Jos. A. Bank fiscal 2012 profit slips, sales rise
Hampstead, Md. — Jos. A. Bank Clothiers reported Wednesday that net income for the fiscal year ended Feb. 2 slid to $79.7 million, from $97.5 million in the prior year.
Annual sales rose 7.1% to a record $1.05 billion, from $979.9 million. Same-store sales decreased 0.5%.
Jos. A. Bank had warned that net income for fiscal year 2012 was expected to be approximately 20% lower than net income for fiscal year 2011.
"Although we did not achieve an increase over the record earnings of fiscal year 2011, we were still very profitable with net income of 7.6% of net sales in fiscal year 2012,” said R. Neal Black, president and CEO, JoS. A. Bank. “We are disappointed that we were not able to drive the sales gains we expected in our comparable stores.”
Black added that the company remains cautious about the first quarter of 2013.
Former Walmart.com exec to join Staples board
Staples named former Walmart.com CEO Raul Vasquez to serve on its the board of directors.
Vazquez currently serves as CEO and a director of Progreso Financiero, financial services firm focused on serving the needs of "under-banked" Hispanic customers. The election of directors at Staples will take place at the company’s annual meeting on June 3.
Staples chairman and CEO Ron Sargent said, "Raul would be an outstanding addition to our board. He is a multi-channel veteran with deep digital expertise and leadership experience in retail, marketing and operations. His global e-commerce perspective would be particularly valuable as we focus on rapidly increasing online sales as part of our strategic reinvention."
Vazquez joined Progreso Financiero last year after previously serving as CEO of Walmart.com and holding a variety of other roles at the retailer. He also served as EVP and president of operations for Walmart’s business unit in western states.
Before he joined Walmart in 2002, Vazquez worked as several startup companies within the ecommerce industry. Prior to that time, he spent several years at a boutique consulting firm that specializes in competitive strategy for Fortune 100 firms, and as an industrial engineer at Baxter Healthcare. Vazquez is a graduate of the Wharton Business School at the University of Pennsylvania, and also received bachelor’s and master’s degrees in industrial engineering from Stanford University.
Food Lion manager get early wedding gift
Food Lion store manager Charles Inman received the retailer’s highest honor this week and offered yet another example of the growth potential the retail industry offers.
Inman joined Food Lion in 2002 as a cashier and over the years held positions of increasing responsibility, including produce manager, office manager and assistant store manager. He was later promoted to store manager and was recently selected from among a group of 1,119 store managers to receive the retailer’s Store Manager Excellence Award.
"Charles is an excellent leader in his store and he delivers the Food Lion brand to our customers and his associates every day," said Troy Leshko, division vp for Food Lion’s Mid-Atlantic Division. "Charles’ store leadership and strong business acumen helps him excel as a store manager every day. He is an extremely humble leader and demonstrates each of our company’s core values every day. He is a strong developer of talent and also sets very high expectations for both himself and his team."
Inman is stores manager at the Food Lion unit located at 238 Pritchard Road in Clayton, N.C.
"I was very surprised and honored to receive this award," Inman said. "I am a proud Food Lion associate, and I am especially proud to lead my great team of store associates, who helped make this possible."
The recognition comes as Inman prepares to get married this May.