Safeway stockholders approve BOD recommendations
Pleasanton, Calif. — Preliminary results from the Safeway annual stockholder’s meeting show that a majority of stockholders followed board of directors recommendations in electing each of the eight directors with a majority of at least 73%. Stockholders also approved the appointment of Deloitte & Touche LLP as Safeway’s independent accounting firm for fiscal 2013.
In addition, stockholders followed board recommendations by approving an advisory vote on executive compensation with a 70% majority and reapproving the 2007 equity and incentive award plan with a 92% majority
Macy’s Q1 profit up 20%
Cincinnati — Macy’s reported increases in sales and income for the first quarter of 2013 compared to the same period a year earlier, despite cool weather that delayed spring shopping in key markets. Net income was $217 million, a 20% hike from $181 million in the year-ago period.
While net income slightly beat analyst predictions, same-store sales rose 3.8%, short of the 4.3% expected by analysts. Net sales totaled $6.39 billion, up 4% from $6.14 billion in the year-ago period.
“We are especially pleased with our first quarter sales and earnings performance given the challenges we overcame in this period,” said Macy’s chairman, president and CEO Terry J. Lundgren. “These included sustained, unseasonably cool spring weather in our northern climate zones.”
Lundgren added that the chain saw weakness among some of the most budget-conscious consumers, as well as among its higher household income Bloomingdale’s customers.”
RadioShack courts college kids
RadioShack is courting the college market and has entered into a five-year agreement with NACSCORP, a subsidiary of the National Association of College Stores.
Under the agreement, the retailer will offer an assortment of consumer electronics and accessories to the nearly 4,000 college store customers NACSCORP currently serves.
Students will be able to shop for a mix of brand-name electronics, such as headphones and accessories from Beats by Dr. Dre, Skullcandy and SOL Republic, as well as a selection of exclusive private brand products, including Enercell portable power and Auvio headphones and Bluetooth speakers.
RadioShack-branded sections will begin appearing in college stores just in time for the start of the fall semester. The University Co-op at the University of Texas at Austin, which is one of the nation’s largest college stores and has a history of innovating within the category, will be among the first locations to feature the new RadioShack product areas.
"This agreement with NACSCORP lets our brand fill a specific need for college stores and for college students," said Joe Magnacca, RadioShack’s CEO. "This represents a unique opportunity for RadioShack to enter a non-traditional marketplace, and agreements like this are key to introducing new consumers to the role that RadioShack can play in their lives."
This agreement allows RadioShack direct access to niche market and gives the retailer the opportunity to position itself in front of a college-age crowd, which is in line with its desire to re-assert its relevance as a brand while wooing younger customers.
"College students are such avid consumers of technology that putting some of RadioShack’s bestselling consumer electronics on shelves in their college stores is a great way to get the collegiate crowd interested in our brand," said Marty Amschler, VP of franchise for RadioShack. "Once they understand that RadioShack is just around the corner and carries the great brands they know and trust — as well as the cool products they didn’t even know they needed — we will have tapped into a whole new fan base."
"Bringing RadioShack’s brand, top consumer electronic brands and category management expertise into the college store market provides our customers with a great opportunity to meet the needs of the ever-evolving college student," said Kurt Schoen, president and COO for NACSCORP.