News

Hear what Walmart’s new COO has to say
Timing is everything. The Bentonville Bella Vista Chamber of Commerce had already secured Judith McKenna as a speaker for an upcoming event when she was given a major promotion this week.
Men’s Wearhouse Q3 profit plunges 82% on Jos. A. Bank costs
Fremont, Calif. – Men's Wearhouse Inc.'s third-quarter profit plunged 82%, mainly on expenses related to its June 2014 acquisition of rival Jos. A. Bank Clothiers Inc. The retailer reported a profit $6.8 million in the third quarter of fiscal 2014, from $38.2 million in the year-ago-period and below Wall Street projections.

Kroger chairman Dillon steps down

Longtime Kroger executive and current chairman David Dillon is retiring Dec. 31 after 38 years with the company. Dillon, 63, will be replaced as chairman by Rodney McMullen, who also succeeded Dillon as CEO at the start of 2014, the company said. McMullen has served on the board since 2003.
RadioShack looks to slash costs as as Q3 loss widens and sales keep falling

Fort Worth, Texas - There’s no quick turnaround in sight for RadioShack. On Thursday the struggling chain reported a wider-than-expected third-quarter loss and detailed cost costs that include staff reductions and more store closings to boost earnings by some $400 million annually.
Lowe's CEO: Our transformation is gaining momentum

Lowe’s CEO Robert Niblock cited the recovering U.S. economy as among the reasons why the company plans to focus more on market differentiation and omnichannel retailing.

The company said it will outline these and other strategic priorities in a meeting with investors on Dec. 11 in North Carolina.
Report - Starboard Value increases stake in Staples

New York – Activist investor fund Starboard Value has reportedly purchased a 6% stake in Staples Inc. and upped its ownership of Office Depot from 8.6% to 10%. According to the Wall Street Journal, Starboard Value may be positioning itself to pressure the two office supply retailers to merge.
Report: Wal-Mart China hid real performance, inflated sales

New York - Wal-Mart Stores Inc. has reportedly discovered discrepancies in accounting practices its China business was using that made performance look better than it really was. According to Bloomberg, shifty accounting practices included making unauthorized bulk sales to other retailers and even booking non-existent sales.
HGTV paints to launch at Lowe's

The paint competition will heat up in March as Lowe’s rolls out HGTV HOME by Sherwin-Williams.

The HGTV HOME by Sherwin-Williams product line will feature what both companies describe as “a new and improved interior and exterior paint program.” The line will be available at both Sherwin-Williams' company stores and Lowe's stores nationwide, as well as exclusive line extensions available at Lowe's.
Lululemon Q3 earnings fall on costs; raises concerns for fourth quarter

Vancouver, Canada – Net earnings at Lululemon Athletica Inc. fell 8% to $60.45 million in the third quarter of fiscal 2014 from $66.11 million a year earlier to increases in selling, general and administrative (SG&A) expenses and cost of goods sold. Net revenue fared better, rising 10% to $419.4 million from $379.9 million. Same-store sales fell 3% but total comparable sales, including direct-to-consumer revenue, climbed 3%.
Walmart finance exec writes U a big check

University of Arkansas alumni Ann and Gene Bordelon have contributed $100,000 to establish the Faculty Innovation Endowed Fund for the benefit of the Sam M. Walton College of Business.