Corporate Governance

NAPERVILLE, Ill. — Declines in technology product category sales and decreased foot traffic at its stores affected OfficeMax’s results for its fiscal first quarter ended March 30, 2013. 

ARLINGTON, Va. — The U.S. Senate approved the long-debated Internet sales tax proposal, known as the Marketplace Fairness Act, by a bipartisan vote of 69 to 27. The Obama administration has already endorsed the bill, but before it can become law it must be approved by the House, where Republicans are split on the bill.

Canton, Mass. -- Destination XL Group on May 5 launched a national advertising campaign designed to draw attention to the many challenges men who wear extra large sizes face when shopping for clothes and position Destination XO stores as the one-stop-shopping solution for the style needs of this underserved consumer.

New York -- Modell’s Sporting Goods will celebrate the grand opening of its store in Arlington, Va., on May 9.
   
The store is located in Pentagon Centre. With its opening, Modell’s will have a total of 154 storefronts.
 
“We are thrilled to have our 18th store in the Virginia-Maryland area,” said Modell’s president and CEO Mitchell Modell. “We look forward to becoming a stronghold in our new community and getting them everything they need for the summer.”
 

Mississauga, Ontario -- Target announced the soft opening dates for 24 locations in Western Canada, with 22 stores opening on May 7 and two  opening on May 14.

The openings, which include stores in British Columbia, Alberta and Manitoba, follow the opening of 24 stores across Ontario. As previously announced, Target plans to open 124 stores across Canada throughout 2013.

Bentonville, Ark. -- Wal-Mart Stores Inc. announced Monday that it has launched a new TV and digital ad campaign designed to demonstrate what the retailer describes as “The Real Walmart.”

The campaign also includes a dedicated website – therealwalmart.com – demonstrating how consumers rely on Walmart to save money, on the company’s career opportunities, and detailing how it creates efficiencies and works directly with manufacturers to help deliver low prices.

Jacksonville, Fla. -- Stein Mart reported Monday that it has restated its 2011 periods and first quarter 2012 results, released its full-year 2012 financial numbers, and said it will unveil several key initiatives in 2013.

For the fourth quarter, net income was $13.5 million, compared to $5.9 million last year. Sales surged 11.4% to $368.6 million from $331 million, and same-store sales increased 6% in the quarter.

San Jose, Calif. -- Orchard Supply Hardware Stores Corp. reported Monday a loss of $33.6 million for the quarter ended Feb. 2, widened from a loss of $7.3 million in the year-ago period.

Sales for the quarter rose to $153 million from $141.6 million, and same-store sales edged up 1.6%.

For the full year,  the company lost $118.4 million, compared with a loss of $14.5 million in the prior year. Sales dipped to $657.3 million, compared to $660.5 million for fiscal 2011.