News

New York City -- A report released Tuesday by Deloitte said that consumer spending continued its decline in May, weighed down by a sharp rise in unemployment claims.

The Deloitte Consumer Spending Index, which tracks consumer cash flow as an indicator of future consumer spending, fell to 2.66%, from a gain of 3.29% in April. The Index is comprised of tax burden, initial unemployment claims, real wages and real home prices.

London -- U.K. mobile phone retailer Carphone Warehouse Group PLC reported Tuesday that its loss for its Best Buy U.K. joint venture widened to $102 million in the year to March 31, compared with a loss of $34 million in the prior year. CEO Roger Taylor has warned analysts to expect further losses of between $82 million and $98 million this year.

China ranks as the most attractive emerging market for apparel retailers, according to global management consulting firm A.T. Kearney’s 2011 Global Retail Development Index for Apparel. The report advises that as U.S. consumer confidence and the overall economy continues an uneven recovery, the nation’s apparel retailers must look to high-growth emerging markets to expand their businesses and increase revenues.

WAYNE, N.J. — Toys“R”Us reported that domestic comparable-store sales were down 2.1% for its fiscal first quarter. Total sales were up 1.1% tp $2.6 billion. 

According to the company, sales were strongest in the learning and core toy categories, while the entertainment and seasonal categories struggled. 

SAN FRANCISCO— Williams-Sonoma announced that it will offer international shipping for its Pottery Barn, Pottery Barn Kids, West Elm and Williams-Sonoma brands. The company already offers international shipping for its PBteen brand through a partnership with FiftyOne Global E-commerce.

GREENSBORO, N.C. and STRATHAM, N.H. — VF Corp., owner of the Wrangler, Lee, 7 For All Mankind, among other big name apparel brands, has added another apparel juggernaut to its ranks. The company announced that it has signed a definitive merger agreement with The Timberland Company. VF will pay Timberland shareholders $43 per share, representing a total enterprise value of approximately $2 billion net of cash acquired. The merger agreement was unanimously approved by both companies’ boards of directors.

ROANOKE, Va. — Advance Auto Parts announced that Jim Durkin will join Autopart International as president. 

“Jim is an experienced executive with a great track record of success in delivering results by building and developing strong teams that sustain their performance over time. We are very excited about the leadership skills he will bring as we continue our growth,” said Roger Patkin, CEO of AI.

CINCINNATI — Kroger has named Reuben Shaffer chief diversity officer, effective immediately. Shaffer will report to Kroger's chairman and CEO, David Dillon.

Shaffer, 60, has been serving as the VP retail operations for the Cincinnati/Dayton division. He began his career with Kroger in 1988 and has held various leadership positions in the organization.

LAS VEGAS — Nickelodeon has announced the launch of Team Umizoomi, the first line of preschool products to focus entirely on math, to be sold exclusively at Toys"R"Us stores. The line, which is based on the TV show of the same name, will debut with the Team Umizoomi Preschool Math Kits, appearing in stores this July. The Team Umizoomi Math Kits also can be purchased online from Nickelodeon in mid-July.

All board members were re-elected by an overwhelmingly large margin, however some shareholders expressed a dislike for Anne Mulcahy as she drew the largest number of negative votes by a wide margin.

Mulcahy is probably best known as CEO of Xerox from 2001 to 2009, and she also served as chairman of the company’s board from 2002 to 2010. She currently chairs the board of trustees of the Save The Children Foundation and serves as a director of The Washington Post Company and Johnson & Johnson. She is a past director of Citigroup.