Corporate Governance

Party City on Thursday posted an increase in same-store sales and profit for the fourth quarter and said it is on track to expand its footprint this year.

But it also cautioned that sales may slow.

Party City reported a profit of $86.5 million for the fourth quarter ended Dec. 31, up from $79 million a year earlier. On a per-share basis, earnings declined to 72 cents from 83 cents.

Total revenue slipped 2.8% to $781.5 million. Same-store sales increased 2.8%, fueled by a strong Halloween season.

The company formerly known as Men’s Wearhouse plans to significantly reduce its physical presence this year by closing 250 stores, including more than 20% of the Jos. A. Bank stores acquired in 2014.

The major reduction is selling space by the company which changed its name to Tailored Brands earlier this year was announced in conjunction with the release of weak fourth quarter results that were in line with previously released results, which showed Jos. A. Bank stores had 32% decline in same-store sales.

The CEO of Toys “R” Us sounded an upbeat note on Thursday amid results that showed the chain cut its full-year net loss by more than half in fiscal 2015, and improved its adjusted earnings by 25%.

It’s not drones, but Amazon.com has found a new way to make quicker deliveries via air. According to the Wall Street Journal, Amazon is leasing 20 Boeing 767 freighters as part of a deal with air cargo provider Air Transport Services. The agreement is intended to supplement Amazon’s existing delivery network. Amazon also purchased thousands of its own branded tractor-trailer trucks in December 2015. [Wall Street Journal]

Target announced Wednesday its board of directors elected Monica Lozano as a new director, effective immediately. Lozano is the former CEO of ImpreMedia, one of the largest media companies serving Hispanic communities in the U.S.

The rumors are true – Whole Foods Market and Instacart are taking their relationship to a new level.

The organic grocer and online delivery service officially announced a deepening of their partnership, which had been reported in the media for the past few weeks.

Whole Foods Market and online delivery service Instacart have big plans to make it easier for consumers nationwide to receive home deliveries from the nation’s leading retailer of natural and organic products.
 

After more than doubling in size the past 10 years, the 69 store Bob’s Discount Furniture chain has executed a succession strategy.

Manchester, Conn.-based Bob’s Discount Furniture elevated Michael Skirvin from his role as president and COO to serve as president and CEO. He assumes the top job from Ted English who will remain with the company as executive chairman.