Corporate Governance

Chelmsford, Mass. -- The Kronos Retail Labor Index edged down to 3.8% in April from a March level that was revised three-tenths lower. Even with declines over the last two months, the Retail Labor Index remains above levels seen over the last few years, averaging 4.0% over the first four months of this year, up from 3.5% last year. (The Index is defined as the ratio of hires to applications within a given month, expressed as a percentage. A level of 3.0) means that for every 100 applications received, three hires occurred)

By Robert E. Walters, Theretailequation.com
 

Austin, Texas -- In what it called the best quarter in its 32-year history, Whole Foods Market’s second-quarter profit jumped nearly 31% on stronger sales. The company raised its full-year outlook on the results.

“Our exceptional results in the first half of the year have given us the confidence to significantly raise our guidance for the full year. We are confident that our sales momentum and operating disciplines will create continued positive results for our shareholders," Walter Robb, co-CEO said in a statement.

New York -- Best Buy’s chief marketing officer, Barry Judge, has resigned. His resignation follows the departure last month of chief executive Brian Dunn.

Judge is “leaving the company to explore the next chapter in his career,” Greg Hitt, a spokesman for Best Buy, said by e-mail, in a Bloomberg report.

St. Louis -- Build-A-Bear Workshop posted a narrower-than-expected loss for the first quarter. The retailer reported a net loss of $1.0 million for the quarter ended March 31, 2012, down from a loss of $2.3 million last year.

Consolidated net retail sales of $95.2 million represented a 1.6% increase compared to $94.2 million. Revenue came in at $96.4 million, missing the $97.6 million analysts had expected. Same-store sales in the quarter rose 3.6% in North America. Overall same-store sales rose 1.2%.

New York -- Walgreen Co. said Thursday that same-store sales slipped a worse-than-expected 6.4% in April, largely due to its split with pharmacy benefits manager Express Scripts Inc.

For April, Walgreens’ same-store pharmacy sales were down 8.9%. Front-end sales fell 2.2%

At April 30, Walgreens operated 8,307 locations in all 50 states, the District of Columbia, Puerto Rico and Guam

Columbus, Ohio -- Limited Brands announced that Charlie McGuigan, CEO of Mast Global, the company's sourcing and production arm, has been named Limited Brands COO. In addition to retaining his current responsibilities, he will assume leadership of enterprise operations.

Martyn Redgrave, Limited Brands chief administrative officer, will transition to the role of senior advisor for the company later this summer.
 

New York -- Macy's Inc., Target Corp., Kohl’s, Saks and Costco’s Wholesale Corp. all reported results that fell short of expectations in April. An early Easter, which helped fuel March results, high gas prices, cool weather and renewed worries about the economy contributed to the decline, according to many analysts.

New York -- Several apparel retailers, including Limited Brands, Zumiez and Ross Stores, posted better-than-expected sales in April. It was widely expected that an earlier Easter, which pushed demand into March, and cool weather would hurt sales.

Limited Brands, parent of Victoria’s Secret, reported a 7% rise in same-store sales for April, beating estimates.

Teen clothing retailer Zumiez also beat expectations with a 10.1% gain in April. The Buckle’s same-stores sales edged up 1% slightly higher than analysts' estimates.

CHICAGO — The Network of Executive Women is honoring Michael Duke, president and CEO of Wal-Mart Stores, with its William J. Grize Diversity Hall of Fame Award, on June 28 during Women's Day at the LPGA in Rogers Ark. The award, named after the late CEO of Ahold USA, who was an early advocate of industry diversity, is bestowed upon industry leaders who have demonstrated "an enduring commitment to the advancement of women and to creating a diverse and inclusive workplace," NEW announced.