News

Etsy completes IPO; valued close to $4 billion
Brooklyn, N.Y. – Etsy Inc., the online marketplace for handmade arts, crafts and clothing, has gone public with a bang. Shares opened on Thursday at $31 a share, almost twice their initial public offering price. As of April 16, Etsy is trading on the NASDAQ stock exchange under the ticker symbol “ETSY.”

After the offering, the total number of shares outstanding will be 110.9 million. Based on the opening price, Etsy is valued at over $3.7 billion.
99 Cents Only caps record year of expansion
A record number of openings in 2014 pushed 99 Cents Only close to the 400 unit mark, but the rapid pace of expansion did not translate to profitability during what the company called a transformative year.

Saks names new head merchant

Tracy Margolies has returned to Saks Fifth Avenue to leading the department store retailer’s merchandising efforts.

Margolies is no stranger to the Saks organization or upscale department store retailing. She spent the past two and a half years as a senior vice president and general merchandise manager at Bergdorf Goodman.
99 Cents Only Stores shrinks Q4 net loss

City of Commerce, Calif. – 99 Cents Only Stores Inc. shrank its net loss to $2.3 million in the fourth quarter of fiscal 2015, compared to net loss of $14.7 million for the fourth quarter of fiscal 2014. Net loss decreased primarily due to a previously disclosed workers' compensation charge in the previous fourth quarter.
Net sales slightly rose 1% to $512.6 million from $505.7 million. Same-store sales climbed 2.8%.
Lowe’s ready to paint this spring

An inventory build at Lowe’s in preparation for the launch of a new HGTV Home brand of paint was cited as the source of strong sales growth by paint supplier Sherwin Williams.

Spring is a popular time for painting and home improvement retailers typically promote the category extensively. Lowe’s looks to be ready for the season with a new brand launching called HGTV Home by Sherwin Williams.
American Express, Jawbone partner for wearable payments

New York - American Express and wearable device provider Jawbone are launching a new partnership giving eligible U.S. American Express card members the ability to “tap to pay” with the new Jawbone UP4 fitness tracker. This partnership and product launch marks the first time consumers can use a wearable fitness tracker with an embedded NFC chip for contactless American Express payments

The new Jawbone UP4 tracker is expected to be available for purchase in summer 2014.
Lowe’s CEO pay drops 24%

Mooresville, N.C. – Reduced stock awards and incentives resulted in a roughly 24% pay cut for Robert Niblock, president, chairman and CEO of Lowe’s Companies Inc., in 2014. In an SEC filing, Lowe’s reported that Niblock’s total compensation in 2014 came to $14.3 million, compared to $18.7 million in 2013.
Niblock’s base salary grew 5% to $1.3 million from $1.2 million. However, Niblock’s stock awards fell to $5.8 million from $9.8 million, and other incentives decreased, as well.
Smart & Final keeps expanding after stock sale

Smart & Final’s largest shareholder has further reduced its ownership stake in the profitable and growing company by 10 million shares, but still maintains majority control as the retailer pursues ambitious plans in 2015.
Do It Best relaunches ecommerce site

Fort Wayne, Ind. - Do it Best Corp., a hardware, lumber and building materials cooperative with 3,800 member-owned locations worldwide, has re-launched its ecommerce site on the WebLinc platform.

In addition, the company is unveiling a phased approach to re-launching individual member sites which will enable them to maintain their distinct, customer-facing identities while being integrated and powered by the same sophisticated commerce platform.
Meijer moves forward with new omnichannel idea

Meijer is experimenting with a click and collect service at a store in its hometown of Grand Rapids, Mich., and indicating the offering will be rolled out to other markets later this year.