Corporate Governance

Fred’s CEO Bruce A. Efird is confident about the company’s initiatives to reposition the convenience-center model, expand marketing and implement new technology — all factors that he expects will help restore growth in the fourth quarter and next year.

Efird added that the initiatives are already producing positive results, despite customer traffic remaining a challenge in the company’s markets.

Chino Hills, Calif. -- PM Realty Group announced that Jeff Rieger has been named general manager for The Shoppes at Chino Hills in Chino Hills, California. PMRG has provided leasing and management services to The Shoppes at Chino Hills since 2008 and has led the repositioning efforts for the 380,000-sq.-ft. lifestyle center.

Toys“R”Us has appointed Michael Melzer as managing director, Central Europe. He will be responsible for the company’s business operations throughout Germany, Austria and Switzerland, including 91 stores and four e-commerce sites, as well as the approximately 2,200 employees in these countries, and report to Wolfgang Link, president, Europe.

Following September sales that were above its guidance, Cato Corporation is increasing its third-quarter guidance.

The company reported sales of $79.7 million for the five weeks ended Oct. 4, a 9% increase over sales of $72.9 million for the five weeks ended Oct. 5, 2013. Same-store sales for the five-week period increased 5% from the prior year.

Sales for the 35 weeks ended Oct. 4 were $669.5 million, up 7% from the same period last year. The company's year-to-date same-store sales increased 4% from the prior year.

By Jon Winsett, NPI

As we barrel towards the holiday season, few retail IT executives have as much time as they’d like to work on the challenges that will be waiting for them in first quarter 2015 — including limited funding for IT innovation. Retailers are projected to spend more in the coming year, but nearly three-quarters of that budget will be committed to maintaining the status quo. That leaves little to fund game-changing new IT initiatives that can drive competitive advantage, customer loyalty and profits.

iWallet Corporation, a secure luxury “techcessories” company, has appointed three new members to its board of directors including Carl Rosen, former COO of Bulova, then international consumer luxury goods company; Charles Ng, VP of sales at NEXT Biometrics and the former North American director of sales for Fingerprint Cards and sales director for Authentec, a biometric fingerprint technology; and Anthony Durkacz, EVP of the investment firm First Republic Capital Corporation.

Atlantic Natural Foods has acquired the Loma Linda brand of canned shelf stable alternative meat analog products. ANF will also license the Worthington Foods brand and will transition these products to the Loma Linda brand in the near future. Both brands were previously marketed solely by Kellogg Company.

Atlantic Natural Foods has been the sole producer of these products since 2008. In addition, ANF also purchased Kellogg Company’s Kaffree Roma alternative coffee beverage unit.

Issaquah, Wash. -- Costco Wholesale Corp. on Wednesday reported fiscal fourth-quarter net income of $697 million, exceeding Wall Street forecasts, amid strong back-to-school sales and higher membership fees. The retailer reported net income of $617 million in the year-ago period.

Total sales for the quarter, ended Aug. 31, rose 9.3% to $35.52 billion, also better than expected.

Same-store sales rose 7% (excluding fuel).