Friday, March 31, 2017

Wegmans names new CEO

Wegmans Food Markets has appointed a familiar name as its new chief executive.
Danny Wegman announced that he is stepping down as chief executive of the family-owned supermarket company and will be succeeded by his daughter, Colleen Wegman, who will serve as president and CEO.. . . more

Fast-fashion chain plans operational changes following disappointing quarter

Excess inventory and markdowns took their toll on H&M’s first fiscal quarter.
For the period spanning December 1, 2016 - February 28, 2017, H&M’s first-quarter pretax profit fell 3.6% to 3.21 billion kronor ($362 million), compared with an average estimate of 3.03 billion kronor. H&M blamed the decline on lower than expected sales growth, as well as higher mark-downs.
While H&M’s group sales increased 7%, this “was below our plan,” said Karl-Johan Persson, the company’s CEO.. . . more

Rosenberg says cutting sales tax would cause ‘big nightmare’

Image result for retail sales taxMassachusetts Senate President Stanley Rosenberg would strongly oppose a ballot proposal to reduce the state’s sales tax, claiming that putting the question to a vote the same year as the so-called millionaire’s tax would lead to a “big nightmare."

The Retailers Association of Massachusetts is considering pushing a ballot question next year that would ask Bay State residents whether to cut the sales tax by a yet-to-be-determined amount. The trade group is scheduled to further discuss whether to pursue the measure at a meeting in May.. . . more

Gordmans gets a lifeline; some stores likely to stay open

Gordmans will live on but at about half its current size, after a Texas-based retailer won a bankruptcy auction for the struggling retailer.

A bid by Stage Stores Inc., a Houston-based retailer that operates the Bealls department store chain and other store brands, was chosen by the U.S. Bankruptcy Court for the District of Nebraska, according to documents filed Thursday.. . . more

Walgreen sets deadline for $9.7B merger with Rite Aid

Image result for walgreens and rite aidWalgreen has made a risky move to win regulatory approval for its $9.7 billion merger with Rite Aid — and it looks like a wager on Trump’s pick to head the Federal Trade Commission.

Fed up with delays on getting a nod for the controversial deal, Walgreen has set a deadline of roughly three months for the FTC to either block the merger or let it go forward.. . . more

Amazon and Walmart are in an all-out price war that is terrifying America’s biggest brands

Last month, Walmart gathered some of America’s biggest household brands near its Arkansas headquarters for a tough talk. For years, Walmart had dominated the retail landscape on the back of its “Everyday Low Price” guarantee. But now, Walmart was too often getting beaten on price.

So company executives were there, in part, to reset expectations with Walmart’s suppliers — the consumer brands whose chips, sodas and diapers line the shelves of its Supercenters and its website.

Walmart wants to have the lowest price on 80 percent of its sales, according to a presentation the company made at the summit, which Recode reviewed.. . . more

Consumer spending slows; inflation pushing higher

A customer shops at a Walmart Supercenter in Rogers, Arkansas June 6, 2013.     REUTERS/Rick WilkingU.S. consumer spending barely rose in February amid delays in the payment of income tax refunds, but the biggest annual increase in inflation in nearly five years supported expectations of further interest rate hikes this year.

The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1 percent. That was the smallest gain since August and followed an unrevised 0.2 percent rise in January.

Economists had expected a 0.2 percent increase.. . . more

Thursday, March 30, 2017

Blue Apron hires bankers for IPO

Image result for blue apronBlue Apron, the biggest U.S. meal kit company, has hired investment bankers to lead its 2017 initial public offering, according to people familiar with the matter.

Blue Apron, which is named after the uniform that apprentice chefs wear in France, delivers its prepackaged ingredients and recipes to subscribers' doorsteps for them to prepare at home, a new business model attempting to disrupt traditional grocery shopping.. . . more

White knight may rescue Bass Pro Shops deal for Cabela’s

Image result for bass pro and cabela's merger A small Georgia bank has emerged as the potential savior of Bass Pro Shops’s $4.5 billion takeover of outdoor-goods retailer  Cabela’s Inc., according to people familiar with the matter.

The deal, struck in October, had two parts: Bass Pro agreed to buy the retail business of Cabela’s, while Capital One Financial Corp. agreed to acquire its banking operation, which issues store-branded credit cards.. . . more