Strategy

Nashville, Tenn. — Kirkland's Inc. said Thursday that its fourth-quarter profit fell about 35% as its sales softened.

The company reported net income of $14.4 million for the 13 weeks that ended Jan. 29, compared with $22.1 million a year earlier.

The results included an $800,000 income tax benefit related to prior years' taxes.

Quarterly net sales fell to $139.6 million, from $142.8 million in the prior-year period. Same-store sales were down 7.95%.

There have been dozens of books written about Walmart, but none from the perspective of Ron Loveless. He is an Arkansas native from a small town who was hired by Walmart founder Sam Walton in 1964. His first job was that of stock boy, but he would go on to hold positions of increased responsibility in operations and merchandising and was the executive charged with opening the first Sam’s Clubs in the early 80’s. Loveless retired in 1986.

JACKSONVILLE, Fla. -- Stein Mart announced that net income for the fourth quarter was $18.8 million or 42 cents per diluted share compared with net income of $2.7 million or 6 cents per diluted share in 2009. Excluding the impact of a favorably tax benefit, fourth-quarter net income increased to $14.6 million or 32 cents per diluted share compared with $8.7 million or 19 cents per diluted share in 2009.

For the year, net income was $48.8 million or $1.08 per diluted share compared to net income of $23.6 million or 54 cents per diluted share in 2009. 

Speaking at the Raymond James and Associates investor conference earlier this week in Orlando, Sam’s Club president and CEO Brian Cornell reaffirmed that Sam’s would achieve its first-quarter sales plan that calls for comp growth in the range of 1% to 3%.

CINCINNATI -- Procter & Gamble announced that Keith Harrison, global product supply officer, will retire effective Sept. 1, after more than 41 years of service.  Until his retirement, Harrison will serve as officer on special assignment, reporting to Bob McDonald, chairman of the board, president and CEO.

The company announced that Yannis Skoufalos currently VP product supply, global operations, has been elected global product supply officer, succeeding Harrison effective July 1.

BENTONVILLE, Ark. -- The Walmart Foundation announced that is committing more than $2.5 million in grants to various projects aimed at improving the lives of women in Latin America. 

"We believe that when women achieve economic empowerment, their voices are also empowered," said Eduardo Solorzano, president and CEO of Walmart Latinoamerica. "So not only will they be able to create more stable futures for their families, they will play transformational roles in bettering the lives of women and children across Latin America."

BENTONVILLE, Ark. -- An online order and same-day pick up service will be expanded to all Walmart stores beginning this month, the company announced. The “Pick-Up Today” service allows shoppers who make a purchase online to pick up their merchandise within about four hours if the order is placed before 6 p.m. Orders place after that time are available for pick up the next day before 10 a.m.

Shareholders of Wal-Mart de Mexico elected three new female board members at the company’s annual meeting yesterday, bringing to six the number of women on the company’s eleven-member board.

The new members include Shelley Broader, chief merchandising officer of Walmart Canada, Olga Gonzalez, Walmart’s VP audit services for Latin America and Kristin Oliver, SVP people for the Walmart International division. Other women on the board include Cathy Smith, Blanca Trevino and Kristin Oliver.

New York City -- Aeropostale's fourth-quarter profit slid 13% amid weaker gross margins and falling same-store sales. For the quarter ended Jan. 29, the chain posted a profit of $83.8 million, down from $96.6 million a year earlier.

Revenue increased 5% to $839.3 million, from $801.2 million in the year-ago period. Same-store sales decreased 3%.

For the full year, net sales increased 8% to $2.4 billion, from $2.23 billion a year earlier. Same-store sales inched up 1%.