OPERATIONS

Overstock.com announces merchandising/sourcing promotion

BY Katherine Boccaccio

Salt Lake City — Overstock.com, Inc. has promoted Seth Marks to the position of senior VP of merchandising and strategic sourcing for the online shopping site.

Marks began his work at Overstock.com in 2013, and has served as VP of sales and special acquisitions. Previously, he co-founded Big Lots Capital, the special acquisitions arm of Big Lots, Inc., and served there as the VP of merchandising. He also was chief marketing officer and Acquisition Group president of Tuesday Morning Corp.

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FINANCE

Wal-Mart cuts CEO Duke’s pay 73% last year

BY Katherine Boccaccio

Bentonville, Ark. — Wal-Mart Stores Inc. cut some stock awards and reduced outgoing CEO Mike Duke’s compensation package 73% to $5.6 million in 2013, according to a report by the Associated Press.

Last year, Duke didn’t get stock awards that are given in anticipation of future performance, and his performance-based bonus was reduced, resulting in a compensation package worth about $5.6 million including a base salary of $1.4 million and a performance-based bonus of $2.8 million for the fiscal year ended Jan. 31.

Other compensation totaled $490,090, including retirement contributions and $144,586 for personal use of company aircraft, according to the AP.

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FINANCE

Cabela’s sees profit plummet by half in first quarter

BY Katherine Boccaccio

Sidney, Neb. — With last year’s strong first quarter fueled by a firearms and ammunition sales surge, outdoor retailer Cabela’s Inc. saw this year’s quarter end on a less stellar note.

Revenue in the first quarter fell 9.6% to $725.8 million; retail store revenue decreased 9.4% to $440.9 million. Same-store sales plunged 21.7%, compared to the same period last year.

Net income was $25.7 million, compared to $49.8 million in the year-ago quarter.

CEO Tommy Millner cautioned that the dips were not unexpected and said growth and expansion remain in the company plan.

“With continued strong new store performance, retail store expansion remains on track with plans to open approximately one million square feet per year for the next several years,” said Millner.

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