Retail

hhgregg Q4, FY Sales Fall

hhgregg

INDIANAPOLIS-hhgregg said it is estimating its fourth-quarter sales to total $538.3 million, 9.9 percent down from the fourth quarter of last year. This would bring its net sales for the fiscal year ending on March 31 to about $2.3 billion, a decrease of about 8 percent from the prior fiscal year. Same-store sales in theMore »

Aaron’s Acquires Progressive in Move to Transform Business

Aaron's

ATLANTA-Rent-to-own retailer Aaron’s has purchased Progressive Finance Holdings from equity firm Summit Partners, gaining an entry in what the company described in a statement as the “virtual rent-to-own” market. Progressive is a provider of virtual lease-to-own programs, offering point-of-sale lease and purchase programs to shoppers who don’t qualify for more traditional financing. According to theMore »

Weather Warms Retail Sales

Census Bureau

WASHINGTON-The onset of spring weather helped U.S. retailers to increased sales in March. According to the U.S. Census Bureau’s monthly retail sales report, retail sales last month totaled $433.9 billion, up 1.1 percent over February and 3.8 percent ahead of March 2013. In its assessment of the Census Bureau’s numbers, the National Retail Federation attributedMore »

Sadove Chosen to Chair Borderfree Advisory Board

Stephen Sadove

NEW YORK-Borderfree, a global e-commerce company, has named Stephen Sadove, former chairman and CEO of Saks Inc., as chairman of its newly created advisory board. Borderfree provides management for all aspects of international online retailing, including localized pricing and payment processing, landed cost calculation, customs clearance and brokerage, fraud management, logistics orchestration and customer-experience parity.More »

Massmart Head Pattison to Step Down

Grant Pattison

JOHANNESBURG-Grant Pattison, CEO of South African retailer Massmart (in which Walmart holds a majority stake) will leave his post on June 1. Guy Hayward, currently chief operating office, will become CEO at that time, in accordance with the company’s succession plan. Pattison’s future plans were not announced in a Massmart statement. Pattison joined Massmart inMore »

NRF: Easter Spending to Fall

NRF

WASHINGTON-The average American consumer will spend $137.46 on Easter-related purchases this year, 5.3 percent less than last year, according to the National Retail Federation’s Easter Spending Survey. Conducted for NRF by Prosper Insights & Analytics, the survey estimated that total Easter spending will reach $15.9 billion. Fewer Americans (80.3 percent versus 83 percent last year)More »

Bed Bath Posts Weak Q4, FY Results

Bed Bath & Beyond

UNION, N.J.-A poor fourth quarter ended Bed Bath & Beyond’s fiscal year with shortfalls in the bottom line for both periods. Net income in the quarter dropped 10.9 percent to $333.3 million, bringing net income for the fiscal year ending on March 1 to $1 billion, down 1.5 percent from the previous fiscal year. NetMore »

Pier 1 Net Slides for Q4, FY

Report: Pier 1 Imports to Sell Online

FORT WORTH, Texas-A weak fourth-quarter performance led to significant cuts in Pier 1 Imports’ bottom line for both the quarter and the fiscal year. Net income in the quarter fell 31 percent to $42.6 million, bringing net income for the fiscal year ending on March 1 to $107.5 million, down 16.9 percent. Net sales inMore »