Corporate Governance

Dublin, Ohio – The Wendy’s Co. reported soaring net income in the first quarter of fiscal 2014 on lower costs and a sharp decline in interest expenses. The company also said it plans to open 60 new corporate and franchised stores, as well as remodel up to 400 corporate and franchised stores.

Wendy’s net income skyrocketed from $2.1 million to $46.2 million, aided by a $15 million year-over-year reduction in interest expense as a result of the company's 2013 debt restructuring.

Although specialty retailer Cato had a rough March thanks to the shift of Easter from late March last year to mid-April this year, April was a whole other story.

The company reported sales of $93.5 million for the four weeks ended May 3, a 21% jump from sales of $77 million for the four weeks ended May 4, 2013. Same-store sales increased 18% for the month.

Roundy's saw net sales increase by 1.9% to $1 billion, and reported a net loss of $4.5 million compared with net income of $8.6 million.

Amsterdam, Netherlands - Thomas Nowak, senior VP merchandising for European e-commerce site Bol.com, will join the Staples team as senior VP of merchandising, Staples Europe, effective Aug. 1. Nowak will report to president of Staples Europe John Wilson, and will be a member of the European leadership team.

The timing of Easter this year left Costco with 27 days of sales in April, rather than last year’s 28. But despite the Easter holiday shift, Costco still came out on top with a 7% increase in net sales that reportedly beat analysts’ expectations.

Fremont, Calif. - In accordance with the terms of its merger agreement with Jos. A. Bank Clothiers Inc., The Men’s Wearhouse has extended its all-cash tender offer for $65 per share for all of the currently outstanding shares of common stock to May 21, 2014, unless further extended. The tender offer was previously set to expire on May 7.

New York -- There are more store closings in Sears’ future. In an address at Sears Holding Corp.’s annual shareholders meeting, chairman and CEO Edward Lampert said the company would close stores and look for ways to leverage its real estate as it continues to focus on integrated omnichannel retail and its Shop Your Way rewards program.

"Closing stores is going to be part of our future," Lampert said. "I'd rather do (fewer closures) rather than more, but the world has shifted."

Walmart has gotten the green light to build its drive-in grocery center in Bentonville, Ark., near the intersection of S. Walton Blvd. and J St., according to an article in The City Wire.

The article reported that Bentonville’s Planning Commission approved Walmart’s request “to approve slight variations in its parking stall depths, number of curb cuts and the building materials . . . with no discussion.”