Last updated on January 10th, 2014 at 11:48 am
Family Dollar Stores Inc. said Jan. 9 that Michael K. Bloom, president and COO, has left the company to pursue other interests. The Matthews, N.C.-based retailer said it will get a search under way for a new president/COO.
“Since joining Family Dollar in 2011, Mike has been a valued part of our team,” said Family Dollar Chairman and CEO Howard R. Levine. “We appreciate his contributions to the company and wish him all the best in his future endeavors.”
In November, Bloom appeared on the CBS reality series “Undercover Boss,” saying he wanted to understand Family Dollar’s business from the inside out.
The announcement of Bloom leaving Family Dollar came in conjunction with the company’s earnings call. Sales rose 3 percent to $2.5 billion in the three months ended Nov. 30, the first quarter of Family Dollar’s 2014 fiscal year. But profits fell 3 percent to $78 million amidst higher payroll and store occupancy costs. Family Dollar also faced a more “promotional environment,” the company said, meaning it was forced to offer more discounts. Find the full financial results for the company 2014 first quarter here.
In other executive moves at Family Dollar, Jason Reiser was promoted to EVP-chief merchandising officer, reporting to Levine.
“Continuing to refine our assortment to meet the needs of our customer is critical to being a compelling place to shop,” said Levine. “Jason’s proven leadership, merchandising experience and deep understanding of our customer position him well to ensure that we grow both customer trips and market share.”
Reiser will have executive responsibility for the company’s merchandising, global sourcing, marketing, replenishment and financial planning teams. He joined Family Dollar in July 2013 as SVP-merchandising with responsibility for the company’s health, beauty, personal care and household product teams. In October, Reiser was promoted to lead merchandising officer with responsibility for all merchandising functions.
Reiser joined Family Dollar after a 17-year career with Walmart Stores Inc. in a variety of roles, most recently as VP of merchandising, health and family care for Sam’s Club.
