Corporate Governance

Kirkland's has named its very first COO.    The home décor retailer named Mike Cairnes as executive VP and COO, effective November 28, 2016.   Cairnes brings 25 years of experience in home décor retailing and manufacturing to Kirkland's. He was most recently with Michael's Stores, where he served concurrently as president of its Aaron's Brothers retail business, since 2015, and president of its Artistree framing business, since 2007.    

Cost cuts help improve Barnes & Noble’s profitability in the third quarter even as its sales continued to decline.    “While we are pleased to have improved our performance due to expense reductions, we did experience sluggish sales, which we believe are directly related to the election cycle,” said Len Riggio, chairman and CEO of Barnes & Noble. "With the election behind us, we hope and expect sales will improve over the holidays."  

As the holidays approach, this group of retailers is feeling very confident about its financial health.        Eighty-percent of middle-market retailers (revenue between $5 million and $2.9 billion) rated their overall financial condition as healthy or very healthy in the 8th annual CIT Retail Outlook. Sixty-percent expect an increase in total sales of more than 5% for the 2016 holiday season, compared to only 33% three years ago.    

Nordstrom is taking its gift card program industry-wide.   Leveraging its partnership with CashStar, Nordstrom is using the CashStar Business platform to streamline the sale of its gift cards — both plastic and digital — to business partners.   Called the Nordstrom Gift Cards for Business program, the department store retailer is streamlining orders, and enabling partners to securely place, pay for and manage orders, as well as load cards with $5 to $2,000 per card.  

After four consecutive quarters of year-over-year earnings decline, DSW Inc. got back on track in its third quarter.   The footwear and accessories retailer had adjusted net income of $42 million, or 51 cents per diluted share, a 16% year-over-year improvement and 3 cents above estimates.  

Among cities with more than 250,000 residents, Plano, Texas, has the highest median income in the land at $104,000. It’s also one of the nation’s fastest-growing cities, so Eden’s Preston Towne Crossing and Berkeley Square in Plano have expanded and upgraded their food and beverage options in kind.   Recently opened at Preston Towne Crossing are SusieCakes Bakery, a specialist in old-fashioned sweets, cookies, and cakes, and Vom Fass, a purveyor of cask-aged vinegars, oils, wines, and spirits.  

Amazon continues to expand its already considerable fulfillment capabilities.    The online giant is set to open its third distribution center in Nevada, a move that will service customers in the southwest.   The new 800,000-square-foot facility, which will open in North Las Vegas, will employ more than 1,000 full-time workers who will pick, pack and ship larger customer items, such as big-screen televisions, kayaks and patio furniture.   

The contractor that flies packages for Amazon and DHL Worldwide Express, ABX Air, has asked a federal judge to force its striking pilots back to work as it looks to put an early end to what could be a major disruption to holiday deliveries, Bloomberg reported.