Corporate Governance

By Chris Blees, [email protected]

Canton, Mass. -- Casual Male Retail Group reported Thursday that net income for the quarter ended Jan. 28 surged to $33.5 million, from $5.3 million in the year-ago period. Without a $23 million trademark impairment charge, net income was $5 million in the quarter.

The retailer of big & tall men's apparel and accessories also reported flat fourth quarter sales of $111.5 million and a slight same-store sales increase of 0.8%.

New York City -- A study released Wednesday by the International Council of Shopping Centers found that determining what office workers spend going to work, during the business day, and immediately after work prior to returning home can provide a better understanding of the opportunities that exist for retail, restaurant, and service establishments in proximity to office parks or buildings.

Among the survey highlights:

Folsom, Calif. -- Commercial refrigeration manufacturer Hill Phoenix said Wednesday it teamed with Fresh & Easy Neighborhood Market to open a new GreenChill Platinum Award-winning Fresh & Easy store in Folsom, Calif.

GreenChill is an E.P.A. partnership with food retailers to reduce refrigerant emissions and decrease their impact on the ozone layer and climate change.

Hoffman Estates, Ill. -- In a move to ensure that vendors continue to supply Sears its goods, Sears Holdings Corp.'s top shareholder ESL Investments, a hedge fund owned by Edward Lampert, has agreed to assume some payment obligations.

In a filing with the U.S. Securities and Exchange Commission on Wednesday and reported by Reuters, Sears said ESL made a deal on Jan. 26 with a financial institution to acquire 80% interest in an agreement designed to ensure payment to vendors in the event of a bankruptcy filing by a company.

Pleasanton, Calif. -- Ross Stores Inc. reported Thursday that profit for the quarter ended Jan. 28 rose 19% to $192 million, from $161.8 million last year. A profitable holiday season helped boost the discounter’s results, which met Wall Street expectations.

Sales surged almost 12% to $2.4 billion, and same-store sales increased 7%.

For the full year, Ross reported a net income rise of 18% to $657.2 million. Sales increased 9% to $8.6 billion, with same-store sales up 5%.

DAYTONA BEACH, Fla. — NASCAR has honored Office Depot with the 2011 NASCAR Driving Business Award for its leadership  and results through their participation in the NASCAR Fuel for Business Council (NFFB). 

The award was bestowed upon NASCAR’s Official Office Supply Partner at a ceremony in Las Vegas during the most recent NFFB Council Meeting. Office Depot is also the co-primary sponsor of reigning NASCAR Sprint Cup Series champion, Tony Stewart, and the No. 14 Office Depot/Mobil 1 Chevrolet.

WASHINGTON — February retail sales rose 8.6% over last year, marking 20 consecutive months of sustained growth, The National Retail Federation reported Tuesday.

The seasonally adjusted increase -- stronger than expected -- was 0.5%, which excludes automobiles, gas stations and restaurants.

MONTVALE, N.J. — A&P has emerged from Chapter 11, and tasked with ensuring the company stays on sure financial footing is Raymond Silcock, who has been promoted to the role of CFO reporting to president and CEO Sam Martin. Silcock succeeds Frederic Brace, who is resigning from his roles as chief restructuring, financial and administrative officer in conjunction with A&P’s emergence from Chapter 11. Brace will continue to serve the company in an advisory capacity.

The 7% same-store sales increase Target reported in February was achieved with only a slight bump in promotional activity, according to the latest monthly data from research firm Market Track. Conversely, the number of ad pages that such competitors as Walmart and Kmart ran increased at twice the rate as Target, while Kohl’s and Macy’s declined. To view Market Track’s recap of February promotional activity at Target and other top retailers, click here.