Corporate Governance

Stein Mart swings to Q3 loss, plans 10-plus new stores
Jacksonville, Fla. – Increased selling, general and administrative (SG&A) expenses helped drive Stein Mart Inc. to a net loss of $1.2 million in the third quarter of fiscal 2014, compared to net income of $28,000 in the same quarter a year earlier. Despite this push into the red, Stein Mart plans to open open at least 10 new stores and relocate two stores in 2015, as well as close two stores.
Children’s Place names Reliance Industries vet CFO: Q3 net income drops
Secaucus, N.J. – The Children’s Place Inc. has named Anurup Pruthi as senior VP and CFO, effective Dec. 1, 2014. He will report to Michael Scarpa, COO.

Williams-Sonoma beats Street with Q3 profits, sales

San Francisco – Williams-Sonoma Inc. surpassed Wall Street expectations with its profit and sales results for the third quarter of fiscal 2014. Earnings per share increased 17% to $0.68 from $0.58 in the same quarter the previous fiscal year. Retail net revenues increased 3% to $556 million from $540 million, primarily driven by West Elm and Pottery Barn, partially offset by a decrease in Williams-Sonoma due to eight fewer stores
Michaels earnings jump in Q3

Irving, Texas - Net income increased 36% to $64 million in the third quarter of fiscal 2014 compared to $47 million in the same quarter last year at The Michaels Companies. A decrease in selling, general and administrative (SG&A) expenses helped boost profits. Net sales increased by 1% to $1.13 billion from $1.12 billion, while same-store sales decreased by 0.8%. Michaels plans to open two new stores in the fourth quarter of fiscal 2014.
Survey – Cross-border shoppers double spend of domestic shoppers

San Jose, Calif. - Cross-border shoppers (those for whom more than 10% of their online spend is cross-border), spend approximately twice as much as consumers who only shop domestically. New research from PayPal and Ipsos, which investigated the online and cross-border shopping habits of more than 17,500 consumers in 22 countries, shows 30% of U.S. online consumers shop across borders.
Kirkland’s Q3 results surpass expectations

Nashville - Kirkland’s Inc. reported net income of $1.3 million in the third quarter of fiscal 2014, a 30% increase from $1 million the same quarter in the previous fiscal year. Higher gross profit helped boost net income. The retailer beat Wall Street expectations with net income as well as with net sales of $117.2 million, up 10% from $106.1 million.
Tractor Supply store support center gets LEED certification

Brentwood, Tenn. – The new Tractor Supply Company store support center in Brentwood, Tennessee, has achieved LEED (Leadership in Energy and Environmental Design) Silver certification from the U.S. Green Building Council. LEED certification is awarded for buildings that are energy efficient and environmentally sustainable in design and operation.
H.J. Martin & Son completes major project for Burlington

Green Bay, Wisconsin - H.J. Martin announced it has completed a major project for national retailer Burlington Coat Factory. The project primarily consisted of fixture installations in 49 stores across the continental United States as part of a remodeling of Burlington’s home and accessories departments.
Retail Strategy: Top Issues Facing Retail CIOs

Retail Strategy: Top Issues Facing Retail CIOs David Dorf, Oracle It wasn’t long ago that the main expectations for the retailer CIO were to keep the servers running, desktops patched, and store-based POS systems taking money. Today, the CIO fulfills a more strategic role, one that impacts the organization’s ability to adapt to changing consumer preferences, preserve margins and serve customers. Here is a look at the top issues facing retail CIOs today:
Analysis: Five Steps to Data Breach Prevention

When was the last time you were witness to a shopper paying for a purchase with actual cash? In today’s retail market, the majority of shoppers are leveraging credit and debit cards for their purchases – the more progressive group has even started using mobile wallet options. Although the mobile payment adoption rate is increasing, industry experts realize that with convenience comes the burgeoning of security risks such as data breaches.
Is Best Buy headed for its best Christmas ever?

Best Buy shared an optimistic view of the holiday season after posting a 3.2% third quarter comp increase at U.S. stores, but offered plenty of reasons why profitability could prove challenging.
Thanksgiving costs 34% less at Walmart

Walmart customers shopping for a traditional Thanksgiving meal can plan a 10-person dinner for $32.64, or 34 percent less than average, according to the nation’s largest farm group.