Corporate Governance

Strong traffic continues to boost sales and profit at TJX Cos. Inc., which raised its annual guidance after reporting that earnings rose 4.5% in the first quarter.

The off-price retailer said that net sales for the first quarter ended May 2 increased 6% to $6.9 billion, and same store sales increased 5%. Net income for the first quarter was $475 million, and diluted earnings per share were 69 cents, an 8% increase over the prior year.

The Limited is finally following the lead of a slew of other retailers that have rolled out buy online, pick up in store services for customers.

Sports Authority wants to make purchase protection "SIMPLR" for its customers with a new partnership with Asurion Retail Solutions' SIMPLR brand.

The Obama administration’s plan to revise federal overtime regulations would likely “hollow out” low- and mid-level management positions in the retail industry and result in a shift toward more hourly and part-time workers, according to a new National Retail Federation (NRF) report.

Philadelphia – Urban Outfitters Inc. missed Wall Street expectations for net income, sales and same-store sales during the first quarter of fiscal 2015. Net income fell 12% to $32.78 millio,n from $37.48 million the same quarter a year earlier.

Lower margins and higher delivery and fulfillment expense helped drive down net income. Sales reached a record high of $739 million, up 8% from $686.31 million, but still fell short of Wall Street expectations. Same-store sales rose 4%.

Boston – 7-Eleven Inc. has as agreed to acquire Tedeschi Food Shops Inc.'s approximately 182 convenience stores in the greater Boston area and in New Hampshire. The transaction is anticipated to close in mid-2015, subject to standard closing conditions and regulatory approvals.  

Terms of the deal were not disclosed. 7-Eleven expects to extend job offers to most Tedeschi Food Shops employees who are affected by this acquisition. Currently, 7-Eleven operates and franchises 164 stores in the greater Boston area and New Hampshire.

Boca Raton, Fla. – Office Depot is seeking a shareholder vote on its proposed $6.3 billion merger with Staples Inc. at its annual meeting on June 19. According to a statement filed with the Securities and Exchange Commission (SEC), Office Depot is requesting that shareholders approve the proposed acquisition by Staples.

In addition to approval by Office Depot shareholders, the agreement also needs to be approved by the Federal Trade Commission (FTC). With all approvals in place, the deal would finalize by the end of 2015.

London - Accenture is expanding its retail practice with an agreement to acquire Javelin Group, a U.K.-based retail strategy consulting and digital transformation services provider. The acquisition will expand the capabilities of Accenture Strategy to help retailers and consumer brands accelerate their digital transformation.

Atlanta - Honey Baked Ham is consolidating three regionalized operating divisions, currently based in Georgia, Michigan and Ohio, and has also named two new top executives. The combined organization, The Honey Baked Ham Company LLC, will be headquartered in Alpharetta, Georgia and will serve customers online and at more than 400 stores in 40 states across the U.S.

Framingham, Mass. - Staples Inc. has selected The NPD Group, Inc. as its data services provider for market sizing, share measurement, and vendor collaboration for the office supplies and technology industries. The service tracks sales through retail, e-commerce, and commercial channels.