Corporate Governance

Village Super Market profit slumps during Q3
Several factors conspired to produce a drop in net income at Village Super Market Inc. during the third quarter of fiscal 2016, despite a slight bump in sales.

Net income was $5.88 million in the quarter, down 55% from $13.21 million in the third quarter of the previous fiscal year. The prior year period including a net gain from the recovery of insurance receivables related to Superstorm Sandy and a tax benefit a result of a settlement with the New Jersey Division of Taxation.
Pandora extends Synchrony financing agreement
Synchrony Financial will continue to offer consumer financing to Pandora Jewelry customers.

The two companies have announced a multi-year extension of their consumer financing program agreement. The program, which began in 2011, will continue to provide Pandora shoppers with access to a range of payment options through the Pandora Preferred card program. Special financing will be available at select concept stores nationwide.

Kroger partners with Detroit health system on better eating program

Henry Ford Health System, a six-hospital system headquartered here, and Kroger on Wednesday announced a new partnership designed to answer common dietary health questions and help consumers eat and shop healthier.

Henry Ford LiveWell Wednesdays debuts June 1 at all 126 Kroger stores throughout Michigan. Every Wednesday, Henry Ford will provide Kroger shoppers with a healthy recipe developed by registered dietitian nutritionists. Shoppers will receive a brochure including a list of all ingredients needed for the recipe and a link to a video cooking demonstration.
Fred’s posts 8% total sales lift in Q1, 1% comps increase

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.
Focus on New York market boosts Ahold USA Q1 sales

Ahold USA first quarter sales were up 4% to $8.2 billion. Excluding gas, sales increased 4.1% at constant exchange rates. The addition of 25 A&P stores in the New York Metro market in fourth quarter 2015 was the main contributor to the overall sales growth and resulted in an overall market share improvement in both dollars and volume, Ahold reported.
J.C. Penney refinancing real estate loan

J.C. Penney Co. said Wednesday it is proposing to refinance a $2.25 billion senior secured term loan, and to extend the maturity of the loan, which is currently set at May 2018. The transaction is expected to be complete in June.

Penney also reported positive same-store sales for its quarter-to-date through Memorial Day.
Ascena Retail sales disappoint; cuts guidance

A cold spring helped dampen sales and earnings at one of the nation’s leading apparel companies.

Ascena Retail, whose brands include Ann Taylor, Loft, Lane Bryant, Catherines, Justice and Dressbarn, reported profit of $15 million in the third quarter, ended April 23, down from $24 million in the year-ago period.
Lululemon founder slams company management, board

Chip Wilson, the founder of Lululemon Athletica Inc., is not one to mince words.

Wilson, the company’s largest shareholder with a 14.2% stake, on Wednesday issued an open letter to investors in which he sharply criticized the apparel retailer’s management, calling its competence “uninspiring at best.” He called for annual election of the board to hold members accountable for Lululemon’s performance.
Focus on New York market helps boost Ahold USA Q1 sales by 4%

Ahold USA first quarter sales were up 4% to $8.2 billion. Excluding gas, sales increased 4.1% at constant exchange rates. The addition of 25 A&P stores in the New York Metro market in fourth quarter 2015 was the main contributor to the overall sales growth and resulted in an overall market share improvement in both dollars and volume, Ahold reported.
Staples on hunt for new CEO; interim chief named

The long-drawn out battle over the merger of Staples and Office Depot has claimed its first victim.

Staples chairman and CEO Ron Sargent will step down after the chain’s annual shareholders meeting on June 14. His exit comes just weeks after a federal judge struck down Staples’ proposed acquisition of rival Office Depot. http://www.chainstoreage.com/article/staples-and-office-depot-call-merger-wake-ruling%3Cbr />
Canadian outdoor brand expanding its store footprint

A company named after the first reptile to develop the feather for flight is opening freestanding stores.

Arc’teryx Equipment, a Canadian manufacturer and retailer of high-performance outdoor apparel and equipment, will open a store in Manhattan’s SoHo neighborhood this July. It will follow that up with a store in Chicago’s Buckhead neighborhood in August, and one at Toronto’s Yorkdale Mall in October, giving it a total of 11 locations.
Fast-growing retailer enters new state

Five Below is expanding at a fast clip this year.

The extreme-value brand for pre-teens and teens will open its first store in Oklahoma, in Oklahoma City, on June 3, 2016.

A second store Oklahoma, in Edmond, will open on June 24, 2016.

The Philadelphia-based chain is one of the fastest growing retailers in the country. It plans to open approximately 85 new stores in 2016, up from 71 stores in 2015.