Corporate Governance

In the alternative universe where Amazon resides, surging expenses that eat into the company’s profitability are viewed favorably. If Walmart were afforded the same treatment its stock would have surged after it was revealed increased labor, health care and e-commerce costs eroded second quarter profits.

Walmart’s opponents employed a new tactic this week by launching a repository of negativity under the auspices of The Center for Media and Democracy.

Same store sales growth of 6% and e-commerce strength helped J.C. Penney dramatically reduce its second quarter operating loss and demonstrate growing momentum of its turnaround.

Sales at the operator of 1,060 stores increased to $2.8 billion from $2.66 billion and the 6% comp increase the company reported was against an easy prior year comparison when comps declined 11.5%. Online sales through jcp.com were $249 million for the quarter, up 16.7 % versus the same period last year.

Nordstrom’s second quarter earnings were in line with its expectations. The results come two weeks after the company said it was acquiring Trunk Club, a men’s personalized clothing service, for $350 million.

Profit for the quarter remained flat compared to last year’s second quarter at $183 million. Net sales for the quarter were $3.3 billion, a 6.2% increase from $3.1 billion in the prior-year quarter. Comparable sales increased 3.3%.

Charlotte, N.C. -- Southern department store chain Belk has promoted Jan Clevenger from chair of the company’s Western Division in Birmingham, Alabama, to the position of executive VP and general merchandise manager over Men’s, Home and Kids.

David Luoma has been promoted to succeed Clevenger in the Western Division chair position.

Atlanta - Supply chain commerce solutions provider Manhattan Associates Inc. has acquired the assets of POS and clienteling applications provider GlobalBay Technologies from VeriFone. The acquisition extends Manhattan’s omnichannel inventory and order management solutions by enabling in-store sales and clienteling capabilities.

VeriFone’s GlobalBay Merchant solution, targeted to small retailers, will be retained by VeriFone and rebranded in the coming months. Financial terms of the transaction will not be disclosed.

West Sacramento, Calif. -- NRG eVgo and Raley's Supermarkets are introducing the first electric vehicle fast-charging station at a retail location in Northern California that features both industry standard fast chargers: CHAdeMO and SAE Combo.

Located at Nob Hill supermarket in Mountain View, this Freedom Station is the first to incorporate the new SAE Combo fast charge standard being introduced on many new EVs at a Northern California retail location.

Tampa, Fla. -- Burger 21, founded by the owners of The Melting Pot Restaurants, has executed its first franchise agreement in Michigan, under which a debut restaurant in Ann Arbor will open summer 2015.

Additionally, the company signed two franchise agreements for single units in Ocala, Florida, and Raleigh, North Carolina. The new deals are part of the fast-casual concept's growth strategy to expand its presence in new and existing markets nationwide.

To date, Burger 21 has 13 open locations and 25 franchised restaurants in development.

Etna, Ohio -- Ascena Retail Group Inc. has opened its new 880,000-sq.-ft. shared services office complex and national distribution center in Pataskala, Ohio.
 

Pittsburgh -- GNC Holdings, Inc.’s board of directors has authorized a multi-year program to repurchase up to an aggregate $500 million of the company's Class A common stock. The authorization is effective immediately and replaces GNC’s previous authorization, which had approximately $250 million remaining.  

The repurchases are expected to take place over the next 24 months.