Strategy

NEW YORK — Coach announced that Victor Luis has been appointed president and chief commercial officer. Concurrently, he has joined the board of directors. He will become CEO in January 2014. Lew Frankfort will continue as chairman and CE during this interim period and will then become executive chairman.

In the food industry’s largest ever acquisition, the H.J. Heinz Company has agreed to be acquired by an investment consortium of Berkshire Hathaway and 3G Capital.

Heinz shareholders will receive $72.50 a share in cash, a 20% premium to the prior day’s closing price of $60.48, which was at an all time high.

Strong sales of guns at ammunition at Cabela’s contributed to a 12% same store sales increased and enabled the company to report record sales and profits for the fourth quarter and full year.

WASHINGTON -- Retail sales ticked up in January as consumers adjusted their spending in response to the increase in payroll taxes and rise in gasoline and energy prices. According to the National Retail Federation, January retail sales (excluding automobiles, gas stations and restaurants) increased 0.3% seasonally adjusted from December and increased 5.4% unadjusted year-over-year.

IRVING, Texas — Michaels Stores has named Chuck Rubin CEO and a member of the board of directors.  Rubin, currently the president and CEO of Ulta Beauty, will assume his new roles after a brief period of transition, at which time Michaels will discontinue the office of the CEO, established on an interim basis in May 2012.  Charles Sonsteby, a member of the office of the CEO, will continue as the company's chief administrative officer and CFO.

MATTHEWS, N.C. — Harris Teeter on Wednesday confirmed an earlier Wall Street Journal report that the grocer was in the process of exploring strategic options. 

CHARLOTTE, N.C. — Belk has named Dorlisa Flur EVP omni-channel, reporting to John Belk, president and chief operating officer.

ARLINGTON, Va. — The Consumer Electronics Association has issued praise for the U.S. Congress for introducing legislation to establish sales tax fairness.

Austin, Texas -- Whole Foods Market reported that its first-quarter net income rose 24% to $146 million, exceeding expectations, on stronger revenue. But the grocer narrowed its revenue forecast and said its earnings growth may slow through the remainder of the year amid higher store-opening costs and plans to increase its selection of lower-priced products.

Total sales increased nearly 14% to $3.86 billion for the 16-week period that ended Jan. 20. Same-store sales were up 7.2% for the quarter.

Suffern, N.Y. -- Ascena Retail Group announced that Linda Heasley has accepted the position of president and CEO of Lane Bryant effective Feb. 18. Heasley joins Lane Bryant division after six years as president and CEO of The Limited. (The Limited has announced a search for a new chief executive.)