Corporate Governance

Starbucks Corp. reported profit for the second quarter that exceeded expectations, but it disappointed on sales. The chain also offered a third-quarter earnings outlook that was shy of forecasts.

For the quarter ended March 27, Starbucks reported $4.99 billion in sales, up 9% from $4.56 billion in the year-ago period. Although sales set a new record for a non-holiday quarter, they but still fell short of analyst estimates of $5.03 billion.

Net income rose 18% to $575.1 million on strong U.S. sales.

Sears Holdings announced its latest round of store closings as it continues to look for ways to cut expenses and return to profitability after five years of losses.

The embattled retailer, which has been steadily shrinking its physical portfolio over the last few years, will close 68 Kmart and 10 Sears stores this summer. (See list of locations at end of story.) In February, Sears warned it would speed up the closing of unprofitable stores.

Starbucks has brought its small-sized store format to the Windy City.

The coffee giant has opened a 635-sq.-ft. Starbucks Express cafe in Chicago's Union Station. This is the company’s fifth location to date for its Express concept, which features a streamlined menu that focuses on brewed coffee, espresso beverages and select food items.

The other Express stores are located in New York and Toronto.

Aeropostale Inc. preparing to file for Chapter 11 bankruptcy as soon as this month, Bloomberg reported, citing people familiar with the matter.

Aeropostale has recorded three consecutive years of losses as its struggles to deal with a teen audience whose spending tastes now favor fast-fashion giants such as H&M as well as online retailers. The chain operates some 800 stores nationwide.

The retail executives responsible for delivering omnichannel customer experience admit there is much work to be done to come in line with consumer expectations and demands.

Business technology and services provider Periscope, a McKinsey solution, conducted a survey of attendees at World Retail Congress 2016 held in Dubai in April 2016. According to the results, only 21% say they are more confident than a year ago on delivering omnichannel experiences. Another 45% say progress is not happening fast enough.

Wal-Mart Stores on Thursday announced changes to its board of director of directors that it said were designed to make to make it more nimble and able to respond quicker to today’s fast-changing market.

As part of the changes, four current board members — Aida Alvarez, Roger Corbett, Mike Duke and Jim Walton — will retire and not stand for re-election. In addition, the retailer is shrinking its board by three members to 12, a move that brings it more in line with the size of most U.S. corporation boards.

A well-known outdoor retailer and private equity firm may be interested in purchasing hunting and fishing chain Cabela’s.

According to Reuters, Bass Pro Shops Inc. and the private equity division of Goldman Sachs Group Inc. are preparing to make a buyout offer. Cabela’s said in December it was exploring strategic alternatives that could include a sale.

Click here for more.

Brentwood, Tennessee-based rural lifestyle chain Tractor Supply Company saw net income, net sales and same-store sales all rise in the first quarter of fiscal 2016, compared to the prior-year period.

Net income increased 17% to $67.7 million from $58 million, despite a 10% increase in selling, general and administrative (SG&A) expenses to $386.2 million from $351.8 million. Higher gross profit and pretax income helped boost net income.

CVS Health on Thursday announced that the first CVS Pharmacy locations in Target stores are now open in Utah. The 13 pharmacies are being operated through a store-within-a-store format and are branded CVS Pharmacy.

Andrew Blecher, SVP of public relations at Hudson’s Bay Company