American Eagle Outfitters CEO Takes Pay Cut in 2007
Philadelphia The CEO of American Eagle Outfitters Inc. received a 7.6% cut in compensation for 2007 as the company’s stock slumped, but he still hauled in $14.4 million, according to the Associated Press.
The company slashed James V. O’Donnell’s bonus in half, but offset the decrease with a 32% jump in salary and a 4% bump in stock and option awards, according to a Friday filing with the Securities and Exchange Commission.
O’Donnell received a salary of $1.35 million, a bonus of $1.78 million and other compensation of $41,308, which includes $15,250 to offset car expenses and $5,222 in club membership fees.
He also received stock and option awards valued at $11.2 million on the date they were granted.
JCPenney improves April comps
PLANO, Texas JCPenney reported a comparable-store sales decrease of 1.7% for the four weeks ended May 3, 2008, compared to guidance for sales to decrease mid- to high-single digits and compared to a 3.4% decrease last year. According to the company, sales benefitted in the month from more favorable weather trends in some regions of the country that boosted seasonal apparel sales, and customer response to promotional and clearance activities.
Total company sales for the month were $1.33 billion compared with $1.32 billion last year. The top performing merchandise divisions during the month were in apparel and family footwear, while fine jewelry and home categories continued to experience weaker sales. Geographically, the best performing regions of the country were the Northeast and Central regions.
Management’s guidance for the four-week period ending May 31, is for a mid-single digit decrease in comparable store sales, compared to a 0.9% decrease in last year’s May period.
Kohl’s reports strong April sales, raises outlook
MENOMONEE FALLS, Wis. Kohl’s reported that sales for the four-week period ended May 3, increased 12% to $1.3 billion from $1.1 billion last year. On a comparable-store basis, sales increased 3.5%.
Larry Montgomery, Kohl’s chairman and ceo, commented, “We were encouraged by the improvement in our sales performance in April as business in seasonal categories improved. We will be conservative in our inventory planning and expense management as we continue to expect our customers to be cautious in their spending.”
As a result of April’s performance, the company now expects earnings to exceed its previous guidance of 40 cents to 42 cents per diluted share.