Retail

Houston -- Men’s Wearhouse announced Wednesday it has named Jon W. Kimmins as EVP and CFO, effective April 4.

Kimmins most recently was EVP – finance and operations at LF-USA, a division of Li & Fung Limited, a multi-billion dollar wholesaler of apparel, footwear and fashion accessories. Prior to that, he was EVP of Toys “R” Us, where he was responsible for worldwide corporate finance, raising billions in debt and equity financing transactions.
 

Boca Raton, Fla. -- Office Depot announced that the company’s global headquarters, located in Boca Raton, Fla., has earned the U.S. Environmental Protection Agency’s Energy Star certification for the second consecutive year. The certification signifies the building performs in the top 25% of similar facilities nationwide for energy efficiency.

New York -- Fast Company magazine and Target are sponsoring a competition, the Target Retail Accelerator, that will award $75,000 to a developer who creates the best new mobile app or mobile website for the retailer.  

Fast Company will chronicle the developers' efforts on the website of its new technology vertical Co.Labs.

I have to admit, the recent announcement of the merger between Office Depot and OfficeMax took me by surprise. It’s not as though it doesn’t make sense — it’s logical both logistically and financially — but, while there had been a few rumblings and rumors, this is a dramatic move that took place with relatively little forewarning.

Boulder, Col. -- Nordstrom is the nation’s favorite fashion retail chain, according to an annual consumer study conducted by customer intelligence solutions provider Market Force Information. The upscale department store edged out Kohl’s, which had ranked first in the three previous studies. This year, Kohl’s moved to the No. 2 spot overall, followed by Macy’s, Dillard’s and J.C. Penney.
 

Framingham, Mass. -- Staples reported Wednesday that profit for the quarter ended Feb. 2 fell 72% to $78.1 million from $283.6 million, impacted by store closings and other charges.

Revenue edged up 3% to $6.57 billion, boosted by an extra week in the period. Results missed Wall Street’s expected $6.71 billion in revenue. Same-store sales fell 5%, excluding e-commerce revenue.

For the full year, Staples lost $210.7 million, compared to net income of $984.7 million in the year-ago period. Annual revenue dipped 1% to $24.38 billion.

Salt Lake City -- Overstock.com said Wednesday it has opened a distribution and returns facility in Hebron, Ky., outside Cincinnati.

The facility, the company’s second, will receive product returns and handle outbound shipments.  Overstock.com officials say this additional distribution facility will reduce the time for resolution and refunds for customer returns.  

The company’s primary warehouse will remain in Salt Lake City.

New York -- Walmart will open as many as 115 small-format stores this year, according to Bill Simon, president and CEO of Walmart U.S.  

Simon discussed the chain’s store portfolio during a presentation at Raymond James Institutional Investors conference. He noted that Walmart’s smaller-format stores (below 60,000 sq. ft.) are making inroads against dollar stores, supermarkets and drug stores and will play a key role in the company's future.