Corporate Governance

Greensboro, N.C. – It was a mixed first quarter for The Fresh Market Inc. as the grocery retailer met Wall Street expectations for profit but fell short on sales. Net income totaled $15.17 million, down 8% from $16.57 million.

Higher operating expenses drove the reduction in net income. Sales increased 7% to $462.04 million from $431 million. Same-store sales dropped 0.1%.

Tampa, Fla. -- Ashley Furniture Industries announced that it is establishing, through its wholly owned subsidiary, Ashcomm LLC, its U.S. e-commerce headquarters in Ybor City.

The headquarters office will occupy 70,000 sq. ft. of space in Centro Ybor in the heart of Tampa’s historic business and entertainment district. It will eventually house more than 100 employees in executive, administrative, marketing, design, and information technology positions for both the e-commerce business as well as other Ashley corporate operations.
 

York, Pa. – Net loss at The Bon-Ton Stores Inc. widened to $34.1 million in the first quarter of fiscal 2015, from $31.5 million in the same quarter the prior year. Increased cost of sales and depreciation and amortization helped increase net loss.

Total sales inched up to $610.9 million from $607.5 million, while same-store sales increased 0.8%. E-commerce sales increased at a double-digit rate due to a higher conversion rate.

Dollars Tree’s first quarter sales were less than expected, it is divesting more of the acquired Family Dollar stores than expected and closing the merger is taking longer than expected.

Nashville, Tenn. – Kirkland’s Inc. topped Wall Street predictions for earnings and sales in the first quarter of fiscal 2015. Net income increased 23% to $2.53 million, from $2.05 million a year earlier.

Growth in cost of sales and operating expenses lagged the rate of revenue growth, boosting net income. Net sales rose 9% to $118.31 million, from $108.25 million. Same store sales, including e-commerce sales, grew 3%.

Demand for iPhone 6, big TVs and appliances surged at Best Buy in the first quarter, enabling the company to report a much-better-than expected same store sales increase.

New York – Robert Lynch, CEO of embattled Lumber Liquidators Holdings, has unexpectedly resigned as the Justice Department seeks to file criminal charges for the company’s allegedly selling Chinese hardwood laminate products that had illegal levels of formaldehyde. In a brief statement, Lumber Liquidators gave no reason for Lynch’s departure.

West Elm helped Williams-Sonoma deliver another solid financial performance in the first quarter despite negative effects from the West Coast port dispute and sluggish consumer spending.

Total revenue for Williams-Sonoma Inc. in the first quarter ended May 3 grew 5.8% year over year, to $1.03 billion, versus $974 million in the first quarter of 2014. Same store sales from its flagship Williams-Sonoma brand grew 2.7%, Pottery Barn sales increased 2.4%, West Elm delivered a 15.3% increase in comps, Pottery Barn Kids grew 0.8%, and sales from PBteen increased 3% year over year.