OPERATIONS

Anna’s Linens names Gladstone CEO

BY Dan Berthiaume

Costa Mesa, Calif. – Anna’s Linens has named company president Scott Gladstone CEO. Founder and former CEO Alan Gladstone will remain as chairman of the board.

Gladstone, 44, joined Anna’s Linens in 2005 and was named president of the company in 2012. Prior to joining Anna’s, Gladstone spent 10 years as president of the U.S. division of Sparco, a global manufacturer of automotive performance products and safety equipment.

“Scott has spent the last eight years at Anna’s bringing innovation and business improvements to many different areas of the company,” said Gladstone. “I am proud of what we have done together and have absolute confidence that he is the person who can lead us in writing the next chapter of Anna’s history.”

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FINANCE

Report: Target offers few details in Congressional briefing; could face $1 billion fine

BY Dan Berthiaume

Minneapolis – A Target representative reportedly offered few new details during a phone briefing with members of Congress about its holiday data breach. According to Reuters, Target official Isaac Reyes spent about an hour on the phone with members of the House of Representatives Oversight Committee on the evening of Jan. 30.

Reyes reportedly told Congress Target was informed of the data breach by the Department of Justice on Dec. 12, but would not say if the retailer knew beforehand, citing ongoing law enforcement investigation. Reyes also reportedly said Target believes it has complied with all state and federal regulations on disclosing the breach.

In addition, Jefferies analyst Daniel Binder said that Target could face between $400 million and $1.1 billion in fines due to the breach, higher than previously thought.

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S.Stone says:
Feb-03-2014 06:02 pm

Fines??
I still find it amazing that retailers are fined for trying to do their job. When banks are robbed do we fine the banks? When a burglary occurs at a business do we fine the business? What about the US Government. Were they fined when Edward Snowden stole information? How about this? Instead of continuing to fine retailers who are striving to protect data and provide services to their customers, the government focuses on (a) finding the perpetrators of these crimes, and (b) increases the penalties for cyber CRIMINALS to levels that would dissuade future activities. Not trying to over simplify this issue. But the people in data security at Target, Neimen, and Michael's all were trying to do the right thing and were certifying to industry practices.

S.Stone says:
Feb-03-2014 06:02 pm

I still find it amazing that retailers are fined for trying to do their job. When banks are robbed do we fine the banks? When a burglary occurs at a business do we fine the business? What about the US Government. Were they fined when Edward Snowden stole information? How about this? Instead of continuing to fine retailers who are striving to protect data and provide services to their customers, the government focuses on (a) finding the perpetrators of these crimes, and (b) increases the penalties for cyber CRIMINALS to levels that would dissuade future activities. Not trying to over simplify this issue. But the people in data security at Target, Neimen, and Michael's all were trying to do the right thing and were certifying to industry practices.

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FINANCE

Wal-Mart lowers same-store sales guidance for Q4

BY Dan Berthiaume

Bentonville, Ark. – Wal-Mart Stores, Inc. has lowered the same-stores sales guidance it previously released for fourth quarter 2013 due to factors including severe winter weather and reduced governmental assistance to consumers. Wal-Mart U.S. guidance for the fourth quarter previously projected same-store sales without fuel to be relatively Sam’s Club same-store sales without fuel to be between flat and up 2%.

However, Wal-Mart now expects both Wal-Mart and Sam’s Club same-store sales for the fourth quarter to come in slightly below previous expectations. The retailer said Wal-Mart’s results were affected by the greater than anticipated impact from the reduction in SNAP (the U.S. government Supplemental Nutrition Assistance Program) benefits on Nov. 1, as well as eight named winter storms that resulted in store closures that impacted traffic throughout the quarter. Sam’s Club same-store sales were also affected by adverse weather.

In addition, Wal-Mart says fourth quarter earnings per share will come in at or slightly below the low end of its range of $1.60 to $1.70. For the full year, Wal-Mart expects underlying earnings per share to be at or slightly below the low end of its range of $5.11 to $5.21. The retailer cited mitigating factors including store closures in Brazil and China, the cost of registering a new company in India, and restructuring Sam’s Club and closing some Sam’s Club stores in the lowering of its earnings per share guidance.

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