99 Cents Only digitizes audit management
Vancouver, B.C. – 99 Cents Only Stores is digitizing its audit management procedures with the ACL GRC internal audit management system. Leveraging the GRC solution, the retailer will replace spreadsheets and shared drives. Anticipated benefits include increased collaboration and visibility among team members, the ability to more easily perform risk assessments and scoring, and ease of workflow adjustment as new issues and risks are identified.
“We selected ACL GRC for our internal audit management system from a number of leading solutions for several reasons,” said Tom Rudenko, chief audit executive of 99 Cents Only. “This solution provided us with a very user-friendly, easily implemented approach to fully digitizing our audit process, including risk assessment, planning, workpapers, and reporting.”
Domino’s Pizza delivers strong quarterly results
Ann Arbor, Mich. – Domino’s Pizza, Inc. delivered strong results in net income, revenues and same-store sales during second quarter 2013. Net income totaled $33.3 million, up 18.5% from $28.1 million the same quarter a year earlier. Total revenues were about $414.1 million, up roughly 10% from $376.1 million a year earlier. Same-store sales rose 5.8% following an increase of 5.7% a year earlier, driven by 6.8% growth in domestic franchise stores.
“Our team is very proud to be driving the continued transformation of this 53-year-old brand,” said J. Patrick Doyle, president and CEO of Domino’s. “We’ve not just endured – we’ve grown and outperformed, and made Domino’s a frequent and favorite choice for our customers. Our franchisees around the world are running great and successful businesses. This quarter’s results were more evidence for us that we’re on the right track with our strategic plan and execution. Our company’s valuation has reflected this positive performance and rewarded our shareholders. This all just makes us more energized to keep pushing forward.”
RadioShack profit misses, revenue up; turnaround expert named interim CFO
Fort Worth, Texas – RadioShack Corp. on Tuesday reported a second-quarter loss that was bigger than analysts expected. However, revenue beat expectations, with the first increase in same-store sales since 2010, and the chain announced it was bringing on consultants to help with its turnaround.
RadioShack said CFO Dorvin Lively, is leaving the company to pursue another business opportunity. (Lively was named CFO at New Hampshire-based Planet Fitness, an operator of 650 health clubs.) It also said it is working with AlixPartners, a global business advisory firm with expertise in corporate turnarounds, and investment banking firm Peter J. Solomon Co. to help with its overhaul. AlixPartners managing director Holly F. Etlin will serve as interim CFO.
The retailer reported a net loss for the three months ended June 30 of $53.1 million, versus a net loss of $21 million last year. Revenue was nearly flat at $844.5 million, above Street projections of $816.1 million. Same-store sales were up 1.3%. And revenue in stores open at least one year rose 1.3%, the first increase in that metric since 2010.
“While the second quarter presented a number of challenges, it is noteworthy that we generated comparable store sales growth for the first time since 2010, and increased sales for the sixth consecutive quarter in our high-margin signature platform of products,” said CEO Joseph C. Magnacca. “In addition, we made progress on the initiatives we outlined last quarter in repositioning our branding, opening a new concept store, streamlining our product assortment, and entering new strategic partnerships.”
Magnacca, who joined the company in February, said he expects the company’s turnaround will take several quarters, and during that time its results may vary from quarter to quarter as its make strategic changes to improve its long-term financial performance.
“We will be guided by the five pillars of our turnaround strategy – repositioning the brand, revamping our product assortment, reinvigorating our stores, operational efficiency and financial flexibility,” he said.
RadioShack said it ended the quarter with total liquidity of $818 million, with total debt of $713 million at June 30.