Stop & Shop to exit New Hampshire
Quincy, Mass. — Grocer Stop & Shop said it will close its six Stop & Shop banners and three gas stations in New Hampshire by Sept. 21, marking the chain’s exit from the state.
“Our six stores in New Hampshire have not achieved performance goals after many years of investment, and we have made the difficult decision to close these underperforming stores,” said Joe Kelley, president of Stop & Shop’s New England division. “This action will allow us to focus our investment and resources on continuing to grow our business in other areas of the Northeast.”
The chain has operated in New Hampshire since 2003. It currently has more than 400 stores throughout Massachusetts, Connecticut, Rhode Island, New Hampshire, New York and New Jersey.
Former Brooks Bros. exec named chief of The Limited
Columbus, Ohio — The Limited said Wednesday it has appointed former Brooks Bros. president and COO Diane Ellis as its new CEO, effective Aug. 26.
In her role at Brooks Bros., Ellis oversaw information technology, human resources, retail and outlet stores, planning and allocation, product development, sourcing, supply chain, e-commerce and finance.
The appointment follows news that The Limited plans to grow its store base in 2013 and extend its reach in the outlet segment. The company plans to open four outlet stores and eight traditional format stores this year.
Ralph Lauren profit dips in Q1
New York — Ralph Lauren Corp. reported Wednesday that profit for the quarter ended June 29 dipped 6% to $181 million, compared with $193 million in the year-ago period.
Sales edge up 4% in the period, to $1.61 billion, but missed Wall Street’s estimated $1.65 billion in revenue. Same-store sales slipped 1%.
The fashion retailer has issued a cautious sales outlook, projecting a low-single-digit increase in current quarter revenue from last year’s $1.86 billion.