Corporate Governance

German grocer seeks a Lidl slice of Aldi's market
U.S. consumers have more options for grocery shopping than ever before. But German discount grocer Lidl, aiming to emulate the U.S. success of the growing Aldi chain, says it will “create a unique experience for American consumers that will be unlike anything else in the market.”
Ollie’s eyes IPO and 950 stores
Off-price retailer Ollie’s quietly doubled in size the past few years and now the company plans to go public, accelerating growth of no-frills stores it affectionately refers to as “semi-lovely” warehouses.

Ollie’s operates 181 stores in the Eastern U.S. that last year generated annual sales $638 million and net income of $26.9 million.

Target CEO talks CVS partnership

Target chairman and CEO Brian Cornell commented on the chain’s new partnership with CVS Health in a Q&A on Target’s blog, A Bullseye View. Here are some excerpts:
Gap to close 175 stores, lay off 250 employees

Gap Inc. is planning to close 175 of its Gap stores and streamline its workforce by as many as 250 positions as the struggling retailer moves to re-ignite productivity and growth at its namesake brand.

The company says the series of strategic actions are part of a comprehensive effort to deliver more consistent and compelling product collections and engage customers across all channels.
German grocer Lidl prepares for U.S. expansion, to open headquarters in Virginia

Neckarlsum, Germany — Another German supermarket retailer has its sights set on the United States: Discount grocer Lidl on Friday announced it is establishing a U.S. corporate headquarters, in Arlington County, Va. The move comes as rival Aldi contines to aggressively expand throughout the United States.
Apple opens 6th Manhattan store; turns old bank into retail space

New York — Apple has opened its sixth store in Manhattan, on the Upper East Side in a Beaux Arts building that was originally the home of the U.S. Mortgage & Trust bank in the 1920s. The site, on Madison Avenue, most recently housed a luxury retailer.
Toys “R“ Us narrows Q1 loss but revenue, same-store sales slip

Wayne, New Jersey — Toys "R" Us Inc. narrowed its losses in the fiscal first quarter. But the chain’s revenue and same-store sales both fell amid a decrease in promotional activities and weakness in the baby and entertainment segments.

Toys “R” Us recently appointed former Domino’s Pizza chief executive David Brandon as its next CEO, effective July 1. He will take the reins from current CEO Antonio Urcelay.
Neiman Marcus swings to Q3 profit, but same-store sales slow

Dallas — Neiman Marcus Group posted a profit of $19.8 million for the third quarter, compared with a year-earlier loss of $8 million. (The quarter included a $16 million charge for amortization of intangible assets, compared with a $36 million charge a year earlier.)

Revenue for the period ended May 2 grew to $1.22 billion from $1.16 billion in the year-ago period, boosted by Neiman’s acqusition of luxury online retailer MyTheresa in fall 2014.
Yahoo taps former Penney CMO to head up consumer marketing

Debra Berman, former chief marketing office of J.C. Penney, is joining Yahoo in the new position of senior VP of consumer marketing, effective July 6.

"In this newly created role Debra will oversee product marketing, help drive audience engagement and lead consumer brand strategy," Yahoo chief marketing officer Kathy Savitt wrote in a company blog post on Friday.
RILA urges Congress to approve trade promotion authority

Arlington, Va. — The Retail Industry Leaders Association (RILA) is publicly urging members of the U.S. House of Representatives to approve H.R. 1314, a bill to renew Trade Promotion Authority (TPA) and extend Trade Adjustment Assistance (TAA) legislation. The bill is scheduled for vote June 12.
Restoration Hardware launching new store concept, RH Modern

CORTE MADERA, California — Restoration Hardware is going modern. The luxury home furnishings retailer is introducing a new store concept called RH Modern this fall. The company officially unveiled its new format in a video on its website.

RH introduced the concept on the same day that it posted first-quarter earnings and sales that topped analysts estimates and also boosted its annual guidance.
99 Cents Only profits plummet in Q1

City of Commerce, Calif. — A sharp increase in selling, general and administrative (SG&A) expenses drove an 88% drop in net income at 99 Cents Only Stores Inc. to $1.17 billion in the first quarter of fiscal 2016 from $9.57 billion the same quarter the prior fiscal year.

The profit plummet came as total sales rose 6% to $506.17 million from $477.9 million. Same-store sales declined 1.7%, primarily due to lower customer traffic.