Walmart has extended an electronics trade-in program to the gaming category and will introduce the sale of refurbished games later this year in a move that could boost traffic to the entertainment department.
A 19% fourth quarter same store sales decline and a steep decline in profitability prompted RadioShack to announce the closure of 1,100 stores while CEO Joseph Magnacca maintained the retailer’s brand equity remains strong and a profitability plan is in place.
Best Buy saw revenues slip in the fourth quarter and fiscal 2013, thanks in part to declining retail traffic fueled by a shorter holiday shopping season and severe winter weather. But all was not bad news for the retailer, which was able to profit from its Renew Blue cost reduction program.
Bed Bath & Beyond has promoted Eugene A. Castagna, previously CFO and treasurer, to the role of chief operating officer. Susan E. Lattmann, formerly VP of finance, will fill the CFO and treasurer spot.
Walmart knew fourth quarter results announced Thursday morning were going to be bad and its outlook weak so it gave investors something more substantial to digest by announcing plans to double the number of small format stores it will open this year and an increased omnichannel focus.