News

New York -- The CEO of Best Buy, Hubert Joly, earned compensation worth $19.6 million in his five months on the job in 2012, the Associated Press reported.  

Joly, a turnaround expert, took the reins of the chain in September. Former CEO Brian Dunn left in April when a board investigation found that Dunn violated company policy by having a "close personal relationship" with a female staffer. Board member Mike Mikan, one of Best Buy’s board members, served as temporary CEO before Joly was hired.

New Britain, Conn.-based Stanley Black & Decker saw revenues grow, largely as the result of acquisitions.

The company reported first-quarter revenues of $2.49 billion, an increase of 3% over the prior-year period. Volume and currency each declined approximately 1%, while acquisitions added 4% to that total. 

Net earnings declined to $81.1 million for the quarter, compared with $121.8 million in the same quarter last year. 

Seattle -- Starbucks Coffee Company reported that its second-quarter profit rose 26% to $390.4 million, up from $309.9 million last year, amid sales increases in the Americas and Asia regions.
     
Total net revenue for the quarter ended March 31, 2013, rose 11% to $3.56 billion, not quite the $3.58 billion Wall Street expected.  Global same-store store sales grew 6%, driven by a 4% increase in traffic and a 2% increase in average ticket, marking the 13th consecutive quarter of global comp growth greater than 5%.
 

PALM BEACH, Fla. — The NACDS Annual Meeting concluded with the board of directors dinner and the annual presentation of the industry’s lifetime achievement awards.

Renamed the Sheldon W. Fantle Lifetime Achievement Award in 1996 in honor of People’s Drug Stores’ Bud Fantle, the award was originally established in 1989 to recognize exceptional accomplishments and contributions to the industry.

Receiving the award this year were Bob Loeffler, former CEO of H-E-B and past NACDS chairman, and Chain Drug Review editor David Pinto.

PLANO, Texas — J.C. Penney is introducing the Bijoux Bar, a line of fine jewelry that features collections from Kenneth Jay Lane, Kara Ross, Lana Bramlette, Dominique Cohen, Doris Panos, Rodrigo Otazu and Diego Massimo. 

Walmart and other retailers are facing renewed criticism over their global sourcing practices following another factory disaster in Bangladesh.

Reuters is reporting that a block of garment factories and shops collapsed in Savar, 20 miles outside Dhaka, on Wednesday, killing 251 people and injuring more than a thousand. According to the report, an unknown number of the more than 3,000 people who work at the factory remain trapped inside. For more information, go to:

SAN ANTONIO, Texas — A survey by open-cloud company Rackspace Hosting of 1,300 U.S. and U.K. companies revealed that retail in both countries has benefited from cloud computing via IT cost reductions, increased profits, improved disaster recovery and business agility, as well as strengthened out-of-office employee performance.

NEW YORK — Hampshire Group, a leading provider of sportswear and fashion apparel, has appointed two new board members, following Richard Mandell’s resignation from the board.

“We’d like to express our appreciation to Dick for his four years of service as a Hampshire board member and we look forward to benefitting from the experience and valuable perspectives that Bobby and Frank will bring to the board,” said Peter Woodward, chairman of Hampshire’s board of directors.