Corporate Governance

MINNEAPOLIS — While it may seem strange that a former Starbucks executive has been tapped to head Best Buy's digital and global business services, a closer look reveals Best Buy brewed a perfect fit.

To be successful, growth strategies must go beyond theoretical strategic platitudes, proprietary consumer and shopper insights, robust analytics, and innovative growth platforms; they ultimately must be measurable. To be successful in today’s fast changing world, CPG companies and retailers need to be able to quickly confirm that their strategies are working and, if they are not, quickly regroup and adapt. Strategies today need to be living, evolving blueprints that are continually tested, measured, and reinvented.

JOHANNESBURG, South Africa — A South African regulatory body gave Wal-Mart Stores permission on Friday to move ahead with its $2.2 billion purchase of South African chain Massmart.

The Competition Appeal Court upheld a ruling last year by the Competition Tribunal, but did require a study to determine a path to protect small producers who might not be able to compete with foreign producers from whom Wal-Mart can import cheaper goods.

IRVING, Texas — Hostess Brands has appointed Gregory Rayburn as president and CEO. He also was named to the company’s board of directors. Rayburn replaces Brian Driscoll, whose resignation was effective March 9.

As CEO, Rayburn will oversee the company’s reorganization under Chapter 11 as well as overall corporate strategy and ongoing negotiations with the company’s unions. He joined Hostess last month as the company’s chief restructuring officer.

NEW YORK — Ann Inc.'s net income for its fiscal fourth quarter dropped to $2.2 million from $8 million in the year-ago period, hurt by heavy promotions at namesake stores.

Sales increased to $566.7 million, from $515.3 million, and same-store sales for fourth quarter rose 5.3%.

By brand, same-store sales plummeted 10.9% at namesake stores, but rose 8.1% at Loft stores. Strength in the online channel boosted overall same-store results.

Overall, February witnessed a year-over-year decline in total flyer circulation per market as well as pages per market. Conversely, the biggest change in this month was witnessed by Walmart, which saw a considerable jump in flyer circulation as well as the number of pages. This dramatic increase of 122% increase in flyer drop was mainly due to the two extra flyers dropped in the second and fourth week of February this year unlike the previous year.

Birmingham, Ala. -- Hibbett Sports Inc. reported Friday that profit for the quarter ended Jan. 28 jumped 27% to $15.8 million, compared with $12.5 million in the year-ago period.
 
Revenue increased 10% to $190.7 million from $173.2 million, missing Wall Street’s expected $192.2 million in revenue. Same-store sales rose 7.2%.

For the full year, Hibbett reported net income of $59.1 million, up from $46.4 million last year. Revenue rose to $732.6 million, from $665 million.

Atlanta -- Robert Nardelli, former Home Depot and Chrysler CEO, said Friday he is stepping down from his current post as CEO of firearms maker Freedom Group.

Nardelli held the Freedom Group post for just two months before deciding to depart.

He said in a statement Friday that it was a good time for him to focus on his investment and consulting company, XLR-8 LLC.

Freedom Group said it expects to name a permanent successor for Nardelli soon.

Jacksonville, Fla. -- Apparel retailer Body Central Corp. reported Thursday that net income for the fourth quarter more than doubled to $6.1 million, compared with $2.7 million a year earlier.

Revenue surged 20% to $80.7 million, edging Wall Street’s expected $80.5 million in revenue.

For the year, net income more than doubled to $19.7 million from $9.8 million, and revenue rose 22% to $29.7 million.

Everett, Wash. -- Teen retailer Zumiez Inc. reported Thursday that profit for the fourth quarter increased 24.9% to $18.7 million, from $15 million a year earlier, boosted by better margins.

Revenue rose 18% to $183.9 million, edging Wall Street’s expected $183 million in revenue.

The company has now surpassed analyst estimates for four quarters in a row.