Abercrombie President Resigns
New Albany, Ohio, Abercrombie & Fitch Co. has announced that president and COO Robert Singer is leaving the company, effective Aug. 31, 2005. Singer, who has been with Abercrombie only 15 months, is leaving due to a difference in approach over the retailer’s plans for international expansion.
“While we are solidifying our plans to expand into Canada and the United Kingdom, our entry into other foreign markets will be at a more deliberate pace,” said Mike Jeffries, chairman and CEO.
Singer’s duties will be taken over by John Lough, executive VP, logistics and store operations, and Mike Kramer, CFO, while an executive search is conducted.
Abercrombie also reported a 24% jump in August same-store sales. Same-stores sales were up 13% at Abercrombie & Fitch stores, 29% at Hollister and 56% at abercrombie, the company’s children’s division.
Hurricane Katrina Boosts Home Depot Sales
Atlanta, The Gulf Coast monster hurricane that is buffeting Louisiana, Mississippi and Alabama has provided an unasked-for lift to sales at The Home Depot and its top competitor, Lowe’s. Consumers in the three hardest-hit states, as well as in Florida, have stocked up on plywood and safety supplies such as flashlights and batteries.
Sales are anticipated to track well after Hurricane Katrina passes through, as consumers begin to rebuild homes, businesses and other properties damaged by the storm. But the storm’s full effect on sales depends in part on how much damage the stores themselves suffer and how long they will be closed.
About a dozen Home Depot stores from New Orleans to Pensacola, Fla., are closed. About 10 Lowe’s stores in Louisiana, Mississippi and Alabama are closed.
Both chains have command centers in full operation, and safety inspectors will begin walking through stores tonight, as possible, to inspect for damage and to provide reopening recommendations.
New CFO at Office Depot
Delray Beach, Fla., Patricia A McKay, who has served on the board of Office Depot since May 2004, has been named CFO. McKay, who resigned her board position with the appointment, replaces Charles E, Brown. In April, Brown was appointed president, international, of Office Depot. He had continued as interim CFO while the company searched for a replacement. McKay previously served as executive VP/CFO of Restoration Hardware.
In other news, Office Depot today pledged $1 million to the American Red Cross for the relief of persons affected by Hurricane Katrina.