FINANCE

Weather impacts Alco Stores Q1 sales

BY Staff Writer

Abilene, Kan. – Discount retailer Alco Stores blamed the impact of cold weather across the Midwest for helping to produce sluggish sales performance during fiscal first quarter 2013. Alco Stores reported sales of continuing operations excluding fuel of $116 million, up 0.9% from $114.9 million during the same period in 2012. Same-store sales excluding fuel were down 2.2%.

“Sales in the first fiscal quarter were negatively impacted by extended winter weather conditions, which lasted through April throughout much of the Midwest,” said Alco Stores president/CEO Rich Wilson. “More than 80% of the decrease in same-store sales performance came from seasonal businesses such as outdoor living, horticulture, sporting goods and menswear. The decreases in outdoor businesses were partially offset by favorable sales performance in domestics, housewares, and women’s apparel where customers have responded favorably to the introduction of our new apparel lines.”

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FINANCE

Canadian youth set for more spending power

BY Staff Writer

Toronto – Continuing income growth means today’s Canadian youth will assume more spending power than their parents currently have during the course of their lifetimes, according to a new report from BMO Economics. The report cites ongoing gains in real media income and compensation, as well as expected future decreases in unemployment, in making this rosy forecast.

"Since 1996, real median income has turned higher for all age groups, rising 18 per cent to 2010," said Sal Guatieri, VP, BMO Capital Markets. "Furthermore, the annual gain of 1.2% was more than twice that in the United States during this period."

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OPERATIONS

Dunkin’ Brands shuffles board

BY Staff Writer

Canton, Mass. – Dunkin’ Brands Group Inc., parent company of Dunkin’ Donuts and Baskin Robbins, has named current CEO Nigel Travis, 63, as chairman of the board of directors. Board member Raul Alvarez, 57, has been appointed lead independent director of the board. These changes come as Jon Luther, 69, prepares to retire as director and chairman of the board effective May 15.

Travis was named CEO in January 2009 while Luther joined Dunkin’ Brands as CEO in January 2003 and was named chairman of the board in 2006. Alvarez is former COO and president of McDonald’s Corporation and joined the Dunkin’ Brands board in May of last year.

"All of us at Dunkin’ Brands owe Jon Luther a tremendous debt of gratitude for his leadership and his vision," said Travis. "Thanks in large part to his efforts, Dunkin’ Donuts and Baskin-Robbins are world-class brands and are well positioned for growth. On behalf of our employees and franchisees from around the world, I wish Jon and his family the very best in the years ahead."

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