News

Land O'Lakes' initiative to leverage technology to manage risk associated with weather and climate change will be part of a conversation this week focused on food security and climate change that brings together experts from the public and private sectors.

Lynnwood, Wash. -- Teen active-sports retailer Zumiez reported net income in the first quarter of fiscal 2014 of $2.5 million, flat with the year-ago period. The retailer intends to open approximately 55 stores in fiscal 2014, including up to seven locations in Canada and five in Europe.

Total net sales for the first quarter ended May 3, 2014, increased 9.7% to $162.9 million from $148.5 million last year. Same-store sales increased 1.8%.

Toys “R” Us has appointed Campbell Lennox as managing director of the company’s Australia unit, effective May 26. Lennox will report to Monika Merz, president, Toys “R” Us, Asia Pacific.
 
Lennox joins the company with more than 20 years of retail and management experience, including a series of roles of increasing responsibility in operations and merchandising. He most recently served as GM, merchandise operations for Harvey Norman, an omnichannel retailer, incorporating an integrated retail, franchise, property and digital platform.

Hoffman Estates, Ill. – Sears Holdings Corp. on Thursday said it plans to close at least 80 stores this year as the retailer continues to deal with mounting losses. The retailer reported that its fiscal first quarter net loss grew to $402 million, from $279 million in the prior year first quarter.

Williams-Sonoma had a strong first quarter of fiscal 2014, with net income climbing 17% to a better-than-expected $46.16 million from $39.17 million.

Net sales grew 10% to $974.33 million from $887.8 million, also topping estimates.

Total same-store sales grew 10%. Williams-Sonoma credited much of its success during the quarter to market share gains and advantages conferred by its multichannel operations.

Secaucus, N.J. – The Children’s Place Retail Stores Inc. saw net income and sales fall during the first quarter of fiscal 2014, compared to the same quarter a year earlier. The company plans to open 25 new North American stores, 10 fewer than originally planned, and close 35 stores for a net reduction of 10 stores during the fiscal year.

First quarter same store sales at Best Buy fell a greater than expected 1.3% due to declining sales of consumer electronics and competition from online retailers.

While the retailer experienced growth in computing, gaming and appliances, it was more than offset by declines in other categories, including tablets, services and home theater. President and CEO Hubert Joly focused on the positive, however.

Columbus, Ohio – L Brands had a successful start to fiscal 2014. The company reported a 10% increase in net income to $156.9 million in the first quarter from $142.5 million the first quarter of the previous fiscal year.

Net sales rose 5% to $2.39 billion from $2.27 billion, and same-store sales grew 2% across its retail banners. Higher pretax income and operating income helped boost net income, while especially strong growth in sales at the Victoria’s Secret banner helped drive overall net sales growth.