News

MONTVALE, N.J. — A&P has emerged from Chapter 11, and tasked with ensuring the company stays on sure financial footing is Raymond Silcock, who has been promoted to the role of CFO reporting to president and CEO Sam Martin. Silcock succeeds Frederic Brace, who is resigning from his roles as chief restructuring, financial and administrative officer in conjunction with A&P’s emergence from Chapter 11. Brace will continue to serve the company in an advisory capacity.

The 7% same-store sales increase Target reported in February was achieved with only a slight bump in promotional activity, according to the latest monthly data from research firm Market Track. Conversely, the number of ad pages that such competitors as Walmart and Kmart ran increased at twice the rate as Target, while Kohl’s and Macy’s declined. To view Market Track’s recap of February promotional activity at Target and other top retailers, click here.

LOS ANGELES — Movie lovers can now access their favorite DVDs/Blu-ray films on their Internet-connected devices, thanks to a new program from Walmart and its streaming video service, Vudu. 

BIRMINGHAM, Ala. — Books-A-Million's quarterly profit edged up to $7.6 million, from $6.7 million a year earlier.

Sales increased 10.7% to $166.9 million, from $150.8 million. Same-store sales declined 5.7%.

During the quarter, the retailer said it incurred costs of $1.6 million related to the closing of 21 underperforming locations and the opening of 41 new Bam! stores in October and November.

ANAHEIM, Calif. — Pacific Sunwear of Calif. Inc. reported Tuesday that its loss for the quarter ended Jan. 28 widened to $38.1 million, compared with a net loss of $35.2 million a year earlier. Sales dipped 1% to $234.2 million from $237.6 million, missing Wall Street’s expected revenue of $245.9 million.

PacSun has been in the throes of a right-sizing effort, working to build sales while closing underperforming stores. The company closed 87 stores during fourth quarter and ended fiscal 2011 with 733 stores.

The number of eco-labels in the marketplace continues to grow. According to Ecolabelindex (http://www.ecolabelindex.com/%3C/a%3E, Oct 27), 426 labels circulate in 246 countries and 25 industries. Most commentators are quick to point out the negative consequences: consumer confusion, disinterest and mistrust. However, there is a growing wave of large companies that pursue product certification to appeal to and meet compliance demands from their B2B customers, including retailers.

The outside world doesn’t have a lot of visibility into the bench strength of Target’s leadership team beyond the top tier of executives so it’s hard to know whether the company has the talent it needs to fill the void created by high profile defections to rival JCPenney.

Nothing is ever as easy as it seems in the retail industry. Take Target’s decision to not sell denim jeans that have been distressed using the sand blasting method. That means the company or its suppliers now have to amend or implement some type of reporting infrastructure and audit protocol to ensure any distressed jeans Target sells achieved their weathered look through appropriate means. For an insightful look at the issues of eco-labels and the certification process that underpins the validity of such claims, check out this column from Deloitte Consulting executive Chris Park.

Los Angeles -- Guess reported Wednesday that net earnings dipped 7.2% to $95.9 million for the quarter ended Jan. 28, compared with $103.3 million a year earlier.

Revenue for the quarter edged up 2.5% to $775.8 million, from $756.9 million. Same-store sales dropped 5% in the quarter.

The retailer’s greatest strength came from the performance of its Asian segment, which saw revenue surge 27.5% to $70.6 million in the fourth quarter.

Warrendale, Pa. -- Rue21 reported Wednesday that net income for the quarter ended Jan. 28 rose 18.7% to $12.9 million, from $10.9 million in the year-ago period.

Sales surged 15.7% to $219.9 million, but same-store sales dipped 2.2% following a 1.5% increase a year earlier.

During the quarter, Rue21 opened 17 new stores and closed two.