Dollar General appoints former Ahold exec to board
Goodlettsville, Tenn. – Paula A. Price, senior lecturer at Harvard Business School and former CFO of Ahold USA, has been named to the Dollar General board of directors effective Aug. 26. The election of Price to Dollar General’s board will bring the total number of directors to eight.
Price, who has been designated an audit committee financial expert, will serve on the audit committee of Dollar General’s board. Price has been senior lecturer at Harvard Business School in the Accounting and Management Unit since July 2014. She was executive VP and CFO of Ahold USA from May 2009 until January 2014. Before joining Ahold, she held executive posts at CVS Caremark Corp., the Institutional Trust Services division of JPMorgan Chase and held several other senior management positions in the U.S. and the U.K. in the financial services and consumer packaged goods industries. Price currently serves as a director of Accenture and Western Digital Corporation. She previously served as a director of Charming Shoppes Inc.
Advance Auto winning in hot retail sector
Advance Auto Parts demonstrated strength in its second quarter performance in one of the retail industry’s hottest sectors.
The company said its sales increased 51.5% to $2.35 billion, reflecting the inclusion of the acquired General Parts business. Same store sale increased 2.6%. The operator of 5,289 stores said profits on an adjusted basis to account for non-recurring acquisition related costs for the second quarter ended July 12 increased to $153.2 million, or $2.08 a share, compared to $117.7 million, or $1.60 a share. The improvement came despite the fact that gross margins contracted to 45.2% of sales from 50.3% of sales as commercial customers accounted for a larger portion of Advance Auto’s overall business.
"We are pleased with our second quarter performance led by strong execution from our team members delivering comparable cash EPS growth of 30% and an increase in comparable store sales of 2.6% in the quarter," said Advance CEO Darren Jackson. "We remain on pace against our base business expectations, integration milestones and with our financial performance.”
CFO Mike Norona said the favorable second quarter sales performance and synergy savings related to the merger would allow the company to exceed earlier earnings estimates.
“We are pleased with the continued progress made during our second quarter delivering positive sales performance and approximately 34% growth in Comparable Operating Income dollars,” said Mike Norona, Executive Vice President and Chief Financial Officer.
“We continue to stay focused on our base business while meeting our integration milestones to date and remain confident in achieving our full year synergy estimates,” Norona said. Given our performance in the first half of the year and the execution and integration momentum we continue to build, we are raising our full year guidance for comparable cash EPS to be in the range of $7.50 to $7.60.”
Loblaw names food processing exec to board
Brampton, Canada – Loblaw Companies Ltd. has named Pavi Binning as a director to its board. Binning currently serves as the president of food processing company George Weston Ltd. and has been a director of George Weston Ltd. since 2012.
He joined George Weston Ltd. in 2010 as the CFO after spending a year as a director of Loblaw Companies Ltd. Prior to joining Weston, Binning was at Nortel Networks Corp., where he held the role of CFO and subsequently chief restructuring officer. Prior to that, Binning held CFO positions at both Hanson plc and Marconi Corporation plc, as well as executive positions at Diageo plc.