OPERATIONS

Bed, Bath & Beyond makes executive appointments

BY Staff Writer

New York — Bed Bath & Beyond has appointed Eugene A. Castagna, previously CFO and treasurer, to the role of COO. Susan E. Lattmann, formerly VP of finance, will fill the CFO and treasurer spot.

Castagna has been with the company since 1994 and has served as CFO and Treasurer since 2006. Previously, he served as assistant treasurer from 2002 to 2006 and as VP of finance from 2000 to 2006.

Lattmann has been with the company since August 1996. She has been VP of finance since 2006, and previously served as VP and controller from 2001 to 2006 and as controller from 2000 to 2001. The company also announced the extension of its employment agreements with its co-chairmen Warren Eisenberg and Leonard Feinstein for a period of three years, to Feb. 25, 2017.

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C.Barks says:
Feb-27-2014 11:45 am

Bed Bath & Beyond has appointed Executive
It's good to hear that Bed Bath & Beyond has appointed Eugene A. Castagna, previously CFO and treasurer, to the role of COO.get more youtube subscribers

T.Tiwtiw W3W says:
Feb-27-2014 10:28 am

I think they are more on
I think they are more on expanding the business. - James Cullem

C.Barks says:
Feb-27-2014 11:45 am

It's good to hear that Bed Bath & Beyond has appointed Eugene A. Castagna, previously CFO and treasurer, to the role of COO.get more youtube subscribers

T.Tiwtiw W3W says:
Feb-27-2014 10:28 am

I think they are more on expanding the business. - James Cullem

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News

Cato Bakery deploys personalized POS solution

BY Dan Berthiaume

San Francisco – Cato Bakery is utilizing a new iPad POS solution from Revel Systems and Index that provides customers with personalized recommendations and service. Customers can pay for their purchases and redeem personalized incentives with Index mobile technology, which is integrated directly with the Revel Systems point of sale.

The partnership between Revel Systems and Index offers retailers with an integrated mobile payments, loyalty, and POS solution.

"We think the integrated Index and Revel product is a best in class solution," said Albert Chen, owner of Cako Bakery. "Our customers are the most important part of our business, and with Index, we can now provide them with a personalized experience. When customers arrive at Cako, Index helps us to greet them and provide relevant recommendations through the Cako app. That, combined with Revel’s point of sale, allows us to nurture customer relationships, increase sales, and optimize the ROI of our marketing efforts."

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FINANCE

J.C. Penney swings to Q4 profit on tax benefit, but revenue falls

BY Marianne Wilson

New York — In a sign of some progress in its turnaround efforts, J.C. Penney Co. reported a net profit of $35 million for the fourth quarter ended Feb. 1, 2014, compared to a loss of $552 million a year ago. Excluding a tax benefit and other items, Penney had a loss of $206 million for the quarter.

Looking forward, the company expects same-store sales to increase approximately 3% to 5% for the first quarter and to increase mid single digits for the full year 2014.

Net sales for the quarter, ended Feb. 1, 2014, fell 2.6% to $3.78 billion from $3.88 billion in the year-ago quarter, which included an additional 53rd week. Analysts had expected $3.85 billion.

Same-store sales rose 2.0 % for the quarter, with holiday sales up 3%. Online sales were $381 million for the quarter, up 26.3% versus the same period last year, excluding the 53rd week.

The company’s top performing merchandising divisions were home, men’s apparel, women’s accessories and Sephora.

"J.C. Penney achieved what it set out to do on a number of important fronts in 2013,” said CEO Myron Ullman. “We stabilized our business, both financially and operationally, and restored our process disciplines, promotions, inventory levels and focus on the customer. As a result, we generated positive comparable store sales in the fourth quarter and ended the year with more than $2 billion in total available liquidity.”

For the full year, the company reported an operating loss of $1.42 billion, which includes $215 million of restructuring and management transition charges.
Ullman said the retailer’s turnaround is gaining momentum.

"With the most challenging and expensive parts of the turnaround behind us, we will focus on improving gross margin, managing expense and steadily growing our sales in 2014,” Ullman said. “Our strategic plan seeks to enhance performance across all of the key drivers of our business: merchandising, marketing, store experience, jcp.com, our teams, and our operations. The goal is to deliver consistently improving financial results, and to restore J.C. Penney as a leader in American retail."

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