C-SUITE

  • Lumber Liquidators promotes marketing head, cuts merchandising chief

    Toano, Va. – The executive shakeup continues at Lumber Liquidators as the company integrates the leadership of its merchandising and marketing departments. Marco Q. Pescara, the company's chief marketing officer since 2006, has been promoted to serve as chief merchandising and marketing officer effective June 19.

    Pescara will lead the company's marketing and merchandising functions. The employment of William K. Schlegel, current chief merchandising officer, will be terminated effective June 19.

  • Gordon Brothers Europe names veteran executive as president

    London, U.K. — Gordon Brothers Europe (GBE), a firm specializing in restructurings for the retail, commercial and industrial sectors, has named Heinz Weber as president, overseeing the European subsidiary of Gordon Brothers Group. Weber has more 10 years of leadership experience with GBE, including managing director, head of D-A-CH (Germany, Austria, Switzerland), in a 20-plus-year career.

  • HSN names Fruit of the Loom exec Cornerstone president
    St. Petersburg, Fla. - HSN Inc. has named Jeffrey Kuster as president of Cornerstone and executive officer of HSNi. Kuster, 48, has held various leadership positions in the apparel, fashion and retail industries, most recently as executive VP, chief marketing and strategy officer for Berkshire Hathaway's Fruit of the Loom.  

  • Chief merchandiser of Walmart out
    BENTONVILLE, Ark. — The merchandising organization at Walmart is being transformed again following the departure of executive VP and chief merchandising officer Duncan Mac Naughton. His departure, in turn, served as the linchpin for several other high level moves.  

  • Best Buy profit tops Street, helped by cost cutting

    MINNEAPOLIS — Best Buy said it earned $266 million in the second quarter, compared with a profit of $12 million in the year-ago period, amid cost cuts. Its results beat Wall Street expectations.

    Revenue for the quarter, ended Aug. 3, edged down to $9.3 billion, from $9.34 billion last year. Analysts expected $9.13 billion. Same-store sales fell 0.6%, including a 0.4% decline domestically. Online sales rose 10.5%.

  • TJX Q2 profit jumps14%, ups annual forecast

    FRAMINGHAM, Mass. — TJX Cos. reported that its fiscal second-quarter net income rose a better-than-expected 14%. The off-price retailer also increased its profit outlook for the year.

    The company earned $479.6 million for the quarter, which ended on Aug. 3, up from $421.1 million in the same quarter last year.

  • Home Depot tops Street, raises 2013 outlook

    ATLANTA — A rebound in seasonal categories helped The Home Depot post double-digit same-store sales in the second quarter as it exceeded its own expectations.

    Net sales at the world's largest home improvement retailer increased 9.5% to $22.5 billion in the quarter ended Aug. 4, compared with $20.6 billion in the same quarter last year. Comp-store sales increased 10.7% across the company, and increased 11.4% among domestic stores.

    Net earnings for the quarter were $1.80 billion, up 17.2% from $1.53 billion in last year's 14-week second quarter.

  • Barnes & Noble loss widens; Riggio pulls offer to buy retail business

    NEW YORK — Barnes & Noble reported a worse-than-expected net loss of $87 million for the first quarter, compared to a loss of $39.8 million in the year-ago period. The bookseller’s troubles mounted with the news that its founder, chairman and largest shareholder, Leonard Riggio, was calling off his offer to buy the company’s retail business.

  • Tuesday Morning taps interim CEO as permanent chief

    DALLAS — Closeout retailer Tuesday Morning announced the appointment of Michael Rouleau to CEO, effective immediately. Rouleau, who was appointed interim chief executive in March 2013, will also continue to serve on the company's board of directors, which he joined in November 2012.

  • Survey: Canadian shoppers not impressed with Target

    NEW YORK — Canadian shoppers aren’t wowed by Target Corp., according to a customer-satisfaction rating survey by Forum Research. As reported in The Globe and Mail, the survey ranked Target at the bottom of a list of major retailers operating in Canada. (Satisfaction as measured by the survey relates to service, prices and/or merchandise offering.)

    Over all, Target scored a mean 2.7 out of 4, compared with Costco’s 3.5, Wal-Mart’s 3.1 and a 3.2 average.

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