News

EL SEGUNDO, Calif. — Mattel’s board of directors has named CEO Bryan G. Stockton, 59, as chairman of the board, effective Jan. 1, 2013. The current chairman, Robert A. Eckert, 58, informed the board of his decision to retire from his service as director and chairman of the board, effective Dec. 31. Stockton will continue to function as CEO, a position he’s held since Jan. 2012.

A 2.7% third quarter same store sales increase at Sam’s Club was below expectations for a 3% to 5% increase. President and CEO Rosalind Brewer explained what went wrong yesterday morning during a pre-recorded message.

New York -- Foot Locker Inc. reported Friday that net income for the quarter ended Oct. 27 surged 61% to $106 million, compared with $66 million in the year-ago period. The recent quarter's results, which surpassed Wall Street expectations, included a $9 million tax benefit stemming from the settlement of a foreign tax audit.
 
Revenue rose 9.3% to $1.52 billion from $1.39 billion, beating analysts’ expected $1.47 billion in revenue. Same-store sales climbed 10.2%.

New York -- Private equity firm Apax Partners said Friday that it will acquire Cole Haan from Nike for $570 million in cash.  

Cole Haan sells through 108 domestic stores, 68 international stores, online and through department stores. It has been a part of Nike since 1988.

To effect the acquisition, Apax is partnering with Jack Boys, who led the revitalization of Converse.

The transaction is expected to close in early 2013.

CINCINNATI — P&G Children’s Safe Drinking Water Program has won the 2012 Economist Social Innovation Award.

“As a Company, we are both honored by the recognition and inspired by our employees and global partners who have worked to deliver more than 5 billion liters of clean drinking water to families in developing countries, helping save nearly 30,000 lives,” said P&G CEO, president and chairman of the board, Bob McDonald.

"Head-to-Toe" is the name of a customizable merchandising vehicle developed by Midwest gloves to grow gardening category sales.

For a split second after the presidential election the victor and the vanquished struck a conciliatory tone on finding the balance between raising taxes and cutting spending. Wal-Mart Stores, Inc. president and CEO Mike Duke wants the issue resolved as soon as possible.

Duke was among a group of business leaders in Washington earlier this week meeting with President Barack Obama and following the meeting Walmart released a statement expressing his views on the issue.

Boca Raton, Fla. -- In a letter to Office Depot Inc., activist investor Starboard Value asked the office supply retailer to immediately revoke its poison pill provision on the grounds that it would limit the influence of shareholders.

Starboard, Office Depot’s largest shareholder with a 14.8% stake, wrote that it believes “the implementation of the poison pill, with a threshold just above our current ownership, is designed specifically to entrench the current board.”