Costco co-founder Jim Senegal to receive NRF Gold Medal Award
Washington, D.C. – Jim Sinegal, Costco co-founder and board member, will receive the Gold Medal Award in 2014 during the National Retail Federation (NRF) Annual Conference and Expo in New York City. In addition, NRF has named South Korea’s Lotte Shopping as the International Retailer of the Year.
Nike has been named Retail Innovator of the Year, and Half Price Books’ Executive VP and chief strategy officer Kathy Doyle Thomas has been selected as 2014’s Silver Plaque recipient.
The award members are selected each year by the Awards Committee, comprised of select members of the NRF Board. The recipients, two distinguished industry leaders and two renowned retail companies, will accept their awards during the Annual Retail Industry Luncheon at NRF’s Annual Convention and Expo on Monday, Jan. 13. The conference will be held at the Jacob Javits Center in New York City, Jan. 12-15.
“Jim was an obvious choice for NRF’s Gold Award, given his commitment to the industry and Costco, and dedication to creating such a well-respected culture throughout the organization he helped build,” said NRF President and CEO Matthew Shay. “All of the award winners have successfully been able to cut through the clutter and make an outstanding name for themselves by continuing to innovate and effectively serve their customers in an ever-changing world.”
A holiday headache for Bed Bath & Beyond
Soft sales at leading home goods retailer Bed Bath & Beyond led to a puny comp increase of 1.3%, lower than expected third quarter profits and a downward revision to fourth quarter expectations.
Sales for the company’s third quarter ended November 30 increased 6% to nearly $2.9 billion while earnings per share rose 8.7% to $1.12, three cents less than analysts forecast. As a result of the softness in top line results, the company reduced its fourth quarter profit forecast to a range of $1.60 to $1.67 from prior guidance of $1.70 to $1.77. The company now expects full year earnings per share to be in the range of $4.79 to $4.86 versus earlier guidance in the range of $4.88 to $5.01.
The company ended the third quarter with a total of 1,491 stores, including 1,011 Bed Bath & Beyond stores and various other formats.
Tyco Retail Solutions enters patent agreement with Round Rock Research
Nehausen, Switzerland — Tyco Retail Solutions, a provider of retail performance and security solutions, has entered into a patent license agreement with Round Rock Research, LLC regarding RFID solutions. The agreement resolves the involvement of some Tyco retail clients in a patent infringement suit Round Rock filed in January 2012.
Tyco Retail Solutions provides RFID-based Inventory Intelligence solutions, which feature Sensormatic RFID readers, antennas and tags, and TrueVUE software offerings. The agreement provides a worldwide license to Round Rock’s RFID patents that allows Tyco and its customers to continue to deploy innovative RFID solutions.
This licensing arrangement with Round Rock is non-exclusive and royalty bearing, which allows other RFID reader and tag providers the prospect to achieve similar resolutions, thereby making a host of options available to customers. Additionally the license allows customers to use readers purchased from Tyco with tags that are purchased from Tyco or another licensed supplier.
“For nearly 50 years, retailers have depended on Tyco products,” said Nancy Chisholm, VP and general manager, Tyco Retail Solutions. “Tyco continues to invest heavily in research and development to advance both hardware and software products. Our commitment to technology innovation is the cornerstone of our business, with RFID-based Inventory Intelligence solutions being a primary area of focus. This agreement with Round Rock offers our retail customers a clear path to deploying our new RFID-based solutions, free of Round Rock patent assertions and without business interruption from potential litigation.”