Corporate Governance

Driven by strength in its baby and parenting and tools business units, Newell-Rubbermaid grew second quarter sales 3.5% to $1.47 billion, but profits fell slightly to $109.8 million, or 37 cents a share, compared with $111.8 million, or 38 cents a share, the prior year.

Earnings per share surged to 50 cents a share if restructuring and restructuring related costs and discontinued operations are removed from the profit picture.

Atlanta – The Home Depot is recalling about 107,000 Chinese-made fan heaters because the fan's plastic housing can melt, deform and catch fire during use, according to the Consumer Product Safety Commission (CPSC). The Soleil portable fan heaters, marked with model number LH-707, cost about $15 each, and Home Depot will issue a full refund for the purchase price.

The heaters were sold between September 2012 and May 2013 for about $15 each. The CPSC says there have been 464 reports of fans melting, but no injury or property damage has been reported.

CIT Group Inc., a leading provider of financing and advisory services to small businesses and middle market companies, has appointed Randall Chesler as president of CIT Bank, its U.S. commercial bank subsidiary.

He will be based in Salt Lake City, Utah, and report to CIT Bank’s board of directors. Chesler is currently vice chairman of CIT Bank and previously served as president of consumer finance and small business lending at CIT. He succeeds John Taylor who is leaving the company to pursue other opportunities and will assist in the transition.

New York – The Great Atlantic and Pacific Tea Co. (A&P), which exited bankruptcy last year, is reportedly looking to sell itself. A report in the Wall Street Journal indicates that an internally distributed company memo from A&P chairman Gregory Mays to store managers states a sale of A&P is one of several options for funding growth, along with raising capital and refinancing.

MONTVALE, N.J. — The Wall Street Journal reported that grocer A&P, which emerged from bankruptcy about a year ago, is up for sale, according to an internal memo the publication obtained.

The WSJ reports that the memo, sent by chairman Gregory Mays and circulating to employees, outlines several options for the company to fund its growth, including raising capital and refinancing. The memo also states that a sale of the company is possible.

Canton, Mass. — Dunkin’ Brands Group, parent of Dunkin’ Donuts, beat Wall Street expectations by more than doubling its second-quarter profit. The company reported a profit of $40.8 million for the period ended June 29, up from $18.5 million a year ago. The year-earlier period included a $20.7 million increase in a litigation reserve.

Revenue increased 5.9% to $182.5 million from $172.4 million. U.S. same-store sales rose 4% at Dunkin' Donuts shops and improved 1.6% at Baskin-Robbins shops.

Walmart has opened its first supercenter in Canada’s eastern Maritime provinces of New Brunswick and Nova Scotia. The retailer, which has operated in Canada for nearly two decades, plans to invest $90 million this year in the renovation and expansion of nine locations in New Brunswick and Novia Scotia.

Last week it was veteran retail analyst Walter Loeb bemoaning what he viewed as Walmart’s deteriorating store standards. This week Ad Age took aim at the company’s brand image.
 
In a piece by Simon Dumenco, he recounts how early shopping experiences at Walmart stores were an eagerly anticipated experienced. However, like Loeb Dumenco took a shot at the store experience and then when a step further.