Corporate Governance

New York -- Wal-Mart Stores is testing a new convenience-store concept called “Walmart To Go,” with the initial location in the chain’s hometown of Bentonville, Ark.

The new store offers convenience store products, prepared foods and gasoline. At approximately 2,500 sq. ft., Walmart To Go is much smaller than the company’s other small-format concept, Walmart Express, which averages about 15,000 sq. ft.

Walmart also has a grocery delivery service with a similar name, WalmartToGo.com, in two markets.

The Woodlands, Texas – Conn’s Inc. reported net income of $27.73 million in the fourth quarter of fiscal 2014, up 57% from $17.66 million in the same quarter the prior fiscal year. The retailer intends to open 15 to 20 new stores during fiscal 2015.

Net sales grew 45% to $301.63 million from $250.34 million, and same-store sales increase 33.4%. Conn’s said significant sales growth was reported across all major product categories during the quarter, and the company opened six new stores in that time.

Hamilton, Bermuda – Net income at Signet Jewelers grew 2% to $175.2 million in the fourth quarter of fiscal 2014, compared to $171.8 million in the fourth quarter of the preceding fiscal year. Net sales increased 3% to $1.56 billion from $1.51 billion and same-store sales increased 4%.

During the full fiscal year, net income grew 2% to $368 million from $359.9 million and net sales improved 3% to $4.21 billion from $3.98 billion. Same-store sales rose 4%.

Memphis, Tenn. – Fred’s Inc. reported a substantial 34.5% decrease in its net income during the fourth quarter of fiscal 2013, to $5.56 million from $8.49 million in the same quarter a year earlier. Net sales declined 7.2% to $495 million from $533.4 million, and same-store sales grew 0.1%.

Memphis, Tenn. – A mixed-use retail center has reportedly been proposed for downtown Memphis. According to the Memphis Daily News, the 10,500-sq.-ft., two-story building would contain office, restaurant and café space, as well as a potential convenience store.

Washington, D.C. -- The National Retail Federation (NRF) told the Senate on March 26 that it’s time for an overhaul of the nation’s credit- and debit-card system, saying banks’ insistence on cards that use a signature instead of a Personal Identification Number (PIN) puts merchants and their customers at risk.

Minneapolis – Senators John D. Rockefeller (D. - W.V.) and Richard Blumenthal (D. – Conn.) publicly criticized Target’s handling of its 2013 data breach during testimony by Target CFO John J. Mulligan in front of the Senate Commerce Committee, which Rockefeller chairs. The senators said that Target’s management did not pay attention to signals from its security software and that it is time for the retail industry to make changes.

Washington, D.C. – Consumer spending growth of 3.3% in the fourth quarter of 2013 helped drive a 2.6% increase in the U.S. gross domestic product (GDP). According to the third and final estimate from the Commerce Department, the price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.5% in the fourth quarter.

San Jose, Calif. -- EBay Enterprise, an EBay company, will open a new fulfillment center in Ontario, Canada, in second quarter 2014. The new 150,000-sq.-ft. facility will support client growth, including The Children’s Place, which recently signed a new multiyear agreement with EBay Enterprise.

Bentonville, Ark. – Wal-Mart showcased its futuristic truck at the Mid-America Trucking Show (MATS) in Louisville, Ky. The Walmart Advanced Vehicle Experience is a tractor-trailer combination that features leading edge aerodynamics, an advanced turbine-powered range extending series hybrid powertrain, electrified auxiliary components, and sophisticated control systems, developed in support of the company’s sustainability program.