Corporate Governance

WAYNE, N.J. — It may be August, but Toys"R"Us is getting a jump on the holiday season. The retailer is expanding its price match guarantee on items available at its Toys"R"Us and Babies"R"Us stores nationwide to include selected online retailer pricing. 

New York — CBRE Group announced today that Patrick Arangio, co-leader of CBRE’s Capital Markets’ National Loan Sale Advisory Group, has been promoted to vice chairman. The 13-year industry veteran has participated in the advisory and placement of more than $18 billion in loan sales during his career. At age 34, he will become Capital markets’ youngest vice chairman.

In 2012, Arangio earned a spot on The Mortgage Observer’s Top 20 Under 35.

A 3% same store sales decline at Staples North American retail units contributed to weaker than expected second quarter results and prompted the company to reduce its full year financial forecast.

Total company sales for the quarter ended August 3, declined 2% to $5.3 billion with the closure of 103 stores in North America and Europe responsible for about half the decline. Profits for the period declined to $104 million, or 16 cents a share, two cents worse than analysts forecast, compared to $125 million, or 19 cents a share the prior year.

Lubbock, Texas -- As part of a strategic branding initiative, United Supermarkets, LLC will now be known as The United Family, reflecting its multiple store brands as well as its rich family history.
 
The strategic name change is part of a branding initiative to help define, articulate and document the organization’s retail portfolio, which consists of four brands: United Supermarkets, Market Street, Amigos and United Express, along with its subsidiary operations, R.C. Taylor Distributing, Praters and Llano Logistics.

LOS ANGELES — Global lifestyle brand Guess? has appointed Michael Relich as the company’s chief operating officer. As part of the brand’s executive leadership team, Relich will report to co-founder and CEO Paul Marciano.

Relich spent nine years as the brand’s chief information officer. Relich has had increasing global responsibilities, leading a number of areas, including IT, distribution/logistics, e-commerce and strategic planning.  

Savannah, Ga. -- Citi Trends Inc. lost $5.5 million for the period ended Aug. 3, compared to a loss of $7.9 million in the same quarter a year earlier.
 
Revenue rose 4%, to $137.8 million from $132.3 million, nearly matching Wall Street’s prediction of $138.1 million. Same-store sales were up 1.7%.

LOS ANGELES — JustFab and ShoeDazzle have entered into a definitive agreement to merge and form one fashion subscription e-commerce business.

With the merger, the two brands will be able to expand their customer base in the United States and further accelerate international and category expansion plans. The combined company is expected to be profitable in 2014.

Phoenix -- PetSmart said Wednesday that its second-quarter net income rose 19% on improved sales. The retailer also boosted its full-year earnings forecast.

PetSmart Inc. earned $93.4 million for the period ended Aug. 4, compared to $78.5 million a year ago.

Revenue rose 5.3% to $1.71 billion from $1.62 billion. Services sales, which are included in total sales, grew 7.3% to $205 million.

Same-store sales increased 3.4%.