a promotion to chief merchandising and marketing officer for Wal-Mart China for Marybeth Hays, currently serving as senior VP of home for Wal-Mart U.S.

    Hays will replace John Furner in that role. Furner will return to the U.S. in an unspecified position.

  • Ross Stores beats Street in Q2

    Dublin, Calif. — Ross Stores Inc. surpassed Wall Street expectations for profit and revenue in a successful second quarter of fiscal 2015. Net earnings rose 8% to $259 million from $240 million the same quarter the prior fiscal year.

    Sales rose 9% to $2.97 billion from $2.73 billion, with same-store sales up 4%

  • American Eagle marketing head steps down

    Pittsburgh — Michael Leedy, chief marketing officer of American Eagle Outfitters Inc., will step down from his position effective Sept. 15, 2015. The company has an active search for a successor underway.

    Leedy has committed to serve in an advisory role if needed to ensure a smooth transition. American Eagle did not comment on the reason for Leedy’s departure, and his LinkedIn profile still indicates he works there.

  • New York & Company maintains Q3 loss plans five new stores

    New York — New York & Company Inc. maintained an essentially flat net loss in the third quarter of fiscal 2015, even as other financial metrics improved. The retailer reported net loss of $146 million, compared to $147 million the same period the previous fiscal year.

    Increased selling, general and administrative expenses, including charges related to headcount reductions, consulting fees and legal and moving expenses that were part of an ongoing business re-engineering project, helped keep New York & Company in the red.

  • Tuesday Morning shrinks net loss in Q4

    Dallas — Tuesday Morning reduced net loss to $4.2 million in the fourth quarter of fiscal 2015 from $7.4 million in the same period a year earlier. Reduced selling, general and administrative (SG&A) expenses helped the retailer cut its loss.

    Net sales increased 0.2% to $213 from $212.6 million, impacted by the net closure of 41 stores in the current fiscal year. Same-store sales increased 3.6%, with negative impact from a reduced clearance program.

  • Street finds Fresh Market Q2 results stale; 18 new stores planned

    Greensboro, N.C. – The Fresh Market Inc. did not meet Wall Street expectations for profit or revenue in the second quarter of fiscal 2015. The grocer reported net income of $17.47 million, up 53% from $11.39 million the prior period.

    Higher gross margin and pretax income drove profit growth. Net sales increased 5% to $442.1 million from $422.23 million, and same-store sales decreased 1%. The Fresh Market plans to open 18 new stores and remodel or refresh nine to 10 stores during the full fiscal year.

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