News

Neiman Marcus exploring options — including sale
Neiman Marcus posted another quarter of declines for its second quarter. For the period ended January 28, 2017, the chain reported total revenues of $1.40 billion, a decrease of 6.1% compared to $1.49 billion for the second quarter of fiscal year 2016. Comparable revenues decreased 6.8%.
Footwear retailer’s sales rise, but fall short on expectations
DSW credits inventory management and more focused campaigns for its profit growth during the fourth quarter. For the period ended January 28, 2017, the chain’s sales increased 0.4% to $674.6 million, including $27.9 million in revenues from Ebuys. This profit of 20 cents per share was four cents better than analysts were expecting for the quarter, however sales missed their estimates of $695.5 million. Adjusted net income was $16.5 million, an increase of 43% over last year.

Office supply retailer exits Australia, New Zealand

In a move that will help it focus on its North American stores, Staples is selling its Australia- and New Zealand-based operations. Staples announced Tuesday, March 13, that private equity firm Platinum Equity will acquire these stores for an undisclosed sum. The transaction is expected to close in the second calendar quarter of 2017.
Report: Asda offers pay rise for flexible working

Asda is making its workforce an enticing offer. The British supermarket owned by Walmart is offering staff in its stores a 14% increase in their hourly pay if they sign a contract requiring more flexible working, according to Reuters. The deal requires Asda staff to work in different parts of stores and dif-ferent days or hours, including public holidays. All breaks will be un-paid.
Sporting goods retailer officially files for Chapter 11

Gander Mountain has filed for bankruptcy, but it is proactively seeking a buyer. The sporting goods retailer, which announced Friday, March 10 that it has filed for Chapter 11 protection, said it will pursue a “going concerns sale,” enabling it to function without the threat of liquidation for the foreseeable future.
Teen apparel retailer beats Q4 forecasts

An increase in revenue and comparable store sales helped Tilly’s beat analyst expectations for the fourth quarter. For the period ended January 28, 2017, Tilly’s revenue was $160.2 million, an increase from $159.1 million last year. Net sales also topped Wall Street forecasts of $159.9 million. The chain also beat analyst predictions of earnings hitting 21 cents per share. Tilly’s posted a profit of 22 cents per share.
Discounter bolsters tech team through ‘acquihiring’

Data and analytics is more than a business foundation — it is a key differentiator in an increasingly competitive marketplace, according to Target’s senior VP Paritosh Desai. As a result, Target is making a big push to add top tech talent, from software engineers to data scientists — a move that pushed the chain to “acquihire” tech companies. In this practice, larger companies acquire smaller ones to obtain their technology and, essentially, hire their leadership and teams.
Albertsons names Mayes senior VP external affairs, chief diversity officer

Albertsons on Friday appointed Jonathan Mayes to the post of senior VP external affairs and chief diversity officer. In his new role, he will head up the company’s diversity and inclusion efforts, as well as its government relationships, philanthropy and sustainability departments.
New partnership expands e-retailer’s dress rental assortment

Vow To Be Chic is giving shoppers access to a new line of designer bridesmaids' dresses. The two-year-old start-up, which allows women to shop for bridesmaids’ gowns via their desktop, laptop or smartphone, will add six of the best-selling gowns from Amsale's Nouvelle Amsale line. The partnership marks the designer’s debut in the gown rental segment.
Century-old value department store calls it quits

Gordmans Stores is the latest chain to file for bankruptcy. The 100-year-old chain announced on Monday, March 13, that it filed Chapter 11 in the United States Bankruptcy Court for the District of Nebraska.
Athletic apparel retailer taps GM veteran to lead innovation

Under Armour named Clay Dean as its chief innovation officer. Dean will be responsible for driving the company's global vision and strategy for innovation, and cross-functional collaboration with the brand’s internal design, marketing, product, and category management teams. He will be based out of Under Armour's global headquarters in Baltimore, and will report to Kevin Haley, president, category management and innovation.
Walgreens makes executive moves

Walgreens Boots Alliance on Friday named two executives to the chief marketing officer and chief merchandising officer positions, promoting Adam Holyk and Joe Hartsig, respectively, to those roles. Both will assume their new roles as of April 1 and report to Alex Gourlay, co-COO for Walgreens Boots Alliance.