Mass Merchant

GOODLETSVILLE, Tenn. — Dollar General's quarterly profit surged 33% to a record $299 million, from $226 million in the prior year.

Sales increased 20.1% to $4.19 billion, compared with $3.49 billion in the year-ago period. Same-store sales rose 6.5%.

For the full year, profit rose 26% to $819 million, from $649 million in 2010. Sales surged 13.6% to $14.8 billion, from $13 billion last year. Same-store sales rose 6%.

Bentonville, Ark. -- A state attorney for California said Wednesday that Wal-Mart has agreed to pay a $2.1 million penalty for overcharging customers in the state.

Wal-Mart is being penalized for charging prices higher than those posted, violating a 2008 judgment for it to halt the overcharging.

Former PepsiCo chairman and CEO Steve Reinemund has served on the Wal-Mart Stores Inc. board of directors since 2010, but when he’s in Northwest Arkansas next week it won’t be for a board meeting.

Reinemund will join former beverage rival and Coca-Cola bottling executive Frank Harrison for a unique event called, “Thirsting for Higher Success,” on Thursday, March 29 at the John Q. Hammons Center. To learn more and register for the luncheon event click here. 

Fort Worth, Texas -- RadioShack Corp. said Thursday it has made an agreement with Malaysian retail group Berjaya Retail Berhad that will expand RadioShack's global footprint across 10 Southeast Asian countries.

Under the long-term agreement, Berjaya Retail (Cayman) Limited as franchise developer is expected to open at least 1,000 franchise locations across the Association of Southeast Asia Nations within the first 10 years. Its subsidiary in Malaysia, Berjaya RS Sdn. Bhd., expects to open its first RadioShack locations later this year in Kuala Lumpur.

Hoffman Estates, Ill. -- Sears Holdings Corp. said Thursday that Steve Haber will join the company as senior VP and president, Home Appliances.

Haber was previously executive VP at Sony Electronics, leading the Product to Consumer Marketing and the Home and Digital Reading business divisions.
 

Goodlettsville, Tenn. -- Dollar General Corp. reported Thursday that profit for the quarter ended Feb. 3 surged 33% to a record $299 million, from $226 million in the prior year.

Sales increased 20.1% to $4.19 billion, compared with $3.49 billion in the year-ago period. Same-store sales rose 6.5%.
   
For the full year, profit rose 26% to $819 million, from $649 million in 2010. Sales surged 13.6% to $14.8 billion, from $13 billion last year. Same-store sales rose 6%.
   

HOFFMAN ESTATES, Ill. — Former Sony Electronics executive, Steve Haber, is joining Sears Holdings as SVP and president, home appliances. 

In his new role with Sears Holdings, Haber will lead the company's effort to continue driving profitable growth in its industry-leading appliance business.

When North Plainfield, N.J.-based Levin Management took over as leasing and managing agent for Fairlane Village Mall – located in Pottsville, Pa. – in 2006, the impending economic downturn, a likely 80,000-sq.-ft. vacancy and growing industry consensus that the days of the small-market malls were numbered created a perfect storm of challenges.

Six years later, the 405,000-sq.-ft. property serves as a repositioning benchmark. Its success story is underscored by the March 2012 opening of Kohl’s and the impending arrival of Michaels later this year.