Corporate Governance

Indianapolis – Hhgregg Inc. swung to a net loss of $7.2 billion in the fourth quarter of fiscal 2014, compared to net income of $9.9 million in the same period the prior fiscal year. Net sales dropped 10% to $538.3 million, from $597.6 million.

A same-store sales decline of 10% affected both net income and sales, and charges related to Hhgregg’s planned exit from the mobile phone business also helped drive its net loss.

Boulder, Colo. - Trader Joe’s is North America’s favorite grocery retailer based on satisfaction. A study of more than 6,200 consumers by Market Force Information, also found that Publix and Aldi were ranked second and third.

Houston – Stage Stores Inc. reported a net loss of $18.79 million in the first quarter of fiscal 2014, up from a net loss from $6.86 million in the same period a year earlier. Net sales slightly declined to $372.04 million from $372.1 million, while same-store sales decreased 0.2%.

Washington, D.C. – Organized retail crime (ORC) is down slightly from 2013 but still a pervasive problem. According to the National Retail Federation’s 10th annual Organized Retail Crime Survey, which polled 76 senior retail loss prevention executives, eight-in-10 (88.2%) retailers report that they have been a victim of ORC in the past year, down slightly from 93.5% in 2013.

By Kris Bjorson and Lew Kornberg, Head of Retail Tenant Representation at Jones Lang LaSalle

Minneapolis – Tony Fisher, president, Target Canada, is departing the company. Mark Schindele, senior VP merchandising operations, will assume the role of president, Target Canada.
 

Despite getting a slow start to the year, The Home Depot rallied in the first quarter thanks to solid results in non-weather-impacted markets.

The home improvement retailer reported first-quarter sales of $19.7 billion, up 2.9% from last year's first quarter. Comparable store sales were up 2.6%. Comp-store sales for U.S. stores were positive 3.3%.

The company also reported double-digit growth in net earnings — up 12.5% to $1.38 billion.

Target continues to make leadership changes in the U.S. and Canada following Gregg Steinhafel’s ousting from the company in an effort to drive U.S. traffic and sales, improve its ailing Canadian operations and advance its ongoing digital transformation.

Dr Pepper Snapple Group has promoted Heather Catelotti to VP of investor relations. Catelotti will report directly to CFO Marty Ellen.

The move comes following Carolyn Ross’s elevation to SVP, strategy and innovation. Ross will continue to report to Ellen.

Product lifecyle and reverse logistics leader Genco has appointed Jeremy Witte as chief operating officer for its wholly owned subsidiary, Genco Marketplace.