Big Lots Brings Tener to the Board Big Lots Brings Tener to the Board
Columbus, Ohio Columbus, Ohio , Closeout retailer Big Lots appointed James Tener to the board of directors. Tener is president and COO of Brook Mays Music Group. Tener brings a strong retail resume to the position. He was COO of The Sports Authority; executive VP, store operations of OfficeMax, Inc.; president and COO of Busybody, Inc., and senior VP of operations of Pier 1 Imports. Earlier in his career, Mr. Tener held executive operations positions with both Marshall’s and Federated Department Stores.
Dollar General Disputes Merger Claim
Goodlettsville, Tenn., Dollar General Corp. said reports that it is seeking to acquire a chain of convenience or grocery stores was inaccurate. “The company has no current plans to make such an acquisition,” according to a statement released today. The report appeared on the Mergermarket.com Web site.
Sears Sales and Profit Decline in Q4
Hoffman Estates, Ill., In the fourth quarter ended Jan. 1, Sears’ profits had nowhere to go but down. The chain posted net income of $378 million, a far cry from $2.7 billion in the year-ago quarter, when the sale of the chain’s credit-card business boosted net income dramatically. Merchandise sales and services revenues for the 2004 fourth quarter were $9.6 billion, compared with $10.2 billion in the prior-year period, which contained an extra week.
“Fourth-quarter earnings and revenues met our expectations, with control of costs and expenses offsetting margin pressure,” said chairman and CEO Alan J. Lacy. “As we forecasted in October, domestic comparable-store sales were flat during the fourth quarter, with sales increases in October and November offset by a decline in December. The year was marked by further restructuring and repositioning of our core retail business, which slowed short-term results, but positions us well for the future.”
Sears is preparing for its merger with Kmart Corp. to take effect early this year, creating the third-largest U.S. chain, in terms of sales, behind Wal-Mart Stores and The Home Depot.