News

Leading diamonds and fine jewelry online retailer Blue Nile has added Scott Howe to its board of directors, effective Jan. 1, 2014. Howe is president and CEO of Acxiom Corporation, an enterprise data, analytics and software-as-a-service company.

Prior to his current role, Howe was corporate VP of Microsoft Advertising Business Groups, where he managed a multibillion-dollar business encompassing all emerging businesses related to online advertising including search, display, in-game, mobile, digital cable and a variety of enterprise software applications.

Toronto – Canadian Tire reported strong financial results for the third quarter of fiscal 2013. These include an 11% increase in net income, to $139 million from about $128 million.

In addition, revenue grew to $2.83 billion from $2.7 billion. Consolidated same-store sales grew 3.1% across the Canadian Tire, FGL Sports, and Mark’s banners.

Plano, Texas – J.C. Penney says it is making continued progress in its turnaround after reporting some strong financial results for October 2013. Preliminary results indicate that compared to the same month in the prior year, same-store sales increased 0.9%, online sales grew 37.6%, and conversion continued to improve, which Penney says reflects favorable customer response to promotional events and improved inventory levels.

Dex, a leading supply chain solutions provider for high-tech industries, has appointed Tony Harris, who is currently a member of the company’s board, as non-executive chairman of the Dex businesses in the EMEA region.

Foothill Ranch, Calif. – The Wet Seal reported net sales of $127.7 million during the third quarter of fiscal 2013, down 5.8% from the same quarter in the prior year. In a partial release of third quarter figures, the company also reported a 0.8% increase in same-store sales.

99 Cents Only has spent the last six months upgrading its systems and procedures related to accounting for merchandise inventories. In the meantime, and ahead of its second quarter results for fiscal 2014, the company has begun taking physical inventories at its stores on a SKU-level basis for the first time.

The new IT system, built on SAP, will allow the company to track inventory in real time at each retail store on a perpetual basis by SKU. Implementation is underway and the company expects to be fully operational by the end of fiscal 2015.

Dallas -- The Container Store Group, Inc. has completed its IPO of 14.375 million shares of its common stock at a price to the public of $18 per share, including 1.875 million shares sold in connection with the full exercise of the option to purchase additional shares granted to the underwriters.

Whole Food’s said it gained market share during the third quarter, but the 5.9% same store sales increase the company reported fell short of expectations and the company tempered its outlook for 2014.