QVC names Jastrzebski CFO
West Chester, Pa. — QVC has appointed Ted Jastrzebski to the position of CFO. Jastrzebski, who will assume his new role in July 2013, will oversee QVC’s financial operations, reporting to Mike George, president and CEO of QVC. He spent the last eight years in global leadership positions at The Hershey Company, most recently serving as senior VP and president of Hershey Americas.
“Ted is a great addition to the QVC team," said George. "With more than 20 years of business and financial leadership experience, he will be an impactful addition to QVC’s already-strong leadership bench. We look forward to leveraging his extensive multi-national expertise as we continue to implement our global growth strategy."
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Apax rue21 purchase draws claims, investigation
New York – Law firm Harwood Feffer LLP is launching an investigation into claims against the board of directors of rue21 Inc. regarding the proposed purchase of the company by Apax Partners. On May 23, rue21 announced a definitive agreement for Apax to buy it, with stockholders receiving $42 in cash per share.
“Our investigation concerns whether the rue21 board of directors is fulfilling its fiduciary duties, maximizing the value of the company, disclosing all material benefits and costs, and obtaining full and fair consideration for company shareholders,” states a Harwood Feffer press release.
Neither rue21 nor Apax has yet officially responded to the investigation. Rue21 shareholders can contact Harwood Feffer for more information.
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Dollar General cuts profit forecast despite strong quarter
Goodlettsville, Tenn. — Dollar General reported record net income and sales during for the first quarter, but still reduced the top end of its profit forecast due to moderating same-store sales.
The discounter reported net income of $220 million, up 3% from $213 million in the first quarter of 2012. Net sales totaled $4.23 billion, up 8.5% from $3.9 billion.
Same-store sales increased 2.6%, with strong growth in consumables offsetting slower sales in seasonal and weather-sensitive products. Rick Dreiling, chairman and CEO of Dollar General, said continuing slow growth in non-consumable sales caused the company to scale back its profit forecasts.
“We are well positioned for our same-store sales growth to accelerate to 4-5% for the year as our key initiatives, such as the rollout of tobacco and Phase 5 planogram changes, continue to gain traction through the year,” said Dreiling. “Sales of non-consumables are expected to remain challenging, and we anticipate a continued shift to lower margin items within consumables and higher inventory shrink.”
For the 2013 fiscal year, Dollar General expects total sales to increase 10 to 11% from the 2012 fiscal year. Same-store sales are expected to increase 4 to 5%.