Corporate Governance

Irving, Texas – Michael’s Stores reported an impressive 66% jump in net income during the third quarter of fiscal 2013, rising to $58 million from $35 million in the same quarter a year earlier. Net sales grew about 10%, to $1.1 billion from $1.01 billion.

Walldorf, Germany – SAP is releasing the new InfiniteInsight solution. Based on patented automation technology from KXEN, an SAP company, the solution is designed to provide businesses the ability to deploy predictive analytics across the enterprise.

Capabilities of SAP InfiniteInsight include analytical data sets for predictive modeling, automated modeling, optimized scoring equations, and factory capability for model refreshes as needed.

Burlington, N.J. – Burlington Coat Factory shrunk its net loss to $7.4 million from $16.8 million during the third quarter of fiscal 2013, compared to the same period a year earlier.

The retailer also increased net sales 10% to $1.06 billion, from $967.9 million.

Burlington said the net sales increase was primarily attributable to a $53.2 million increase in sales related to new stores and stores previously opened that are not included in same-store sales, and a $37 million, or 3.9%, increase in same-store sales.

Ankeny, Iowa – Casey’s General Stores’ net income rose more than 24% during the second quarter of fiscal 2014, to $41.3 million from $32.8 million. The company also boosted revenue 5% to $2.01 billion from $1.91 billion.

Toano, Va. – Lumber Liquidators has raised its full year 2013 outlook. Based on year-to-date results and current trends, the company now expects net sales in the range of $994 million to $1 billion, up from a previous range of $985 million to $995 million, with the fourth quarter ranging from $252 million to $258 million.

Lumber Liquidators also expects to open a total of 29-30 new stores during 2013 and increase net store sales 15% to 16%, up from a previous range of 14% to 15%, with the fourth quarter ranging from 13% to 15%.

Winston-Salem, N.C. -- Krispy Kreme plans to open its first store in Taiwan on Dec. 12. The new 2,400-sq.-ft. store will be located in Taipei and is the first of 10 planned Krispy Kreme stores in Taiwan during the next five years by Krispy Kreme's new franchise partner, Huan Hsin Co., Ltd.

The opening was initially announced to fans of the Krispy Kreme Taiwan Facebook page, and the retailer is giving away more than 10,000 dozen doughnuts at local events throughout Taipei.

New York -- Retailers and manufacturers targeting Gen X and Y shoppers this holiday season should introduce more transparency into their product labels and identify fair trade, conflict-free and environmentally friendly practices. Results of a new survey by KPMG LLP reveal that nearly 70% of consumers younger than age 30 consider social issues such as sustainability, human rights and fair trade before making a purchase. This outpaces the less than 50% of consumers overall who feel the same way.

West Hempstead, N.Y. – Liquidation retailer NSC Wholesale Holdings has selected Agilence Retail 20/20 to reduce shrink and improve in-store operations. NSC plans to use the cloud-based exception reporting solution to obtain visibility into daily store operations to increase efficiency and reduce fraud.

New York -- Fifth & Pacific Companies will sell its Lucky Brand Jeans division to an affiliate of Leonard Green & Partners for $225 million as it focuses on its fast-growing Kate Spade brand.

"We believe that by focusing all of our resources on the huge opportunity at Kate Spade, we can deliver the strongest value creation opportunity for our shareholders,” said William L. McComb, CEO of Fifth & Pacific (formerly known as Liz Claiborne). “This is all about bringing Kate Spade to its full potential.”

Bentonville, Ark. – Wal-Mart Stores named David Cheesewright, 51, as the new president and CEO of Walmart International. He succeeds Douglas McMillon, who is set to become the chain’s CEO, the retailer's top executive. Both assume their new roles on Feb. 1, 2014.