Corporate Governance

Target bringing in startups to find innovative products
Target Corp. is tapping into the startup community in San Francisco and the Silicon Valley to gain a merchandising edge.

The retailer is launching a series of “Demo Days” aimed at discovering interesting new “smart” products from startup companies. The program kicked off on Feb. 23, with Target inviting 12 startups to its office near Silicon Valley to pitch “smart baby” products. Each company had 20 minutes to showcase its products and receive real-time feedback from Target.
Victoria's Secret lifts L Brands
The parent company of Victoria's Secret and Bath & Body Works credited the strength of its brands with helping it to buck the financial doldrums affecting many other retailers in the fourth quarter.

For the period ended Jan. 30, L Brands earned $636 million, or $2.15 a share, up from $564.8 million, or $1.89 a share, a year earlier. Net income increased 13% to $636.0 million, compared to $564.8 million last year. Net sales were $4.395 billion, an increase of 8%. Same-store sales increased 6%.

Kohl's to dip its toes into outlet stores, smaller formats

Kohl's plans to make a lot of interesting moves this year with new formats and underperforming stores after the company reported another lackluster quarter of financial results.

For the fourth quarter ended Jan. 30, Kohl's said same store sales rose 0.4%. Total sales rose only 0.8% as unseasonably warm weather hurt sales of cold-weather goods. Revenue totaled $6.39 billion, up 0.8% from a year ago. Net income was $296 million, down 20%. Earnings per share for the quarter came in at $1.58, down from $1.83 a year ago.
Outlets on fire as occupancy rates set new record

So much for the argument that the U.S. market is saturated with retail stores and e-commerce is hurting mall traffic. Tanger Factory Outlet Centers brought four new properties online in 2015 and still managed to achieve a portfolio occupancy rate in excess of 95% for the 35th consecutive year.
Build-A-Bear adds toy, social media expertise to board

Build-A-Bear is adding two new board members whose backgrounds should serve the company well as it moves forward with its transformation plan.

Build-A-Bear announced that Tim Kilpin and Sarah Personette have been appointed to the company’s board of directors.

Kilpin, 55, will serve as a member of the Audit Committee and as a member of the Compensation and Development Committee. Personette, 36, will serve as a member of the Compensation and Development Committee and as a member of the Nominating and Corporate Governance Committee.
What’s part of a bowling alley doing in Whole Foods?

Whole Foods Market’s knack for recycling and showcasing local memorabilia is reflected in its just-opened store in Wauwatosa, Wisconsin.

The 47,500-sq.-ft supermarket features a reclaimed bowling alley wood cladding at the juice bar. (Milwaukee is home to the oldest certified bowling alley in the United States.) A firefly motif is incorporated throughout the space, which was constructed by Chicago-based Novak Construction. (Wauwatosa is named after the Native-American Potawatomi tribe’s word for firefly.)
Whole Foods to take Instacart partnership to new level

Whole Foods Market has been offering deliveries via Instacart in select markets for about a year, but reportedly is significantly extending the scope of the deal.

According to Re/code, Whole Foods has at least in principle made an unspecified investment in Instacart. Whole Foods has also reportedly signed a five-year deal making Instacart its exclusive perishables delivery provider.
Record results for Ace Hardware

Ace CEO John Venhuizen

Even with one less week in the calendar year, Ace Hardware Corp. ran up its wholesale sales to a record $5.0 billion. Along the way, the Oak Brook, Illinois-based co-op delivered a pre-tax return on equity of 33%.

“I'm honored to report the third consecutive year of record financial performance for the company," said John Venhuizen, president and CEO.
Build-A-Bear Workshop adds toy, social media expertise to board

Build-A-Bear is adding two new board members whose backgrounds should serve the company well as it moves forward with its transformation plan.

Build-A-Bear announcedthat Tim Kilpin and Sarah Personette have been appointed to the company’s board of directors.
Digital sales soar at HSN, but profit dips

The CEO of HSN says that for the first time ever, more than half of sales at HSN came from digital channels.

But onine sales did not make up for heavy discounting, and the companyposted profit and revenue declines.The company reported that for the fourth quarter ended Dec. 31, net sales decreased 2% and adjusted EBITDA decreased 3%.Adjusted EPS was $1.15 compared to $1.22 in the prior year.
Consumer confidence slips in February

Consumer confidence fell into a slump in February, driven largely by a less optimistic view of business conditions.

According to the Conference Board, the index currently stands at 92.2, down from 97.8 in January.
Lowe's goes high with growth in 2015

Lowe's rode the same wave of recovery in the housing market as its rival Home Depot in the fourth quarter, topping its own expectations with substantial gains.