News

Warrendale, Pa. -- Teen clothing retailer rue21 posted net income of $9.6 million for the first quarter, compared with $5.8 million. The company boosted its full-year guidance based on its better-than-expected results.

Net sales increased 25.5% to $172.9 million. Same-store sales rose 5.2%.

During the quarter ended April 30, the company opened 39 new stores expanding its total to 677.
 

SAN FRANCISCO  — PowerReviews, a provider of social commerce solutions, announced that it has appointed former Google executive Keith Adams as CFO. 

New York City -- Regulators in South African on Tuesday approved Wal-Mart's 17 billion rand (about $2.4 billion) bid to buy a controlling share of Massmart Holdings Ltd. The Competition Tribunal of South Africa approved the deal on the condition that no job cuts take place for two years. It also requires the merged entity to give employment preference to 503 Massmart employees who lost their jobs.

MIAMI, Fla.  — Winn-Dixie has completed the remodeling of its Miami-area store in Aventura that wil better cater to the community's Jewish residents with expanded kosher offerings.

The remodeled store also featuresa cleaner and more modern and attractive setting, hardwood flooring throughout the produce, deli and bakery departments, and a dedicated area offering free Wi-Fi access and complimentary coffee, the company reported.

Houston -- New York private-equity firm Kohlberg Kravis Roberts & Co. LP said Tuesday that it plans to acquire a majority stake in Academy Sports + Outdoors, the Katy (Houston), Texas-based privately held sporting goods retailer with 131 locations throughout the Southeast.

Terms of the deal were not disclosed.

According to KKR, Academy Sports' president Rodney Faldyn will stay on as president and will assume the CEO job from David Gochman, who is the grandson of the chain’s founder.

It may have taken longer than originally thought, but competition authorities in South Africa cleared the way for Walmart to move forward with its acquisition of Massmart, the company announced Tuesday.

New York —The Great Atlantic & Pacific Tea Company (A&P), which is working its way through Chapter 11, will close 13 Suprefresh stores in the Baltimore area in  July because it can't find anyone to buy the properties, The Baltimore Sun reported.

SECAUCUS, N.J. — Panasonic Corporation of North America has appointed Betty Noonan to lead its marketing and branding functions. Noonan, who was most recently VP and director of Kodak's worldwide consumer marketing operations, will be responsible for integrating the company's marketing and enhancing the Panasonic brand.