Research Topic

WASHINGTON — President Barack Obama has proposed increasing federal taxes on cigarettes, drawing criticism from tobacco companies and praise from anti-smoking groups.

As part of his proposed budget, Obama proposed raising the tax on cigarettes by 94 cents per pack, with similar increases on other tobacco products. The current tax is $1.01 per pack.

LOS ANGELES — The Entertainment Industry Foundation is sponsoring the Revlon Run/Walk for Women for the 20th year in a row, the group said Tuesday.

Emma Stone and Olivia Wilde will act as Revlon brand ambassadors and hosts for the New York event, which takes place on May 4, while Halle Berry will do the same for the Los Angeles event, on May 11, along with Entertainment Tonight correspondent Brooke Anderson and Dancing with the Stars host Carrie Ann Inaba.

NEW YORK — L.Brands, parent of Victoria's Secret, reported better-than-expected 3% sales in same-store sales for March. Zumiez Inc. and Buckle Inc. also both reported better-than-expected numbers.

But other retailers were hampered by a colder-than-normal March, which caused many shoppers to put off buying warmer-weather clothing, and an early Easter. At The TJX Companies, same-store sales fell 2% in March, a bigger drop than was expected.

New York -- A Wednesday report by Reuters said that Jerry Murray, the Wal-Mart finance VP who called the chain's early February sales "a total disaster" in an email made public by Bloomberg, has left the company, effective April 5.

Wal-Mart Stores has confirmed the report, telling Reuters that it was Murray's decision to leave and that his last day at Wal-Mart was Friday.

Arlington, Va. -- A statement by The Retail Industry Leaders Association regarding President Obama’s 2014 budget proposal was issued Wednesday, saying, “While we applaud the President for recognizing the urgent need for revenue neutral corporate tax reform, his proposal falls short of the bold reforms needed.” said Bill Hughes, SVP government affairs.  

By Rafi Musher, [email protected]

SACRAMENTO, Calif. — The California Grocers Association has named Keri Askew Bailey as SVP government relations and public policy, effective immediately.

In this newly created position, Bailey will assume responsibility for creating and managing an aggressive public policy program through the development and facilitation of coalitions with CGA membership, ally associations, chambers of commerce, and other interested parties.

New York -- J.C. Penney Co.’s shares fell 12% on Tuesday to close at $13.93, and nearly reached their lowest levels since 2001, Reuters reported.

It was a rough day for Penney as industry analysts debated the surprising decision to replace ousted CEO Ron Johnson with his predecessor, Myron “Mike” Ullman.

By Robert Passikoff, president, Brand Keys

In 2000, the average tenure of a CEO was 10 years. In 2008, it was down to eight and half, signaling a slightly higher degree of corporate and brand accountability by boards and shareholders. Ron Johnson, the now former-CEO of J.C. Penney, only lasted 17 months.

Dallas -- Tuesday Morning Corp. said total sales for the third quarter ended March 31 increased 3.1% to $178.1 million, from $172.7 million in the year-ago period.

Same-store sales rose 2.8%, boosted by increases in average transaction value and customer traffic.
 
For the nine-month period ended March 31, revenue at stores open at least a year increased 3.7% and total sales rose 3.2% to $636.2 million, from $616.4 million.

The company plans to release its full third-quarter results on April 25.