Benetton changes up executive management
Rome Benetton Group SpA said late Thursday it has named Franco Furno and Biagio Chiarolanza to jointly run the company, according to a report by Wall Street Journal.
Furno and Chiarolanza will each receive seats on Benetton’s board and will hold the title of co-chief executive, according to a Benetton spokesman.
According to WSJ, the change at the helm is the latest sign of the Benetton family’s struggle to set a course for the iconic clothing retailer in an increasingly cut-throat sector, which includes Sweden’s popular Hennes & Mauritz brand.
On Thursday, Benetton said net profit for full-year 2009 fell 21% to 122 million Euros ($168 million), as sales fell 3.7% to 2.05 billion Euros.
Gerolamo Caccia Dominioni will formally step down as CEO in April.
Benetton said it expects revenue in the first three months of 2010 to be in line with revenue from the same quarter of 2009, when revenue stood at 449 million Euros.
Home Depot moves Black Friday to spring
ATLANTA The Home Depot announced that it will offer “Black Friday” deals this spring.
The company announced that in March and April, prices on hundreds of the most sought after spring products will be significantly reduced including: a variety of live goods and lawn care; outdoor power; eco-friendly gardening products; and patio and grills.
“Spring is our Christmas,” said Craig Menear, EVP merchandising. “Traffic in our stores is at its highest during the spring season as customers look to take on outdoor projects to improve the appearance of their homes and we want to give them the best deals possible to meet all of their outdoor needs.”
According to Home Depot, the date of its Spring Black Friday event will vary by market based on climate by geography. The first are set to begin on March 18.
Stein Mart makes a profit, but sales down
JACKSONVILLE, Fla. For the fourth quarter of 2009, Stein Mart reported net earnings of $2.7 million or 6 cents per diluted share compared with a net loss of $56.2 million or $1.35 per diluted share for the fourth quarter of 2008.
The company reported net income of $23.6 million or 54 cents per diluted share for its fiscal 2009 period compared with a net loss of 71.3 million or $1.72 per diluted share last year.
Sales for the fourth quarter of 2009 decreased 6.1% to $341.8 million from $363.9 million in 2008. Comparable-store sales decreased 3.8% from the fourth quarter of 2008 to the fourth quarter of 2009. For the 52 weeks ended January 30, sales decreased 8.1% to $1.2 billion from $1.3 billion for the same 52 weeks ended last year. Comparable-store sales declined 5.6% from 2008 to 2009.
“We are proud to have reversed two years of losses and earned a significant profit in one of the most demanding years in our company’s history,” said David Stovall, Jr., president and CEO of Stein Mart. “Rigorous focus on inventory levels and freshness, dedication to expense reduction and emphasis on cash generation all contributed to our profitability this year. Our 13,000 associates were instrumental in the gains we made in 2009 and I want to thank them for their devotion and efforts.”