{"id":163,"date":"2012-05-16T14:00:00","date_gmt":"2012-05-16T18:00:00","guid":{"rendered":"http:\/\/newsroom.chainstoreguide.com\/2012\/05\/discount-stores-specialty-retailers-eupdates-2\/"},"modified":"2012-05-16T14:00:00","modified_gmt":"2012-05-16T18:00:00","slug":"discount-stores-specialty-retailers-eupdates-2","status":"publish","type":"post","link":"https:\/\/www.chainstoreguide.com\/offthechain\/2012\/05\/discount-stores-specialty-retailers-eupdates-2\/","title":{"rendered":"Discount Stores & Specialty Retailers eUpdates"},"content":{"rendered":"
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Personnel Updates:<\/i><\/o:p><\/span><\/b><\/div>\n
Best Buy\u2019s<\/span><\/b> announced that its CEO Brian Dunn resigned from the company by mutual agreement and that a review is being conducted concerning the former chief executive\u2019s personal conduct.<\/o:p><\/span><\/div>\n
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Best Buy<\/span><\/b> announced that Barry Judge, Exec VP and Chief Marketing Officer, has left the company.<\/o:p><\/span><\/div>\n
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Best Buy<\/span><\/b> announced that Geek Squad founder and Chief Technology Officer Robert Stephens has left the company.<\/o:p><\/span><\/div>\n
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Best Buy Co. Inc<\/span><\/b>. announced that David Deno has left the company to join OSI restaurant Partners LLC as CFO.\u00a0 Deno\u00a0 had been President of Asia and CFO of the International Division for Best Buy.<\/o:p><\/span><\/div>\n
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Books-A-Million, Inc<\/span><\/b>. announced the appointment of R. Todd Noden as CFO. Mr. Noden replaced the now former CFO Brian W. White, who resigned to pursue other endeavors.<\/o:p><\/span><\/div>\n
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Cracker Barrel Old Country Store, Inc.<\/span><\/b>announced that Laura A. Daily has been appointed as Senior VP Retail.<\/o:p><\/span><\/div>\n
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Family Dollar Stores<\/span><\/b> announced that Dorlisa K. Flur, the company\u2019s Vice Chair – Strategy and Chief Administrative Officer, has resigned her position \u201cto pursue other interests.\u201d<\/span><\/o:p><\/span><\/b><\/div>\n
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H&R Block<\/span><\/b> announced that Phil Mazzini the head of its U.S.<\/st1:place><\/st1:country-region>retail tax services unit has resigned.\u00a0 The company also named Jason Houseworth, who led its digital tax preparation operations, the head of its U.S.<\/st1:place><\/st1:country-region> tax services division.\u00a0 Current CFO Jeff Brown will become the Chief Accounting and Risk Officer.\u00a0 <\/o:p><\/span><\/div>\n
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HSN<\/span><\/b> has named Anne Martin-Vachon Chief Merchandising Officer.<\/o:p><\/span><\/div>\n
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Hewlett Packard<\/span><\/b> announced that John Schultz has been promoted to the position of Exec VP and General Counsel.<\/o:p><\/span><\/div>\n
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Hewlett Packard<\/span><\/b> announced that Marc Levine has been elected to the position of Senior VP and Controller.<\/o:p><\/span><\/div>\n
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Hewlett Packard<\/span><\/b> announced Vyomesh Joshi, Exec VP of IPG, is retiring after a highly accomplished 31-year career at HP.<\/o:p><\/span><\/div>\n
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OfficeMax<\/span><\/b> announced that Reuben Slone, Exec VP, Supply Chain has left the company and has taken a position at Walgreens<\/b>. <\/o:p><\/span><\/div>\n
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Pamida Stores <\/span><\/b>announced that <\/b>Exec VP and CFO, \u00a0Michael O. Moore \u00a0has left the company to accept a position at Ruby Tuesday.<\/span><\/o:p><\/span><\/div>\n
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Staples <\/span><\/b>announced the appointment of Willem Vos as Director of e-Commerce, Staples Europe.<\/o:p><\/span><\/div>\n
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Systemax <\/span><\/b>announced that it has appointed three new executives. Joining the leadership team are Jed Stillman, Exec VP of Strategy and Services, Michael Amkreutz, Exec VP Merchandising, and Michael Jones, Chief Information Officer.<\/o:p><\/span><\/div>\n
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Financial Focus<\/span>:<\/o:p><\/b><\/div>\n
Bed Bath & Beyond Inc.<\/span><\/b><\/span>, reported that net sales for fiscal 2011 were approximately <\/span><\/span>$9.500 billion<\/span><\/span>, an increase of approximately 8.5% from net sales of approximately <\/span><\/span>$8.759 billion<\/span><\/span>in the prior fiscal year.\u00a0 <\/o:p><\/span><\/span><\/div>\n
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Dollarama Inc<\/span><\/b>. announced that sales for fiscal 2012 increased by 12.9%, from $1,419.9 million in Fiscal 2011 to $1,602.8 million.<\/o:p><\/span><\/div>\n
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Duckwall-ALCO Stores<\/span><\/b> announced that net sales from continuing operations for fiscal year 2012 increased 4.4% to $482.8 million, compared with fiscal year 2011.<\/o:p><\/span><\/div>\n
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Gordmans Stores, Inc<\/span><\/b>. announced results for its fiscal year (fifty-two weeks) ended January 28, 2012.\u00a0 Net sales for the fiscal year ended January 28, 2012 increased 6.7% to $551.5 million from $517.0 million in fiscal 2010.<\/o:p><\/span><\/div>\n
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Kirkland’s, Inc<\/span><\/b>. reported that net sales for the 52-week period ended January 28, 2012, increased 3.6% to $430.3 million compared with $415.3\u00a0million for the 52-week period ended January 29, 2011.\u00a0 <\/o:p><\/span><\/div>\n

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Mergers and Acquisitions:<\/span><\/i><\/b><\/o:p><\/span><\/div>\n
Bed Bath & Beyond Inc<\/span><\/b>. has agreed to buy home goods retailer Cost Plus Inc<\/b>. for about $495 million after getting promising results from a joint effort to put a specialty food department in some Bed Bath & Beyond stores.\u00a0 <\/o:p><\/span><\/div>\n
Both companies’ boards have unanimously approved the deal, which is expected to close during Bed Bath<\/st1:city><\/st1:place>& Beyond’s fiscal second quarter, which ends in August.<\/o:p><\/span><\/div>\n
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Industry Insight<\/span><\/i><\/b>: <\/o:p><\/span><\/div>\n
The Bargain! Shop<\/span><\/b>, theCanadian discount store chain announced that it will acquire 10 retail locations from Hudson<\/st1:place><\/st1:city>‘s Bay Co.\u2019s closing Fields banner, effective Aug. 1.<\/o:p><\/span><\/div>\n
The acquisitions will grow The Bargain! Shop to 237 stores.<\/o:p><\/span><\/div>\n
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Bed Bath & Beyond Inc.<\/span><\/b>, anticipates opening a total of 40 stores across all its concepts this fiscal year. <\/o:p><\/span><\/div>\n
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Conn\u2019s Inc.<\/span><\/b> reported that its store opening plans call for five to seven new stores this year.<\/o:p><\/span><\/div>\n
The Container Store<\/span><\/b> announced it will open six locations in 2012, making this the largest real estate growth year in the company’s history and bringing the company’s store count to 59 by year’s end.<\/o:p><\/span><\/div>\n
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Costco Wholesale Corp<\/span><\/b>. said it plans to open up to an additional eight warehouses prior to the end of its fiscal year on September 2, 2012. \u00a0<\/o:p><\/span><\/div>\n
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Kirkland’s Inc.<\/span><\/b> announced that for the 53-week period ending February 2, 2013 (“fiscal 2012”), the company expects to open 35 to 45 new stores and close approximately 25 stores.<\/o:p><\/span><\/div>\n
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Target Corp<\/span><\/b>. announced that it has initiated remodels at 90 general merchandise stores across the U.S.<\/st1:country-region><\/st1:place>, which are expected to be completed on June 24, 2012. \u00a0Upon completion of the construction, these stores will offer a full selection of affordable and quality fresh foods.\u00a0 The June stores will be the second of three cycles of remodels for Target this year. \u00a0The company said that nearly 1,000 Target stores currently offer an expanded food layout. <\/o:p><\/span><\/div>\n
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Green Initiatives\/Sustainability<\/span><\/i><\/b>:<\/o:p><\/span><\/b><\/div>\n
Walmart<\/span><\/b> has announced six SolarCity projects on stores in Colorado, marking the company’s 100th solar power installation in the U.S. and, it said, moving it closer to its long-term goal of using 100-percent renewable energy for all its retail and distribution facilities … When complete, Walmart’s SolarCity projects in Colorado are expected to generate nearly three million kilowatt-hours of clean, renewable energy per year, which is the equivalent of powering more than 225 homes. The solar projects are expected to avoid producing more than 5 million pounds of carbon dioxide emissions per year.<\/span><\/o:p><\/span><\/b><\/div>\n
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Walmart<\/span><\/b> released its fifth annual Global Responsibility Report (GRR). Entitled \u201cBeyond 50 Years: Building a Sustainable Future\u201d.\u00a0 Significant waste reduction and greater use of renewable energy are detailed in the report.\u00a0 It goes on to highlight the chain\u2019s global top 10 list of achievements to reduce its impact on the environment, improve efficiency in its supply chain and stores, and address social issues. <\/o:p><\/span><\/div>\n
The study unveils data and progress against Walmart’s three primary sustainability goals to use 100% renewable energy; create zero waste; and sell products that sustain people and the environment. The top 10 achievements highlighted in the report include:<\/o:p><\/span><\/div>\n