News

WATERBURY, Vt. — Green Mountain Coffee Roasters has named former P&G and Coca-Cola executive Brian Kelley as its new president and CEO, effective Dec. 3.

Surprisingly strong third quarter same store sales growth at Chico’s was attributed to a blend of compelling fall fashion assortments and effective marketing.

DEERFIELD, Ill. — Walgreens will offer customers a mystery mobile coupon to draw them to the store on Black Friday.

“This promotion is an excellent example of how technology and innovation work together to provide customers with a great offer that increases engagement and enhances their shopping experience,” stated Sona Chawla, president of e-commerce for Walgreens. “At a time when shoppers are out looking for the best deals, we’re making it easy by sending real-time, relevant offers directly to them.”

Any trickle-down of an improving economy hasn't trickled down to Fred's consumer base, Bruce Efird, Fred's CEO, told analysts Tuesday morning in discussing the discounter's third-quarter results. "During the third quarter we continue to see generally weak economic conditions throughout the Southeast which are clearly weighing heavily on our customers and influencing how they shop for their basic needs," he said. "It's more evident that things are not getting better for our core customers."

Strong sales of the top 15 brands at H.J. Heinz enabled the company to produce its 30th consecutive quarter of organic sales growth, the company announced Tuesday.

The company's top 15 brands collectively produced organic sales growth of 4.6%, led by Heinz, Quero, ABC, Classico, Golden Circle, Master and Ore-Ida brands. Global Ketchup delivered organic sales growth of 5% thanks to a strong performance in U.S., Brazil and Russia.

BANNOCKBURN, Ill. — Italian food company Barilla has partnered with the U.S. Ski Team's Mikaela Shiffrin, who will don the Barilla logo on her helmet.

The 17-year-old recently secured third place at the slalom in Levi, Finland, and is considered a serious contender for the World Cup Nov. 24, in Aspen, Colo., as well as the 2014 Olympic games to be held in Sochi, Russia.

New York -- Retail sales growth in the United States will rebound from the third quarter this holiday season, but will be down on the previous  two years' robust gains, according to a new report by Moody's Investors Service. The study, "Holiday Sales Will Overcome the U.S. Fiscal Policy Grinch," also finds that earnings growth will be slightly stronger.

Nashville, Tenn. -- Kirkland's Inc. lost $416,000 for the period ended Oct. 27, compared with a profit of $1.2 million a year earlier. Analysts had predicted a bigger loss.

Revenue inched down to $96.7 million from $97.1 million. Same-store sales were down 4.7%.

Kirkland's also announced that president and CEO Robert Alderson is taking a temporary medical leave of absence, starting on Monday. SVP and CFO Mike Madden will serve as acting president and CEO until Alderson returns.

Toronto -- Canada's Hudson's Bay Co. is set to raise C$365 million ($367 million) in its initial public stock offering, Reuters reported. The amount is lower than the retailer’s original target of about C$400 million.

Hudson’s Bay has priced the offering of 21.48 million shares at C$17 apiece, which is at the bottom of the company's already lowered range of C$17 to C$18.

Memphis, Tenn. -- Fred's on Tuesday said third-quarter net income dropped 27% amid rising costs and declining same-store sales, as sales in its established stores dropped and its costs rose.

The company reported Tuesday that it earned $6.6 million in the three months through Oct. 27, compared with $9 million a year earlier.

Revenue rose 1% to $450.6 million. Same-store sales were down 2.5%.

General expenses rose 4% to $118.1 million, fueled in party by higher labor costs and new store opening costs.