News

Ed Record, a former finance executive with Stages stores, Kohl’s, Belk and Federated, has been appointed to replace Ken Hannah as CFO at J.C. Penney.

Hannah joined J.C. Penney less than two years ago under the leadership of former CEO Ron Johnson, a former Apple executive who pursued a costly transformation strategy that alienated customers and led to sharp sales declines. Johnson was ousted last April and former J.C. Penney CEO Myron Ullman was brought back to restore growth and undo much of Johnson’s handiwork.

Whole Foods Market said total sales for the first quarter ended Jan. 19 climbed 10% to a record $4.2 billion. But those results reportedly missed analysts’ expectations, and the company has lowered its earnings outlook for 2014 as a result.

Momentum at Whole Foods — as well as shares — slipped. Comparable store sales for the quarter increased 5.4%, compared to a 7.2% increase in the prior year.

The Buckle has promoted Kari G. Smith to the newly created position of EVP of stores. In her new role, Smith will continue to provide leadership related to all aspects of the in-store shopping experience, including the education and development of the company’s sales team.

Cabela's revenue and earnings per share for 2013 grew at a double-digit rate for the fifth consecutive year, according to CEO Tommy Millner. However, despite an 18% increase in net income year-over-year to $80.1 million from $68 million, results for the fourth quarter did not meet the company’s expectations.

Millner explained that the two biggest short-term factors affecting results in the quarter were a much sharper-than-expected decline in ammunition sales as compared to last year’s surge and a softer-than-expected holiday season.

The Integer Group, a leading global promotional, retail and shopper marketing agency, has named Todd Miller as SVP/executive creative director.

Kind filed a lawsuit against Clif Bar in federal court in Manhattan seeking to prevent Clif from releasing its Clif Mojo snack bars in packaging which Kind contends mimics its bars’ unique and distinctive packaging.

Retail and financial trade associations have banded together to combat cyber crime in wake of the Target data breach.

Shopkick, a real-world shopping app, has expanded testing of its shopBeacon technology. The new technology, which was deployed in late November at two Macy’s stores, will be active in thousands of stores nationwide by the end of the first quarter.

Newgistics, a leading provider of end-to-end e-commerce solutions for top retailers and brands, has entered into a partnership with ShipStation, a leading Web-based shipping solution for online merchants.

Newgistics seeks to leverage the partnership to streamline shipping operations and bolster its ongoing strategy to drive rapid and sustainable growth for its customers using expert logistics solutions.  

All eyes will be on Walmart’s new CEO Doug McMillon next week when the company reports worse-than-expected fourth quarter results on Thursday, and McMillon makes his first public comments since becoming CEO.

McMillon is no stranger to providing financial updates during the company’s pre-recorded earnings calls, investor conferences and analysts’ meetings. He performed those duties on numerous occasions during the past decade while serving as president and CEO of Walmart International and president and CEO of Sam’s Club before that.