By Lisa Johnston
New products on display at the American International Toy Fair, held in N
New York – DataVision, the New York A/V and IT specialty dealer, will leave its Fifth Avenue home of 21 years this June for a smaller, “connected” showroom downtown.
The independent retailer, led by CEO Jimmy Garson and president Albert Liniado, said the move was prompted by rising rents, smaller vendor lines, the demise of packaged software and the popularity of mobile shopping.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
Orlando, Fla. — Walmart is testing a wide range of pick-up options for online orders as it continues to integrate its physical and e-commerce operations.
Leveraging its supply chain, Walmart is looking beyond stores to lockers and even freestanding drive-through windows as retrieval points for dot.com purchases.
Framingham, Mass. — Staples, in a financial report showing higher profits for its fiscal fourth quarter, said it will close up to 225 stores in North America by 2015 as more than half its sales are now generated online.
In a statement, Staples said it would shut the stores as part of a $500 million cost-reduction program, but it explained Staples.com sales grew 10 percent in the fourth quarter. When the year ended more than 500,000 products were available on Staples.com vs. 100,000 at the beginning of the year.
Issaquah, Wash. – A trying holiday season, unfavorable foreign exchange rates and a prior-year tax benefit conspired to cut Costco’s second quarter profits by 15.4 percent.
Net income was $463 million for the three months, ended Feb. 16, on net sales of $25.8 billion, a 6 percent increase, while U.S. comp-store sales rose 5 percent, excluding the impact of lower gasoline prices.
Fort Worth, Texas — RadioShack’s board has approved retention bonuses for its executive officers.
The stay incentives range from $187,500 for store concepts senior VP Michael DeFazio to $500,000 for CEO Joe Magnacca, should they remain with the company for another year.
The board said it authorized the bonuses “after giving due consideration of the skills and talent deemed critical to the company’s business turnaround efforts currently underway, the difficult business environment and the competition for skilled, talented employees.”
Fort Worth, Texas — RadioShack’s management said the company’s disappointing fourth-quarter results were impacted by a series of unique circumstances that masked its turnaround progress.
On an earnings call, CEO Joe Magnacca ticked off a litany of holiday-season setbacks as well as strategic initiatives designed to return the chain to profitability.
Fort Worth, Texas — RadioShack plans to close upward of one-quarter of its store base amid deepening losses.
The chain reported a net loss of $191.4 million in the fourth quarter, ended Dec. 31, compared with a year-ago loss of $63.3 million. Net loss for the full year hit $400.2 million, compared to a $139.4 million loss in 2012.
Dallas — Starpower, a four-store dealer and custom installer of premium and ultra-premium A/V and appliances, will hold its first customer Expo of the year this weekend.
The three-day event, running March 7-9, will again be held at the company’s recently remodeled flagship showroom in North Dallas, where more than 50 manufacturers will demo their wares. Participating CE vendors will include Bose, Epson, JBL, Klipsch, MartinLogan, Polk, Samsung, Sonos and Sony, while majap representatives will include Sub-Zero, Thermador and Viking.
Hoffman Estates, Ill. — Sears Holdings reported lower sales while net losses continue.
The company, which operates Sears and Kmart, reported a net loss of $358 million for the fourth quarter and $1.4 billion for the full year of 2013. This compares with net loss of $489 million and $930 million, respectively, for the prior year fourth quarter and full year.
Fourth-quarter revenues decreased $1.7 billion to $10.6 billion for the quarter, ended Feb. 1, compared with revenues of $12.3 billion for last year’s final quarter.
Minneapolis – Best Buy returned to profitability in the fourth quarter and full fiscal year despite a bruising holiday season and slightly lower sales.
Net earnings for the three months, ended Feb. 1, were $293 million compared with a year-ago loss of $379 million as the company cut costs and improved operational efficiency. Ongoing efforts will include a significant reorganization of Best Buy’s field and store management structure that shifts greater responsibility to store general managers and moves field staff into a supporting role, the retailer said.