Corporate Governance

Wayne, New Jersey — Toys "R" Us Inc. narrowed its losses in the fiscal first quarter. But the chain’s revenue and same-store sales both fell amid a decrease in promotional activities and weakness in the baby and entertainment segments.

Toys “R” Us recently appointed former Domino’s Pizza chief executive David Brandon as its next CEO, effective July 1. He will take the reins from current CEO Antonio Urcelay.

Dallas — Neiman Marcus Group posted a profit of $19.8 million for the third quarter, compared with a year-earlier loss of $8 million. (The quarter included a $16 million charge for amortization of intangible assets, compared with a $36 million charge a year earlier.)

Revenue for the period ended May 2 grew to $1.22 billion from $1.16 billion in the year-ago period, boosted by Neiman’s acqusition of luxury online retailer MyTheresa in fall 2014.

Toys”R”Us says it is making steady progress with its “TRU Transformation” strategy despite a decline in same store sales in the first quarter.

Same store sales for the first quarter ended May 2 fell 2.3% primarily because of what the company said was "a planned decrease in promotional activity.'' International same store sales rose 1.2%, lifted by increases in the learning and core toy categories. Total sales declined by $154 million to $2.32 billion.

Kmart has overhauled its marketing team by making several personnel changes and replacing its CMO with a veteran from DSW.

According to Ad Age, the company has named Kelly Cook as its new chief marketing officer after Mark Andeer left the company.

Cook will be leading the company's "omnichannel transformation," according to Ad Age.

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Walmart Stores, Inc., president and CEO Doug McMillon invoked a baking metaphor at a retail conference in Northwest Arkansas this week to describe the company’s merchandising philosophy and approach to offering customers every day low prices.

London, U.K. — Gordon Brothers Europe (GBE), a firm specializing in restructurings for the retail, commercial and industrial sectors, has named Heinz Weber as president, overseeing the European subsidiary of Gordon Brothers Group. Weber has more 10 years of leadership experience with GBE, including managing director, head of D-A-CH (Germany, Austria, Switzerland), in a 20-plus-year career.

City of Commerce, Calif. — A sharp increase in selling, general and administrative (SG&A) expenses drove an 88% drop in net income at 99 Cents Only Stores Inc. to $1.17 billion in the first quarter of fiscal 2016 from $9.57 billion the same quarter the prior fiscal year.

The profit plummet came as total sales rose 6% to $506.17 million from $477.9 million. Same-store sales declined 1.7%, primarily due to lower customer traffic.

Publix is exploring the possibility of opening smaller format stores in the North Florida area, according to the Gainesville Sun.

The Sun is reporting that the Southern grocery chain has been talking to Gainesville, Fla., city officials about a site near the University of Florida.

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