Strategy

The addition of retired KPMG International chairman Timothy Flynn to the Walmart board gives the retailer some compliance expertise amid ongoing investigations into alleged violations of the Foreign Corrupt Practices Act.

INDIANAPOLIS — Hhgregg's first quarter loss widened to $5.7 million, or 16 cents per diluted share, from a loss of $0.8 million, or 2 cents per diluted share, for the comparable prior year period, thanks to same-store sales decline of 5.1% and increased expenses.

MINNEAPOLIS — July same-store sales at Target increased 3.1%, in line with the company’s guidance.

Target credited an increase in average transaction size as the primary driver of a 3.1% same-store sales increase during the July reporting period. An increase in the number of transactions also contributed to a 3.1% gain that was in-line with the company’s guidance for a low to mid single digit increase on top of a July 2011 increase of 4.1%.

Naperville, Ill. -- Office Max Inc. reported Thursday net income of $10.7 million for the second quarter, besting Wall Street predictions and representing a strong turnaround from last year’s $3 million loss stemming from store closures and severance expenses.

Revenue for the quarter slipped 2.7% to $1.6 billion, missing analysts’ forecasted $1.64 billion in revenue. The office supply retailer said it will reinstate its quarterly common stock dividend, which it suspended more than three years ago.

New York -- Prudential Douglas Elliman's Retail Group said that Italian accessories retailer Mariana Antinori will open a luxury store – the brand’s first in New York -- at 1242 Madison Avenue, between 89th and 90th Streets.

Nearby are Jacadi, Rachel Riley, Baby Cottons and Brooks Brothers, as well as Armani Jr., Robert Marc, Christopher Fischer Cashmere, Malia Mills and Pink Chicken 'Tween.
 

Bloomberg reports this week that Walmart is becoming more sophisticated in its dealings with the government, and the company is employing an interesting tactic to gain political insights.

Earlier this week, 10 Walmart moms from the Denver area were assembled for the company's latest focus group, according to the Bloomberg report, and they were asked about their top issues and impressions of presidential candidates.

Indianapolis -- Hhgregg reported Thursday a loss of $5.7 million for the quarter ended June 30, compared with a loss of $0.8 million in the year-ago period. The electronics and appliances retailer cited higher expenses coupled with same-store sales declines for the poor performance.

Net sales increased 13.5% to $489.9 million from $431.5 million, and same-store sales decreased 5.1%.

No company gave more money and products to charity in 2011 than Walmart, according to The Chronicle of Philanthropy’s annual ranking.

The publication put Walmart at the top of its list of the 10 most charitable companies, indicating that the company donated $342 million in cash and $616 million in products last year. That is the equivalent of 4.1% of the company’s 2010 pretax profits.