Corporate Governance

General Mills’ third-quarter sales and operating profit reflected lower volumes. The company said weak food industry trends during the period as a result of a severe winter affected its results, as did increased consumer marketing and merchandising investment in its U.S. yogurt business.

Net sales for the quarter ended Feb. 23 totaled $4.38 billion, down 1% from year-ago levels. Third-quarter net earnings totaled $411 million and diluted earnings per share totaled 64 cents per share.  

Purchase, N.Y. -- As part of the 2013 launch of a commitment to responsible retailing, the Stop & Shop Supermarket Co. LLC is making efforts that reduce waste in stores and improve efficiencies in energy uses in both new and existing stores.

By 2020, the company has set a goal of getting to "zero waste," diverting 90% of waste going to landfills and incinerations through the expansion of its organic recycling program and new opportunities for recycling cardboard, plastic, paper, and single stream recycling.

Ikea wants to expand the warehouse of its Detroit-area store in Canton, Mich. As a result, Ikea Canton, which opened June 2006 at 311,000 sq. ft., would grow to approximately 355,000 sq. ft. Initial utility work would begin this summer with actual construction starting in autumn. The store would remain open and operational during construction, maintaining its full product offering throughout the project’s completion in spring 2015.

San Francisco -- Guess Inc. saw fourth-quarter profits slide 4% on softer sales in the three-month period.

Net income fell to $69.6 million from $72.5 million, and revenue for the quarter ended Feb. 1 dipped to $768.4 million from $815.1 million. Revenue results still beat Wall Street expectations of $758 million.

Waban, Mass. -- Sam's Club and Amazon.com deliver the best customer experience in the retail industry, according to the 2014 Temkin Experience Ratings, an annual ranking of companies based on a study of 10,000 U.S. consumers. Sam's Club and Amazon.com continue their reign as the highest-rated retailers for the third straight year, each earning an "excellent" rating.

Washington, D.C. – President Obama reportedly wants to raise the maximum salary threshold for overtime eligibility for salaried employees. According to Reuters, Obama has directed the Labor Department to raise the current maximum salary level of $455 per week, which covers about 12% of all hourly employees.

Anaheim, Calif. – Pacific Sunwear of California Inc. reported a net loss of $22.5 million during the fourth quarter of fiscal 2013, up from a net loss of $19.8 million in the same period a year earlier. Net sales dropped 2% to $218.6 million $222.8 million, while same-store sales rose 2%.

Pacific Sunwear cited the 53rd week in fiscal 2012 as negatively affecting its comparative fiscal 2013 results. Looking ahead, the retailer expects a same-store sales increase of 1 to 4% and revenues of $169 million to $174 million during fiscal 2014.

Tiffany & Co. has appointed Ralph Nicoletti as its next EVP and CFO, effective April 2. He steps into the CFO role following current chief operating officer and CFO James N. Fernandez’s plans to retire in July.

Nicoletti will be based in New York and responsible for the company’s worldwide financial functions and information technology. He will report to chairman and CEO Michael J. Kowalski