Ingles net income drops on higher sales
Asheville, N.C. – Ingles Markets, Inc. reported net income of $9.5 million during the first quarter of fiscal 2014, down 18% from $11.6 million during the same period a year earlier. Net sales rose 1.1% for the quarter, to $945.1 million from $935 million.
Grocery same-store sales decreased 0.8%. In addition, operating expenses rose, which may have contributed to the decline in net income. Robert P. Ingle II, CEO of Ingles, also cited holiday price-cutting measures.
“We wanted to keep prices low for our customers throughout the holiday season,” said Ingles. “We believe these actions strengthened ties with our customers and will benefit us in the long run.”
RG Barry Brands chairman Gordon Zacks dead at 80
R.G. Barry Corporation’s chairman of the board Gordon B. Zacks died at his Bexley home following a brief illness. He was 80.
Zacks joined his family’s business in 1955 after attending Dartmouth College and graduating from the Ohio State University. He joined the board of directors in 1959 and was named company president in 1965. He added the roles of chairman of the board and CEO to his resume in 1979. Following retirement from his day-to-day management roles in 2004, he was named the company’s non-executive chairman of the board, a post held until his death.
"Gordon lived an amazing life and faced each day and every challenge with a passion and joy that infected all those around him," said president and CEO Greg Tunney. "He was a sharing mentor to many, including me. His entrepreneurial spirit, vision and guidance will be sorely missed by all who knew and worked with him."
Zacks conducted leadership seminars globally, including at Harvard’s Kennedy School of Government and Business School; Fisher College of Business at OSU; the George Bush Presidential Library Center for at Texas A&M; the Fox School of Business at Temple University; and TED X at Claremont-McKenna College.
He authored two books: 2006’s “Defining Moments: Stories of Character, Courage, and Leadership” and the soon-to-be-published “Redefining Moments,” in which he addressed the end of life.
Zacks was active in many local, state and national and international charitable, political and religious endeavors.
He served on the dean’s advisory board at the Fisher College of Business at the Ohio State University and was chairman of the Florence Melton Adult Mini-School, which provides pluralistic adult Jewish education in more than 60 cities in four countries, with more than 30,000 graduates.
He was a member of the Young Presidents Organization and the Chief Executives Organization. He served as general chairman designate of the National United Jewish Appeal and was a founding member and past chairman of the UJA Young Leadership Cabinet. His political activism helped lay some of the groundwork for the American Israel Public Affairs Committee (AIPAC). He was also a co-founder of the United Republican Jewish Coalition.
Zacks worked with three U.S. presidents and five Israeli Prime Ministers, and his political involvement reached its highpoint during the Reagan and Bush presidencies. He declined nominations to an ambassadorship in the Reagan/Bush Administration, and a cabinet post during the Bush/Quayle Administration, to serve as unofficial adviser and confidant to VP and then president George H. W. Bush on Israeli/American relations, the Middle East Peace Process, Soviet Jewry, Ethiopian Jewry and the political landscape of the American Jewish community.
Zacks was national chairman of the Bush for President National Jewish Campaign Committee in 1988, and co-chairman of the Bush for President National Finance Committee in 1987-1988. In 1992 he served as vice-chairman of the Bush/Quayle National Finance Committee and co-chairman of the Middle East Policy Task Force. He was named to the board of trustees of the George Bush Presidential Library in 1993. He also served as the chairman of the U.S. and Foreign Commercial Service Advisory Committee in 1991 and 1992 and was a member of the President’s Advisory Committee for Trade Policy and Negotiation from 1981-1994.
He traveled to more than 100 countries throughout the world and made more than 100 trips to Israel and the Middle East during his life.
Gordon was a recipient of numerous awards, including the 1990 T. Kenyon Holly Humanitarian Award from the Two-Ten Footwear Foundation; the 1998 Alumni Community Service Award from the Ohio State University Fisher College of Business; and the 2002 State of Israel Bonds Menachem Begin Leadership Award.
He was preceded in death by his wife of 57 years, Carol Sue; parents, Aaron Zacks and Florence Zacks Melton; and brother, Barry. Survivors include daughters Kimberly and Catherine (Michael) Gildenhorn and three grandchildren.
Roundy’s to make public offering of common stock
Milwaukee – Roundy’s, Inc. will be offering 2,948,113 shares of its common stock, and certain selling stockholders will be offering 5,896,226 shares of the company’s common stock. The underwriters will be granted a 30-day option to purchase up to an additional 1,326,650 shares of common stock from the selling stockholders, all at the offering price less the underwriting discount.
Roundy’s intends to use the net proceeds for general corporate purposes, which it expects to include funding working capital and operating expenses as well as capital expenditures to build out the Chicago stores acquired from Safeway. The company will not receive any of the proceeds from the sale of shares by the selling stockholders, including the shares to be sold by the selling stockholders if the underwriters exercise their over-allotment option.