News

IRVING, Texas — Hostess Brands has appointed Gregory Rayburn as president and CEO. He also was named to the company’s board of directors. Rayburn replaces Brian Driscoll, whose resignation was effective March 9.

As CEO, Rayburn will oversee the company’s reorganization under Chapter 11 as well as overall corporate strategy and ongoing negotiations with the company’s unions. He joined Hostess last month as the company’s chief restructuring officer.

MINNEAPOLIS — While it may seem strange that a former Starbucks executive has been tapped to head Best Buy's digital and global business services, a closer look reveals Best Buy brewed a perfect fit.

The Turkish sourcing division behind the success of the George brand for the past decade has been acquired by Walmart’s Asda unit, the company announced this week.

According to Asda, it intends to acquire the Istanbul, Turkey-based GAAT sourcing division of Türkmen Group. GAAT works with more than 80 manufacturers to manage garment production on behalf of the George business in such key locations as Turkey, Sri Lanka and Egypt, according to an Asda press release.

Johannesburg, South Africa -- A South African regulatory body gave Wal-Mart permission on Friday to move ahead with its $2.2 billion purchase of South African chain Massmart.

The Competition Appeal Court upheld a ruling last year by the Competition Tribunal, but did require a study to determine a path to protect small producers who might not be able to compete with foreign producers from whom Wal-Mart can import cheaper goods.

NEW YORK — Ann Inc.'s net income for its fiscal fourth quarter dropped to $2.2 million from $8 million in the year-ago period, hurt by heavy promotions at namesake stores.

Sales increased to $566.7 million, from $515.3 million, and same-store sales for fourth quarter rose 5.3%.

By brand, same-store sales plummeted 10.9% at namesake stores, but rose 8.1% at Loft stores. Strength in the online channel boosted overall same-store results.

Birmingham, Ala. -- Hibbett Sports Inc. reported Friday that profit for the quarter ended Jan. 28 jumped 27% to $15.8 million, compared with $12.5 million in the year-ago period.
 
Revenue increased 10% to $190.7 million from $173.2 million, missing Wall Street’s expected $192.2 million in revenue. Same-store sales rose 7.2%.

For the full year, Hibbett reported net income of $59.1 million, up from $46.4 million last year. Revenue rose to $732.6 million, from $665 million.

To be successful, growth strategies must go beyond theoretical strategic platitudes, proprietary consumer and shopper insights, robust analytics, and innovative growth platforms; they ultimately must be measurable. To be successful in today’s fast changing world, CPG companies and retailers need to be able to quickly confirm that their strategies are working and, if they are not, quickly regroup and adapt. Strategies today need to be living, evolving blueprints that are continually tested, measured, and reinvented.

New York -- TradeCard, a supply chain collaboration and global trade platform, announced that women’s apparel retailer MS Mode has successfully deployed TradeCard to eliminate costs and improve efficiencies in its global supply chain.

The TradeCard solution allows MS Mode to transition away from agents and handle sourcing in-house without increasing overhead.