Corporate Governance

Indianapolis – Hhgregg Inc. had a difficult third quarter of fiscal 2015, swinging to a loss from a profit the prior year period and missing Wall Street expectations for both profit and revenue. The retailer posted a net loss of $86.9 million compared to net income of $5.05 million, which was a wider loss than projected by analysts.

CSA Editor Marianne Wilson interviews Junction Solutions' Industry Principal, Retail, Brion Reusche, at NRF's Big Show 2015.

Boca Raton, Fla. - Office Depot Inc. is obtaining a little outside assistance with integration resulting from its merger with OfficeMax. Office Depot has selected Capgemini to drive critical technology migration and finance and accounting services resulting from the merger.

Camp Hill, Pa. – Same-store sales rose 4.8% in January 2015 compared to the same month a year earlier at Rite Aid Corp. Front-end same store sales increased 2.9% while same store pharmacy sales, which included negative impact from new generic introductions, increased 5.7%.

Total drugstore sales increased 4.3% to $2.03 billion compared to $1.943billion for the same period the prior year. Prescription sales accounted for 70.3% of drugstore sales.
 

Neither a surge in online sales nor a rebounding U.S. economy has been enough to lift Ikea, as the global furnishings retailer reported flat profits for 2014.

Ikea, which operates 315 stores in 27 countries, said net profit for its fiscal year through August rose 0.4% from the previous year to $3.76 billion, far slower than the 3% growth the retailer logged last year, and its 8% growth in 2012.

Analysts say the results show that IKEA is sticking to its strategy of lowering prices and broadening its e-commerce offering.

Brentwood, Tenn. – Tractor Supply Company Inc. announced strong results for the fourth quarter of fiscal 2014, including a 17% year increase in net income. The retailer also said it will open 110 to 115 stores and build a new Southwest distribution center, in Casa Grande, Arizona, in fiscal 2015.

Tractor Supply’s net income rose to $112.1 million in the fourth, up from $95.9 million in the year ago period, fueled by the leveraging of store operating costs and reduced year-over-year incentive compensation expense.

Jones New York is closing all of its stores, discontinuing its wholesale business and will look at strategic alternatives for its brand, the company said.

The women's clothing company said it is making the move after a review of its recent performance and outlook.

Hangzhou, China – Although Alibaba Holding Group Inc. reported a healthy sales increase for the third quarter of fiscal 2015, it became a victim of its own expectations as it still missed on revenue projections and also reported declining profits. Net income totaled $964 million, a 28% drop from $1.36 billion in the same quarter a year earlier.