News

Q&A at RECon 2016 - Bayer
Restoration Hardware misses Street in tough Q1
Specialty home furnishings retailer Restoration Hardware Holdings Inc. (RH) had what could be termed a messy start to the fiscal year.

RH swung to a net loss of $13.5 million in the first quarter of fiscal 2016, compared to net earnings of $7.2 million the prior year period, falling short of Wall Street expectations. Revenue grew 8% to $455.5 million from $422.4 million, but also missed projections. Increases in cost of goods sold and selling, general and administrative (S,G&A) expenses helped push the retailer into the red despite improving sales.

Christopher & Banks shows improvement in Q1; will shuffle store mix

Specialty apparel retailer Christopher & Banks Corp. is not out of the red, but headed in the right direction during the first quarter of fiscal 2016.

The company reported net loss of $0.2 million, down from a net loss of $1.4 million the same quarter the previous fiscal year. Improved gross margin helped shrink the loss. Net sales totaled $100 million, an increase of 9%, compared to $91.6 million.
Walgreens shuffles executive ranks

Walgreens Boots Alliance is making a number of changes to its senior management roles and responsibilities as part of what the company is calling the “next phase of evolution.”

Alex Gourlay, executive VP of Walgreens Boots Alliance and president of Walgreens, and Ornella Barra, executive VP of Walgreens Boots Alliance and president and chief executive of global wholesale and international retail, have been appointed to the role of co-CEOs.
Baker Katz redevelops Texas center

Houston-based Baker Katz has redeveloped and fully leased a retail site in Beaumont, Texas.

Baker Katz principal Kenneth Katz made the announcement.

Baker Katz completely redeveloped the site, beginning with demolishing the previous building with an end plan to create five new spaces for retail tenants. Starbucks, Mattress One and Wingstop will occupy the 6,100-sq.-ft. building. T-Mobile and Access Dental will each have 2,800-sq.-ft. in the second building. There is a new H-E-B located immediately east of the property.
NRF lauds Congress for overtime hearing

The National Retail Federation (NRF) is pleased so far with how many members of the House and Senate have reacted to the proposed new Labor Department rule that would expand overtime eligibility for employees.

David French, senior VP for government relations, NRF, released the following statement on the hearing by the House Education and Workforce Committee on the proposed rule:
Bankruptcy bid date set for Hancock Fabric

New York City-based RCS Real Estate Advisors has announced a bid deadline of June 16, 2016 for the remaining available leases of retailer Hancock Fabrics.

RCS began the process of selling the retailer's leases following Hancock Fabrics' February bankruptcy announcement. Hancock Fabrics operated 250 retail stores in 37 states when it filed for Chapter 11 bankruptcy protection on Feb. 2, 2016. Spence Mehl, senior VP of RCS, made the announcement.
CVS Health debuts across Oregon through Target

Oregon, a new market for CVS Health, is the latest market where Target pharmacies have been successfully transitioned to CVS Health, the Rhode Island pharmacy operator announced Wednesday. The new CVS pharmacies, located in several metropolitan areas, including Portland, Eugene and Medford, are being operated through a store-within-a-store format.
Q&A at RECon 2016 - RPAI
Amazon keeps expanding supply chain infrastructure

Amazon.com has been announcing a lot of new distribution centers lately, and now is opening a new IT office dedicated to logistics, as well as a new physical pick-up location.

The e-tail giant is planning a new technology development center in downtown Minneapolis that will create 100 full-time, technology-focused jobs. Amazon currently has hundreds of employees in Minnesota and is also in the process of hiring an additional 1,000 full-time employees for its new Shakopee, Minnesota, fulfillment center.