C-SUITE

Specialty arts and crafts retailer The Michaels Companies Inc. exceeded Wall Street expectations for profit and sales in a generally strong first quarter of fiscal 2016.

Michaels reported net income of $70.76 million, a 6% increase from $66.74 million the same quarter a year earlier. Improvements in gross profit helped boost net income.
 

Senior management of Walmart Stores Inc. should be happy with the results of its 46th annual shareholders meeting held June 3.
 

Mary Meixelsperger, senior VP and CFO DSW Inc., is shifting professional gears

Meixelsperger has resigned from the company effective June 10, to pursue another unspecified opportunity. Coincidentally or otherwise, DSW recently missed expectations for both profits and sales in a difficult first quarter of fiscal 2016. Net income fell 37% and same-store sales also declined, although revenues grew below Wall Street forecasts.

Hudson’s Bay Co. (HBC) shareholders have spoken.
 
In good news for the Canada-based department store operator, all of the nominees listed in its management information circular dated April 28, 2016 were elected as directors of HBC at the annual meeting of shareholders held Monday, June 6 in Toronto.
 
The newly-elected directors are:

· Richard A. Baker
· Robert C. Baker
· David G. Leith
· William L. Mack
· Lee Neibart
· Denise Pickett

Hubert Joly, CEO of Best Buy Inc., is doing a little diversification of his personal stock portfolio.

Bloomberg reports that as of June 2, Joly has sold 398,000 shares of Best Buy stock, or 44% of his roughly 910,000 company shares, for $12.8 million.

The retailer said Joly is not exploring other opportunities and has no plans to leave his current position.

Russ Dispense, president of the King Soopers division of The Kroger Co., plans to retire on July 1 after 51 years with the company.

Dispense began his career with Kroger in 1965, when he joined King Soopers as a courtesy clerk. He served in various leadership positions in stores and district management through the years, as well as at warehouses, manufacturing plants and administrative offices. Dispense was promoted to VP of retail operations and merchandising for the King Soopers division in 1983. He also served as VP of real estate.

Specialty electronics and furniture chain Conn’s Inc. is shuffling its executive ranks as it swings to a net loss in the first quarter of fiscal 2017.

Lee Wright, formerly CEO for oil field service firm Professional Directional Enterprises Inc., will succeed Tom Moran as CFO, starting on June 22, 2016. Wright also has experience in the private equity industry. Moran, who joined the retailer in July 2015, is expected to remain at the company for a period of 120 days to support a seamless transition.

Chip Wilson, the founder of Lululemon Athletica Inc., is not one to mince words.

Wilson, the company’s largest shareholder with a 14.2% stake, on Wednesday issued an open letter to investors in which he sharply criticized the apparel retailer’s management, calling its competence “uninspiring at best.” He called for annual election of the board to hold members accountable for Lululemon’s performance.