Corporate Governance

Mahwah, N.J. -- Ascena Retail Group Inc. on Monday reported fourth-quarter net earnings of $15.7 million, compared with $29.8 million in the year-ago period. Its results missed Wall Street expectations.

Revenues for the quarter were $1.18 billion, compared with $1.20 billion in the prior year. The company attributed the decrease challenging tween market conditions at Justice and inventory-related issues at Lane Bryant. Results were partially offset by positive comp growth at Maurices and Catherines and new store growth at Maurices.

Memphis, Tenn. -- AutoZone on Monday reported better-than-expected fiscal fourth-quarter net income of $373.7 million from $347.8 million a year earlier. The chain also reported a milestone as its net income for the full year rose 7.7% to $1.1 billion.


The auto parts retailer’s revenue in the fourth quarter rose 3.4% to $3.05 billion in the period, up falling short of Street forecasts of $3.06 billion. Same-store sales rose 2.1%.

San Diego -- Following the successful launch of 3D print in six markets across the country, The UPS Store announced it is is expanding 3D printing services to meet the growing demands of its small business customers to nearly 100 additional locations nationwide.

New York -- British supermarket retailer Tesco suspended four executives, including its U.K. managing director, after revealing that its half-year profit was overstated by $407 million, the BBC reported. The retailer has launched an investigation headed by Deloitte.

Tesco CEO Dave Lewis, who took over the struggling company in September, said the decision to ask employees to stand aside was not an indication of guilt or that disciplinary action was warranted. He declined to speculate on what the investigation might turn up.

Denver -- Junction Solutions was was recognized as the 2014 U.S. Microsoft Dynamics AX Retail Partner of the Year. The company was honored among the top Microsoft partners for demonstrating sales excellence in innovation and implementation of customer solutions based on Microsoft technology.

Washington, D.C. -- The Washington, DC-based brokerage Cassidy Turley agreed to sell 100% of its equity interests to an affiliate of DTZ Investment Holdings, which is backed by a consortium of investors.

The deal is expected to fully close on Dec. 31, after the consortium acquires DTZ around Oct. 31

Alpharetta, Ga. - McAlister's Deli has signed an agreement with existing franchise group Southern Deli Holdings LLC to open 10 additional locations throughout North and South Carolina, Colorado and Wyoming, with three locations slated to open in late 2014. In addition, the franchise group recently acquired seven existing locations in St. Louis.

The new development commitments will result in two new restaurants per year during the next five years.

Dallas – Haggar Clothing Co. has hired Eve Richey as chief digital officer, effective Sept. 15. Richey, formerly VP of global digital marketing for Toms Shoes, will be responsible for creating a seamless approach to the consumer experience across a variety of shopping channels.

Richey will report directly to Michael Stitt, CEO of Haggar Clothing Co. She brings more than 14 years of experience developing and executing digital omnichannel strategies and implementing e-commerce solutions for brands such as Toms Shoes and Dell.

By Gary Lee, InReality

King of Prussia, Pa. – Online retailers are prioritizing immediate investments in customer-facing tactics such as price, marketing and customer service over strategic infrastructure for the 2014 holiday season. According to the 2014 Holiday Retail Audit, a U.S. survey of more than 1,000 ecommerce and marketing professionals from retailers with revenues of $5 million to $250 million conducted by EBay Enterprise, retailers identified a renewed focus in marketing efforts.