Corporate Governance

New York -- Hibbett Sports is on track to open at least 80 new stores in 2015 as strong holiday sales and early tax refunds gave the retailer a boost in the January quarter.

The company posted quarterly earnings of $19.9 million, compared to $16.9 million, in the year-ago period. EPS surged to $0.79 from $0.64. Its sales gained 9.9% to $239.3 million. Same store sales rose 5.4% in the quarter.

Port Washington, N.Y. – Consumer electronics retailer Tiger Direct, a subsidiary of Systemax, has decided to focus on its online territory. Tiger Direct is shuttering 31 of its 34 U.S.-based and international stores.

Gordon Brothers Group subsidiary DJM Real Estate is handling the disposal of 27 Tiger Direct stores in the U.S. and Canada. The stores, which range in size from 14,000 to 33,400-sq.-ft, can be subleased or have their leases purchased outright.
 

Hibbett Sports is on track to open at least 80 new stores in 2015 as strong holiday sales and early tax refunds gave the retailer a boost in the January quarter.

The company posted quarterly earnings of $19.9 million, compared to $16.9 million, in the year-ago period. EPS surged to $0.79 from $0.64. Its sales gained 9.9% to $239.3 million. Same store sales rose 5.4% in the quarter.

Freeport, Maine – L.L. Bean Inc. intends to almost triple its store count by 2020. In an internal company memo distributed Wednesday, March 11, L.L. Bean told employees it will open four stores in 2015 and at least 100 by 2020.

Currently, L.L. Bean operates 26 stores and 10 outlets in the U.S. The retailer does not have any stores west of Colorado, but plans to open new stores in the Pacific Northwest. All new stores will be full-price locations. The memo was signed by CEO Chris McCormack, who plans to retire in 2016.

The turnaround at Citi Trends seems nearly complete and now the urban fashion retailer is making some major executive moves just as it reported impressive fourth quarter results.

The retailer announced that Ed Anderson is retiring as CEO, effective March 21. Jason Mazzola, currently EVP and CMO, will become president and CEO effective March 22 and has been also appointed to the Board of Directors.

Additionally, Bruce Smith, the Company’s Executive Vice President and Chief Financial Officer, will also become its Chief Operating Officer.

New York -- Ann Inc. on Friday posted a 94% drop in profit for the fourth quarter as incremental air freight costs in response to the West Coast ports dispute and lower margins resulting from increased promotional activity cut into sales. Its results, however, topped the Street forecasts. The company also announced efforts to deliver an additional $35 million in cost savings by 2016 through a new selling, general and administrative optimization program.
 

New York -- Aeropostale Inc. decreased its loss in the fourth quarter, and reported its first adjusted operating profit in its last eight quarters. But the struggling teen apparel retailer said it is considering potentially closing approximately 50 to 75 Aeropostale stores and one P.S. Store in 2015.

Aeropostale's net loss narrowed to $13.5 million in the fourth quarter ended Jan. 31, down from $70.3 million a year earlier.

Net sales fell 11.3% to $593.8 million. Comparable sales declined 9%.

Kroger executive Kathleen “Katy” Barclay and former Coach executive Catherine “Kate” Buggeln are the newest member of the Five Below board of directors.

Despite similarities in name, Katy Barclay and Kate Buggeln bring different strengths to the rapidly growing teen and tween retailer’s board. Barclay has more than 35 years of experience in the human resources field and currently serves as senior vice president of human resources at Kroger.