News

Hollywood, Calif. - Frederick's of Hollywood Group Inc. shareholders approved, at a special meeting of shareholders held May 28, the previously disclosed merger agreement that provides for the acquisition of the company. The merger was approved by more two-thirds of the aggregate voting power of the company's common stock.

Shelton, Conn. - Nxt-ID Inc., a biometric authentication company focused on the m-commerce market, is releasing its next generation smart wallet, Wocket. The Wocket works anywhere credit cards are accepted and only works with the user’s biometric stamp of approval.

Credit, debit, ATM, loyalty, gift, ID, membership, insurance, ticket, emergency, medical, business, contacts, coupon, and virtually any card can be protected on Wocket. More than 10,000 cards, records, coupons, etc. and 100 voice commands can also be stored on Wocket.

Los Angeles - Social Reality Inc., an Internet advertising and platform technology company that provides tools to automate the digital advertising market, is launching the latest version of its GroupAd platform. GroupAd is a social media management platform that allows brands to identify and reward brand advocates.  

Issaquah, Wash. – Costco Wholesale Corp. reported 3% year-over-year net income growth in its third quarter, to $473 million from $459 million in the year-ago period, as sales and membership fees improved. However, it came in short of the roughly $482 million in profit analysts had expected.

Net sales for the quarter increased 7% to $25.23 billion, from $23.55 last year.

New Albany, Ohio – Abercrombie & Fitch Co. reported a net loss of $23.7 million in the first quarter of fiscal 2014, up from $7.2 million in the year-ago period, but less than analysts had expected. Restructuring charges associated with the closure of Abercrombie’s Gilly Hicks stand-alone stores, as well as the impact of heavy discounting on profit margins, helped drive the retailer’s net loss growth. The chain backed its full-year forecast as demand in its female business improved and sales fell less than expected for the first time in six quarters.

By David Holland, DataSource

Local store marketing, or “neighborhood marketing,” refers to complex and variable distribution based on the needs of individual business locations. Many local marketing campaigns take place in a reactive, disruptive, and last minute environment. These responsive situations provide the greatest opportunity for an emotional connection with the consumer – which is why local store marketing is so important.

Solid sales growth at Costco during the second quarter and a 6% same store sales increase at U.S. clubs did not translate into strong profits for the warehouse club operator whose earnings fell shy of analysts’ estimates.

Supermarket industry veteran Peter Lynch was named to the board of directors at Retail Properties of America (RPAI).

The publicly held owner and operator of 227 properties encompassing 31.2 million square feet said Lynch’s extensive experience in the grocery industry would aid RPAI in its repositioning efforts.

Destination XL Group has named Peter H. Stratton Jr. as SVP, CFO and treasurer, effective June 1. Stratton replaces John E. Kyees, who was serving as interim CFO, and will report to president and CEO David Levin.

Stratton has been serving as the company’s SVP of finance, corporate controller and chief accounting officer since Sept. 2009. He joined the company in June of the same year as VP of finance.

Omnichannel retail company Delia’s, which markets apparel, accessories and footwear to teenage girls, is looking for a new CFO. Current financial chief David Dick has resigned and will remain with the company through Aug. 1.