Corporate Governance

Cary, N.C. - The Pantry Inc. has announced the expiration of the waiting period under the U.S. Hart-Scott-Rondino Act for to the proposed merger between The Pantry and a U.S. subsidiary of Alimentation Couche-Tard Inc. Pantry stockholders approved the merger agreement at a special meeting on March 10.

After five consecutive quarters of declining same-store sales, teen retailer the Buckle may be coming out of its slump.

The Nebraska-based company reported net sales of $353.5 million, 4.3% higher than the year-ago quarter. Same store sales grew 1.1%. Net income rose by about 1.3% to $60.1 million, producing earnings of $1.25 per share, ahead of analysts’ estimates.

Hoffman Estates, Ill. – Increased selling, general and administrative (SG&A) expenses helped swing Sears Hometown & Outlet Stores Inc. to a net loss in a generally tough fourth quarter of fiscal 2014. Sears Hometown & Outlet reported an preliminary, unaudited net loss of $4.63 million, compared to net income of $3.72 million in the same quarter of the previous fiscal year.

Net sales dropped 7% to $562.34 million from $602.48 million, partially driven by a 7.7% decline in same-store sales.

Express is going full-steam ahead with its outlet-store strategy, with plans to open 30-plus stores in 2015. The retailer ended the year with 41 outlet stores in operation.

“Together they generated approximately $55 million of incremental revenue, far surpassing our initial estimate,” said Paul Dascoli, senior VP and CFO, Express, on the chain’s quarterly earnings call. Express is expanding its outlet store division both through new construction and conversions.

Washington, D.C. – The long winter chill put a damper on consumer spending and retail sales in February. According to data from the National Retail Federation (NRF), excluding automobiles, gasoline stations and restaurants, retail sales declined 0.2% seasonally-adjusted month-to-month, yet were up 3% on an unadjusted year-over-year basis.

Additional findings from NRF’s monthly retail sales analysis found that:

Building material and garden equipment and supplies dealers:
• -2.3% month-to-month

Savannah, Ga. -- Citi Trends Inc. on Friday announced a change in leadership as its reported fourth quarter results that topped forecasts. The urban apparel retailer said that Ed Anderson is retiring as CEO, effective March 21, with Jason Mazzola, currently executive VP and chief merchandising officer, becoming president CEO effective March 22, and being appointed to the board of directors, effective immediately.

Additionally, Bruce Smith, executive VP and CFO, will also become its COO.

Ann Inc. is blaming its huge fourth-quarter profit loss on expenses related to deep discounts and the West Coast ports dispute.

For the quarter ended Feb. 1, net earnings at Ann Inc. came in at $262,000, or 1 cent a share, compared with $4.7 million, or 10 cents a share, in the same period a year ago. Total sales rose to $647.4 million from $623.3 million, beating the analysts’ estimates of $627 million. Same-store sales rose 1%, with Ann Taylor brand sales declining 0.4% and Loft brand sales rising 1.9%.

Los Angeles -- Caruso Affiliated announced the appointment of Steven Martin to senior VP, strategic alliances & entertainment. Martin will oversee client sponsorships, large-scale entertainment events, brand activations, and new business development across Caruso Affiliated’s portfolio.  He will report to chief marketing and communications officer Judy Johnson.