OPERATIONS

Report: Starbucks’ Schultz departs Square Inc. board

BY Staff Writer

New York — Starbucks CEO Howard Schultz had resigned from the board of mobile payments company Square Inc., Reuters reported.

Square, founded in 2009 by Twitter Inc co-creator Jack Dorsey, named David Viniar, most recently the CFO of Goldman Sachs Group, as a replacement.

Schultz joined Square’s board in August 2012 by investing $25 million in a deal to use its technology to process debit and credit card payments at the coffee chain’s stores.

A Starbucks representative said that it had always been Schultz’s intention to serve on the board for a year, the report said.

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OPERATIONS

Tech veteran joins board of Restoration Hardware

BY Staff Writer

Orte Madera, Calif. — Restoration Hardware Holdings announced the appointment of Katie Mitic to its board of directors, effective immediately. Mitic, who will also serve on the board’s audit committee, is a veteran technology leader and entrepreneur with nearly 20 years of strategic product, marketing and business development experience.

Mitic is currently the co-founder and CEO of Three Koi Labs, a mobile services start-up aimed at connecting consumers to the relevant people, places, and things around them. Previously, she led platform marketing for Facebook, where she advanced the growth of ground-breaking products for the developers and businesses that engage with Facebook’s community worldwide.

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News

Tuesday Morning comp-store sales rise in Q1

BY CSA STAFF

Closeout retailer Tuesday Morning reported a comparable-store increase of 9.1% for the first quarter ended Sept. 30, compared to the year-ago quarter. The comparable-store sales growth was fueled by a 13.4% increase in customer transactions and a 4.3% decrease in average ticket.

The company reported a net sales increase of 6.3% to $183.7 million, compared to $172.8 million in the year-ago quarter.

"While this is a year of significant transition for Tuesday Morning, I believe our first quarter results reflect early positive customer response to the initial changes we are making. Though we’ve made great progress thus far, there is much work yet to be done in the coming quarters," said CEO Michael Rouleau.

Tuesday Morning operates 820 stores in 42 states.

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