Big Lots profit takes hit in Q2; announces executive changes
Columbus, Ohio — Big Lots reported Thursday that net income for the quarter ended July 28 slipped to $22.1 million, from $35.7 million in the year-ago period.
Sales in the United States edged up 1.7% to $1.18 billion, from $1.16 billion, and domestic same-store sales decreased 1.9% for the quarter.
In Canada, the company recorded a loss for the quarter of $3.3 million, widened from its loss of $1.2 million last year.
Big Lots has lowered its guidance for the year. It also announced a lineup of organizational changes, including the resignation of executive VP of merchandising Douglas Wurl. Stepping in will be John Martin, who has been serving as executive VP administration but served as executive VP merchandising prior. He has been promoted to executive VP and chief merchandising officer.
Other promotions include Lisa M. Bachmann to executive VP and COO; Charles W. Haubiel II to executive VP, chief administrative officer; Timothy A. Johnson to senior VP, CFO; and Michael A. Schlonsky to senior VP human resources.
Best Buy reportedly reaches out to Schulze to resume talks
Minneapolis — A Thursday report by Bloomberg, citing unnamed sources, said that Best Buy Co. has rekindled its talks with co-founder Richard Schulze about an agreement that would allow Schulze to launch due-diligence efforts toward his proposed acquisition of the company.
Best Buy reportedly reached out to Schulze shortly after announcing quarterly earnings on Aug. 21 that missed Wall Street estimates, according to one of the unidentified sources, who also said that both parties could reach an agreement later this week.
Schulze refused Best Buy’s earlier offer to access confidential financial information because of what he deemed overly restrictive limitations such as curbing his contact with the board to gain information necessary toward the due diligence process.
Another sticking point has been that Best Buy is asking for a fully committed offer from Schulze within 60 days; Schulze said he needs 90 days to obtain financing. Impasses such as these brought the talks to a halt on Aug. 19, but sources say both sides are now willing to com
Target Facebook campaign raises $2.5 million for schools
MINNEAPOLIS — Target’s charitable Facebook campaign garnered more than three million votes in leas than four weeks, the company reported. Through its Give With Target campaign, the company was able to reach its goal of awarding $2.5 million in Target gift cards to schools across the country two weeks earlier than planned.
“We are thrilled with the public’s response to Give With Target and the record level of engagement we saw through Facebook,” said Laysha Ward, president of community relations, Target. “Thanks to the millions of people who voted, Target will award thousands of schools with Target GiftCards to use for classroom resources just in time for the start of the school year.”
Give With Target resulted in the highest engagement of any social media campaign in Target’s history.
From New York to California, more than 30,000 schools will receive Target gift cards as a result of the Facebook component of Give With Target. For every 25 votes a school received, it earned a $25 GiftCard from Target. The five schools with the most votes are:
St. Charles School, Staten Island N.Y. – $4,375
Andrew P. Hill High School, San Jose, Calif. – $3,475
Northside Elementary School, Benson, Minn. – $2,750
St. Hubert’s Catholic Girls H.S., Philadelphia, Pa. – $2,475
Mooseheart School, Mooseheart Ill. – $2,400