Corporate Governance

NEW YORK — Aeropostale reported that net sales for the fourth quarter decreased 1% to $797.7 million, from $808.4 million in the year ago period. Fourth quarter comparable sales, including the e-commerce channel, decreased 8% compared with a 7% decrease for the corresponding 14-week period of the prior year.  Fourth quarter comparable store sales, excluding the e-commerce channel, decreased 9%, compared to a decrease of 9% for the corresponding 14-week period of the prior year. 

New York -- Herald Center, the giant 10-story, 250,000-sq.-ft. black glass retail and office property at the southwest corner of 34th Street and Broadway in Manhattan, is about to undergo a major transformation under long-time owner JEMB Realty. The property will be completely reclad to create a new leasing opportunity encompassing more than 50,000 sq. ft. of prime retail space at one of the most heavily trafficked, high-visibility corners in the world.

Lake Buena Vista, Fla. -- Walt Disney World Resort announced the multi-year transformation of Downtown Disney into Disney Springs, which will feature an eclectic and contemporary mix of stores, dining options and entertainment experiences  from Disney and other noteworthy brands.

Armonk, N.Y. -- IBM on Thursday announced the creation of the IBM Customer Experience Lab, dedicated to helping business leaders transform the way customers experience their products, services and brands through the use of mobile, social, cloud and advanced analytics technologies.

The IBM Customer Experience Lab will provide CEOs, CMOs, CFOs, heads of sales and other C-suite executives direct access to a virtual team of 100 researchers, supported by the expertise of thousands of IBM business consultants addressing the opportunities of the digital front office.

Minneapolis -- Target Corp. has made two e-commerce acquisitions aimed at expanding its presence in the growing cooking and kitchenware market. The retailer said it has acquired CHEFS Catalog and assets of Cooking.com in two separate transactions.  

Nashville, Tenn. -- Kirkland's announced that Robert Alderson, the home decor retailer's long-time president and CEO, intends to retire at the end of fiscal 2013, or approximately Feb. 1, 2014.  

In November, Kirkland's said that Alderson was taking a temporary medical leave of absence for six to eight weeks for a non-emergency medical procedure. Mike Madden, Kirkland's SVP and CFO, served as acting president and CEO during that time.

By Greg Kefer, [email protected]

The latest study on the risk posed by supply chain disruptions by Deloitte just hit the news. Executives were surveyed regarding feelings (or fears) about their exposure to unexpected events in their global supply chains. As you can imagine, most feel unprepared and report disruptions have become more costly. Negative outcomes in the global supply chain like costly margin erosion and demand change are all too common for most companies.

Kearney, Neb. -- The Buckle said that its fourth-quarter net income increased 9%, topping Wall Street expectations.

For the quarter ended Feb. 2, the retailer earned $61.4 million, up from $56.1 million in the same quarter last year.
       
Net sales for the 14-week quarter ended February 2, 2013 increased 7% to $360.6 million from net sales of $337.1 million for the prior year 13-week fiscal quarter ended January 28, 2012. Same-store net sales for the quarter were flat.
 

New York -- Target is expanding its retail clinic presence in the Chicago area, according to the Chicago Tribune.
 
The retailer plans to open three in-store health clinics — two in the suburbs and one in the city — in the Chicago area, the report said. Construction is scheduled to start on May 28, and grand openings are planned for Aug. 18. The Target on Division Street, scheduled to open in October, will also have a clinic.

Minneapolis -- Scott Kennedy was named president of Target financial and retail service to replace long time finance executive Terry Scully.

Scully spent nearly 35 years with Target and is moving into a strategic advisory role to ensure the smooth transition of the recently sold credit card portfolio to TD Bank Group. Scully, 60, will officially retire in March 2014. Filling his shoes as head of financial and retail services is Scott Kennedy, 44. He joined Target in 2005 and currently serves as VP of pay and benefits.