Corporate Governance

Deerfield, Ill. -- Walgreens announced the promotion of Joseph Magnacca from SVP to EVP, effective Feb. 1. Magnacca also retains his title as president of daily living products and solutions.

Magnacca oversees Walgreens merchandising and inventory strategy, private brands, insights and analytics, and the New York-based Duane Reade drugstore chain, which Walgreens acquired in 2010.

Brisbane, Calif. -- Bebe Stores Inc. swung to a loss in its fiscal second quarter from a profit a year ago amid heavy discounting during the holiday shopping season.

Bebe said it lost $4.8 million for the three months that ended Dec. 29, according to preliminary results, versus a profit of $6.5 million a year earlier.

Net sales dropped 11% to $135.5 million. Same-store sales fell 10.5%.

New York -- Sears Canada is letting go of 700 workers as part of a plan to "right-size" the operation.

The lay-offs will include 360 department store associates and about 300 distribution center workers, as well as some head office personnel.

Sears Canada, majority-owned by Sears Holdings Corp., has falling sales. It is also facing major competition by Wal-Mart Stores and Target, which is set to make its Canadian debut this spring.

Matthews, N.C. -- Harris Teeter Supermarkets Inc. reported that its fiscal first-quarter net income rose nearly 67%. The company earned $22.8 million for the quarter that ended Jan. 1, up from $13.7 million in the same quarter last year. The prior year's results included an $18 million cost to settle some pension liabilities and employee benefits in connection with the sale of its industrial thread manufacturing company.
    

New York -- Starbucks Coffee Co. on Friday opened its first location in Vietnam, following an expanded long-term relationship with Hong Kong Maxim’s Group.
 
The two-level flagship store has been designed to reflect Starbucks’ signature coffee heritage, while embracing Vietnam’s distinctive local traditions and coffee culture. It is located the bustling neighborhood of Ho Chi Minh City’s District 1.

INDIANAPOLIS — Lackluster performance in the video space ontinues to impact Hhgregg's sales and earnings results, causing the retailer to focus on more lucrative categories.

The electronics retailer reported net income of $17.4 million, or 51 cents per diluted share, for the third quarter ended Dec. 31, 2012, compared with net income of $22.5 million, or 60 cents per diluted share, for the comparable prior year period. 

NEW YORK — JCPenney is inviting customers to make a difference this February by rounding up their purches to the nearest whole dollar and donate the difference to benefit Dress for Success, an organization that promotes the economic independence of disadvantaged women by providing professional attire, a network of support and the career development tools to help women thrive in work and in life. 

MOORESVILLE, N.C. — Lowe’s has named Stephen Szilagyi to the post of supply chain executive, reporting to Rick Damron, COO.

In his new role, Szilagyi will oversee Lowe’s logistics and distribution network that expedites the replenishment of merchandise and supplies to all Lowe’s stores.

WASHINGTON — The National Retail Federation is hoping to dispel fears that merchants are expected to surcharge customers for using a credit card as theoretically allowed under a controversial proposed lawsuit settlement with Visa and MasterCard being debated in the courts.

WASHINGTON  — The Grocery Manufacturers Association has promoted Sean McBride to EVP communications and membership services, effective Jan. 1. The announcement was made by GMA president and CEO Pamela Bailey. McBride previously served as senior vice president of communications and marketing.