Corporate Governance

Hhgregg President and CEO Dennis May played the “pleased with significant progress on transformation efforts” card after the company reported abysmal sales for its fourth quarter ended March 31.

The retailer said same store sales decreased 10%. Net sales decreased 9.8% to $485.6 million. Revenue dropped 10% to $485.6 million. The company had a loss of $25.2 million, or 91 cents a share, wider than its prior-year quarter loss of $7.2 million, or 25 cents a share.

Indianapolis – Simon plans to expand several marquee properties in the U.S., investing approximately $1 billion annually to enhance its assets. The Mills at Jersey Gardens in Elizabeth, New Jersey, will submit plans for a major expansion, adding approximately 411,000-sq.-ft. of new outlet brands, dining and entertainment to its footprint of more than 200 stores and 1.3 million-sq.-ft.

Simon Property Group will expand several shopping centers in the United States, with plans to invest approximately $1 billion annually in renovations.

Arlington, Va. – The Retail Industry Leaders Association (RILA) is speaking out on retail data security. Brian Dodge, executive VP, communications & strategic initiatives, RILA, testified at the House Financial Services Committee hearing, “Protecting Consumers: Financial Data Security in the Age of Computer Hackers,” Thursday, May 14.

Vancouver -- Fast-growing Canadian online footwear retailer Shoes.com has reported record first quarter. In its first quarterly financial report since consolidating three online businesses under one platform, the company reported an increase in gross revenue of 89% to $60 million and a 129% increase in revenue from repeat customers.

Gross profit margins remained robust at 44%.

Big Lots employees in Ohio will be going to work for their communities in 2015, but not in a retail store. 

The company's associates in the West Columbus area will be planting and maintaining a 17-bed community garden and hope to harvest more than 2,000 pounds of fresh produce in 2015 for the LSS Westside Food Pantry through the Mid-Ohio Foodbank.

Washington, D.C. - The National Retail Federation (NRF) is publicly supporting the May 14 Senate vote on Trade Promotion Authority. Trade Promotion Authority is legislation from Congress outlining objectives and oversight for trade negotiations between the U.S. and other countries.

Little Rock, Ark. – Dillard’s Inc. had a disappointing first quarter of 2015, missing Wall Street expectations with both earnings and sales. Net income dropped 2% to $109.6 million, from $111.7 million a year earlier.

Net sales climbed to $1.57 billion, from $1.55 billion. Same-store sales and total merchandise sales outside the company’s construction business both fell 1%. Dillard’s plans to open three new stores in fiscal 2015, located in Utah, Louisiana and Ohio.