News

Shareholders of Wal-Mart de Mexico elected three new female board members at the company’s annual meeting yesterday, bringing to six the number of women on the company’s eleven-member board.

The new members include Shelley Broader, chief merchandising officer of Walmart Canada, Olga Gonzalez, Walmart’s VP audit services for Latin America and Kristin Oliver, SVP people for the Walmart International division. Other women on the board include Cathy Smith, Blanca Trevino and Kristin Oliver.

JACKSONVILLE, Fla . -- Stein Mart announced that its costume and sterling jewelry buyer, Lori Cassidy, was named to the 2011 Merchants Hall of Fame by the trade publication Accessories magazine.

BENTONVILLE, Ark. -- The Walmart Foundation announced that is committing more than $2.5 million in grants to various projects aimed at improving the lives of women in Latin America. 

"We believe that when women achieve economic empowerment, their voices are also empowered," said Eduardo Solorzano, president and CEO of Walmart Latinoamerica. "So not only will they be able to create more stable futures for their families, they will play transformational roles in bettering the lives of women and children across Latin America."

New York City -- Aeropostale's fourth-quarter profit slid 13% amid weaker gross margins and falling same-store sales. For the quarter ended Jan. 29, the chain posted a profit of $83.8 million, down from $96.6 million a year earlier.

Revenue increased 5% to $839.3 million, from $801.2 million in the year-ago period. Same-store sales decreased 3%.

For the full year, net sales increased 8% to $2.4 billion, from $2.23 billion a year earlier. Same-store sales inched up 1%.

London -- Wm. Morrison Supermarkets PLC said Thursday that it has acquired a 10% stake in U.S. online grocer FreshDirect, based in New York City.

According to Morrison, the U.K. fourth-largest supermarket chain, the acquisition marks its debut in the online food market.

Morrison has also announced plans to test a c-store format and to expand its grocery store counts in order to increase its presence in the U.K grocery market.

Houston -- The Men's Wearhouse reported Wednesday a loss of $14.1 million for the quarter ended Jan. 29, narrowed from a loss of $18.8 million in the year-ago period.

The retailer, which sells suits and rents tuxedos, offered a 2011 forecast of adjusted profit that would beat Wall Street projections.

Revenue increased 18.6% to $542.1 million. Same-store sales rose 4.3% on strong tuxedo-rental revenue.

There have been dozens of books written about Walmart, but none from the perspective of Ron Loveless. He is an Arkansas native from a small town who was hired by Walmart founder Sam Walton in 1964. His first job was that of stock boy, but he would go on to hold positions of increased responsibility in operations and merchandising and was the executive charged with opening the first Sam’s Clubs in the early 80’s. Loveless retired in 1986.