News

Off-price department store operator Gordmans reported another quarter of weak sales under the control of private equity ownership as its searches for a full-time CEO and eyes e-commerce expansion in 2015.

Although controversial Abercrombie & Fitch CEO Mike Jeffries said he was pleased that the company’s earnings for the first quarter ended May 3 were in line with expectations, comparable-store sales dropped for the ninth straight quarter.

The company widened its loss in the quarter to $23.7 million, or 32 cents per share, from $7.2 million, or 9 cents per share, in the prior-year quarter. Total net sales decreased 2% to $822.4 million, while comparable-store sales decreased 4%.

Jo-Ann Fabric and Craft Stores has added two industry veterans to lead the company’s marketing and merchandising divisions. The company has named Jim Wright as SVP of marketing and advertising, and Megan Featherston as SVP of merchandising.

Walmart president and CEO Doug McMillon was among the dozens of high-profile business executives from the world of technology who participated in the inaugural Code Conference this week. Organizers of the event, which cost $6,500 to attend, made available a brief video of McMillon’s comments on a wide range of topics.

Fred’s wants to be what it calls “the convenient small box store of choice” and to achieve that goal, it has embarked on a two-pronged strategy focused on general merchandise and pharmacy.

Savvy consumer packaged goods and retail marketers already know the value of leveraging social media to drive sales and now Twitter has equipped them with a new tool to more effectively engage shoppers.

The social media platform recently introduced a new creative ad unit called the “Website Card” which enables advertisers to perform the neat trick of surfacing Web site content within a Tweet. Doings so allows advertisers to then drive traffic to any page of their site such as a specific product page, relevant blog post or notworthy review.

A new cash rewards program rolling out nationwide at Sam’s Club June 12 is the latest enticement to encourage members to opt for the retailer’s $100 Plus membership level.

Plus members will automatically be enrolled in the program on June 12 and receive $10 in cash rewards for every $500 spent with the potential to receive an annual maximum payout of $500. The rewards load automatically onto membership cards and are restricted to use at Sam’s Club 635 locations or online.

Profitect, a leading pattern seeking analytics provider for the retail industry, has added Ahold USA as its latest customer. Profitect is rolled out in Ahold's Giant Landover division.

Ahold USA will leverage Profitect's integrated data to improve its shrink performance by replacing legacy reporting approaches, which require large volumes of information to be interpreted, with automated resolution processes. The Profitect closed loop system creates accountability, the company said, by ensuring employees identify and resolve opportunities impacting the business.

Speedo USA has expanded its relationship with Sports Authority and is launching a Speedo Aquatic Zone “shop-within-a-shop” retail concept at four Sports Authority locations.

CUPERTINO, Calif. -- In its largest deal ever, Apple said on late Wednesday that it is buying Beats Electronics LLC for $3 billion. Beats is a key player in the premium headphone market and is also in the streamlining music business.  
 
Apple will pay $2.6 billion in cash and another $400 million in equity for Beats, whose founders rapper and producer Andre Young (aka Dr. Dre) music-industry  mogul Jimmy Iovine  will join the tech giant.