Corporate Governance

New York – Retail CEOs have a lot of worries on their minds. According to a new survey of CEOs from PwC, 74% of retail CEOs are nervous about shifting consumer spending patterns, and 59% are nervous about the disruptive potential of new distribution channels. Nearly half (47%) are nervous about the pace at which technology is evolving.

Fort Myers, Fla. – Chico’s FAS Inc. announced plans to open 40 new stores and spend $30 million rolling out new POS systems, including mobile technology, in fiscal 2015. But the retailer also said it would shutter 120 existing locations over the next two years to improve its overall store fleet productivity and slash jobs. The closings are expected to ultimately result in expense savings of approximately $55.2 million upon completion.

Menomonee Falls, Wis. -- Kohl's Corp. reported better-than-expected profit for its fourth-quarter profit, helped by strong holiday sales.
 
The retailer earned $369 million for the quarter ended Jan. 31, up from $334 million a year ago.

Total sales were up 3.9% to $6.34 billion from $6.1 billion in the year-ago period, also better than expected. Same-store sales increased 3.7%, a significant improvement after five straight quarters of decline.

St. Petersburg, Fla. – HSN Inc. had a successful fourth quarter of fiscal 2014, beating Wall Street estimates for both net income and sales. Net income rose 11% to $68.3 million from $61.6 million, while net sales grew 10% to $1.12 billion from $1.1 billion.

Digital grew 12%, reaching a milestone of representing more than half HSN’s business. Mobile remains the company’s fastest-growing platform with growth of 40% in the quarter.

Washington, D.C. -- Walmart and the Walmart Foundation announce an initial investment of $16 million to seven national nonprofit organizations, as part of a new Opportunity initiative, a $100 million commitment to help increase the economic mobility of entry level workers in retail and adjacent sectors. The $100 million commitment was first announced last week by Walmart president and CEO Doug McMillon, in conjunction with the roll out of new opportunities and enhanced benefits for Walmart associates.

Conshohocken, Pa. -- Ikea announced that it has chosen VCC to serve as construction manager both for the site work and store development of its new, larger store in Burbank, California. The new location will replace the chain’s existing Burbank store, which is also Ikea’s oldest store in the Western United States.

Pending remaining approvals and permits, groundbreaking is on track for fall 2015 and store opening in spring 2017. Until the new, roomier store opens on the new site, customers can continue to shop at the existing Ikea Burbank.

Kohl’s is joining the army of retailers focusing on the high-margin beauty category by adding an upscale skin-care brand to its assortment.

Los Angeles - The Coffee Bean & Tea Leaf has added Andrew Nathan as senior VP of Asia Pacific and member of the executive team. In this newly created role, Nathan will be the primary driver of the company's growth opportunities in Asia, including responsibility for operations in Singapore and Malaysia.

Nathan assumes responsibilities previously held by Victor Sassoon, CEO of Asia Pacific, who continues as a board member of the company. Nathan will be based in Singapore and report to John Dawson, president and CEO.