Bharti seeks equal stake with Wal-Mart
NEW DELHI If the Indian goverment allows it, Bharti Enterprises plans to establish an equal stakes join venture with Wal-Mart Stores for its front-end retail operations, Bhartu chairman Sunil Mittal told reporters last week at an industry event.
Earlier this month, Bharti Enterprises and Wal-Mart Stores announced that they had enter into a joint venture for wholesale cash-and-carry and back-end supply chain management operations in India, in line with Government of India guidelines. Under the agreement, Bharti and Wal-Mart will hold a 50:50 stake in Bharti Wal-Mart Private Limited.
“If the government allows up to 26% FDI (foreign direct investment), we will have a 26% JV with Wal-Mart. But if the government allows 100%, then we’ll have a similar arrangement (as our back-end retail joint venture with Wal-Mart),” said Mittal.
Pacific Sunwear 2Q hurt by weak July
ANAHEIM, Calif. Pacific Sunwear of California Inc. Thursday announced that total sales for the second quarter ended Aug. 4 were $344.2 million, an increase of 9.7% over total sales of $313.7 million for the second quarter of fiscal 2006 ended July 29, 2006.
Total company same-store sales increased 1.8% during the second quarter of fiscal 2007. By concept, PacSun same-store sales increased 3% and demo same-store sales decreased 10.7%.
For the second quarter of fiscal 2007, the company recorded a net loss of $10.5 million, or 15 cents per diluted share, compared to net income of $9.7 million, or 14 cents per diluted share, for the second quarter of fiscal 2006.
“Our second quarter results underscore that while elements of our efforts to improve the PacSun stores are showing progress, we still have a lot of work to do,” commented Sally Frame Kasaks, ceo. “July ended much weaker than we projected, which we believe was in part due to the impact of the late back to school starts in Florida and Texas, two of our most significant markets. On a positive note, strength in our PacSun juniors’ business is an indicator that we have identified the right fashion trends for back to school.”
Total sales for the first half ended Aug. 4 were $664.8 million, an increase of 8.4% over total sales of $613.6 million during the first half ended July 29, 2006.
Total company same-store sales increased 0.4% during the first half. By concept, PacSun same-store sales increased 1.9% and demo same-store sales decreased 11.5%.
For the first half of fiscal 2007, the company recorded a net loss of $15.6 million, or 22 cents per diluted share, compared to net income of $21.6 million, or 30 cents per diluted share, in the first half of fiscal 2006 ended July 29, 2006.
Ann Taylor names new chief marketer
NEW YORK AnnTaylor Stores Corp. has announced that Robert Luzzi is joining the company as chief marketing officer. He will report to Ann Taylor president and ceo Kay Krill.
Luzzi will oversee all aspects of marketing, visual, and the in-store environment for the company’s brands.
Luzzi was most recently evp, chief marketing/creative director with New York & Company Inc., which he joined in 2003. He previously spent 10 years at Estee Lauder Inc., where he last served as senior vp, creative design and advertising worldwide. He founded a boutique design firm servicing the fragrance, home textile, entertainment and publishing industries in 1980.