Hhgregg Q4 profit surges on insurance payout
Indianapolis — Hhgregg Inc.’s fiscal fourth-quarter earnings jumped as the chain collected $39.6 million in life insurance proceeds due to the death of executive chairman and former CEO Jerry W. Throgmartin.
Throgmartin, who died Jan. 22 at age 57, served as chairman and CEO of Hhgregg from 2003 to 2009 and led it through a 2007 initial public offering of stock. Hhgregg said Wednesday it collected the proceeds from a "key man" life insurance policy.
Overall, the chain earned $53.6 million in the three months that ended March 31, up from $14.6 million in the year-ago period. Revenue rose 21% to $613.8 million. Same-store sales edged down slightly.
Hhgregg added 35 stores in the past year, and it cited that expansion as the primary reason behind sales growth.
Family Express enhances inventory management with Retalix software
Dallas — Family Express has improved its inventory management operations significantly by deploying Retalix Ltd.’s demand-driven replenishment solution across its convenience stores in Northwestern Indiana, Retalix said.
By using this demand forecasting and inventory replenishment system, Family Express reduced its tobacco order size by 21% while increasing its average monthly inventory turnover per store by 2.5 turns. The software application has also helped decrease the retailer’s average inventory days on hand for tobacco products by 2.4 days.
In addition, the solution has given Family Express the option to automatically re-order a significant percentage of all items in its stores, effectively reducing inventory management labor, and thus increasing customer face time. The convenience retailer is also experiencing a much reduced out-of-stock rate.
“Retalix and its Demand-Driven Replenishment solution have helped us optimize our inventory management and elevated our operations to a higher, more sophisticated level,” said Bill Nolan, VP of marketing for Family Express, Valparaiso, Ind. “The sales, turnover and inventory-on-hand improvements that we’ve witnessed illustrate that the Retalix solution accurately forecasts demand for each store and keeps our inventory at an optimal level, which ultimately impacts our bottom line.”
Ascenta Retail Group uses Esri GIS analysis tools
Redlands, Calif. — Ascena Retail Group, whose brands include Dressbarn, Maurices, and Justice, is integrating Esri GIS analysis tools, demographic data, and map visualization into its business processes.
Esri technology helps Ascena follow a customer centric approach for store development and market planning. It also helps the company identify key demographics and store profiles for each location to stratify and segment the brands. Ascena uses GIS to quickly assess the suitability of sites and market potential, streamlining the development process and reducing the cost and time to bring projects to completion.