Corporate Governance

Sales for the second quarter ended July 28 increased 10.5% to $1.7 billion thanks to a 4.5% increases in same store sales and the addition of 77 new Dollar Tree stores, the company announced Thursday. Net income increased 25.6% to $119.2 million and earnings per share increased 30.8% to 51 cents. The profit performance met analysts’ estimates, but guidance for the third quarter in the range of 47 cents to 51 cents was a penny less than the 52 cents Wall Street expected and shares of the company sold off sharply after the earnings report.

PLEASANTON, Calif. — A new era is beginning at Ross Stores, as the company set out plans to elect a new CEO in 2014. At the same time, the company continues to put its trust behind vice chairman and CEO Michael Balmuth, agreeing to extend Balmuth's employment agreement through May 2016.

Hoffman Estates, Ill.-based Sears Holdings reported a second-quarter net loss of $132 million, compared with a loss of $146 million in the year-ago period.

Revenues totaled $9.5 billion for the quarter ended July 28, down 6% from $10.1 million in the second quarter of 2011. The company cited lower domestic comparable-store sales for the quarter and the effect of having fewer Kmart and Sears Full-line stores in operation. Sears Canada's comparable-store sales also decreased and included a decline of $55 million due to changes in foreign currency exchange rates.

WAYNE, N.J. — Toys“R”U opened its first stores in Beijing this weekend, marking its continued expansion across China. 

Sam’s Club is temporarily suspending is membership fee this weekend to engage in Texas’ tax-free holiday and promote new member sign ups.

The tax-free holiday for back-to-school products begins today and runs through Sunday. Texas is home to 74 of Sam’s 613 U.S. clubs, and during the same three-day period Sam’s will allow non-members to shop its clubs.

Ol’ Roy has new company on the shelves in Walmart’s pet department, as the retailer looks to capitalize on growth in high quality segments of the dog food category.

PURCHASE, N.Y. — The president of PepsiCo's Western Europe business has been given a new role.

MINNEAPOLIS — Wheaties is saluting two Olympic gold medalists by touting them on limited-edition boxes of the cereal.

The brand officially unveiled the boxes featuring swimmer Michael Phelps and professional beach volleyball player Misty May-Treanor.

"Michael Phelps and Misty May-Treanor have inspired others to get out and achieve their own personal best," said Jim Wilson, Wheaties marketing. "Wheaties is proud to honor them and to fuel athletes everywhere."
 

NEW YORK — Equinox, an operator of full-service fitness clubs, announced that Sarah Robb O'Hagan, who currently serves as president of Gatorade and global sports nutrition at PepsiCo, will join the company as its first president. Robb O'Hagan will lead an aggressive domestic expansion strategy to maximize the continued success of the growing company, including its family of brands: Equinox, Pure Yoga, Blink, and SoulCycle. She will report to Equinox CEO Harvey Spevak.

Minneapolis -- Best Buy Co. co-founder Richard Schulze said Thursday that he is staying the course on his plan to acquire the company and take it private, adding that he has heard from a lineup of private equity firms prepared to make "significant commitments."

In a letter to the Best Buy board, Schulze indicated that he'd like to create a group and put forth a fully financed plan.