News

Boscov’s automates its cash offices with VeriBalance

BY CSA STAFF

Lenexa, Kan. Boscov’s Department Store has chosen the VeriBalance cash office management solution from Balance Innovations to optimize the cash office workflow in all its locations. The solution automates cash office processes, significantly reducing errors and manual tasks.

Boscov’s also implemented the vbEPIXTM back-office check-conversion solution, which enables the company to electronically process checks on site, saving courier costs, reducing bank fees and improving funds availability.

“VeriBalance and vbEPIX have enabled us to greatly reduce our manual processes,” said Bonnie Katzaman, manager of corporate policies, Boscov’s, which operates 39 stores in Pennsylvania; New York; New Jersey; Maryland; and Delaware. “With VeriBalance, we can count the cash from each register quickly and easily and make just one deposit. vbEPIX enables us to reduce our bank fees and eliminate courier costs by processing our checks electronically in the stores. Both solutions were easy to learn and very user-friendly.”

Previously, Boscov’s cash office procedures were very difficult for a new employee to learn. With VeriBalance and vbEPIX, users are guided step by step through procedures by the software, making it easy to train new cash office personnel. VeriBalance has also eliminated many manual reports previously completed daily by Boscov’s cash office personnel.

“The VeriBalance and vbEPIX projects have provided Boscov’s with excellent ROIs. They reduced our internal operating costs including various bank fees and charges,” said Russell Diehm, senior VP finance and chief accounting officer for Boscov’s. “As an additional benefit, it has enabled Boscov’s financial team to expedite the monthly financial closing process.”

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FINANCE

Report: Small uptick in August sales

BY CSA STAFF

A report released Wednesday by MasterCard Advisors found that, in August, sales in most categories recorded a slight year-over-year uptick compared to the year-over-year performance of July.

According to the SpendingPulse report — based on aggregate sales activity in the MasterCard payments network, coupled with survey-based estimates for all other payment forms, including cash and check — some categories were boosted by back-to-school spending.

“Categories such as apparel and electronics appear to have been helped by the back-to-school season, which tends to peak in August, although some spending in apparel can be pushed back into September as parents delay purchasing fall and winter clothing until cooler weather conditions set in,” said Michael McNamara, VP research and analysis for SpendingPulse.

In addition, he said, the hot and dry conditions in August helped the overall restaurant sector while the continued volatile financial markets performance negatively impacted the luxury sector and, to a lesser extent, the jewelry sector. Tax-free weekends in Florida, Illinois and Massachusetts boosted results as well. “As a result, year-over-year comparisons in electronics, office supplies and apparel benefited,” he said.

Total U.S. apparel sales was back in positive territory in August, up 2.6% year-over-year, following July’s 1.1% decrease. This category, on a year-over-year basis, has been up five out of eight months this year. All sub-sectors except for women’s apparel and men’s apparel posted increases, with the children’s category up a solid 8.4% year-over-year, and family apparel up 4.1%. Footwear posted a modest increase of 0.9%. Following July’s sharp decline, men’s apparel was down only 1.9% in August, while women’s apparel, down 1.9% in July, slipped a little further in August, declining 2.7% year-over-year.

Consumer electronics and appliances showed increases on a year-over-year basis. While the consumer electronics category was up 2.3%, the appliances category recorded a 9.4% increase.

E-commerce sales growth slowed in August to 7.2%, which although well into positive territory, was the smallest year-over-year increase in 2010.

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News

Costco takes stand on on supplier treatment of animals

BY CSA STAFF

ISSAQUAH, Wash. Costco has commented on video showing the mistreatment of some young animals saying: “The company had not been aware of the issue before we saw the video. We are extremely disappointed, not only with the performance of our supplier in this instance, but with our own performance as well. We hold ourselves to a high standard, and in this case, we plainly did not perform to that standard.”

Costco said it is in the process of developing a more definitive written policy to make clear its long-standing position that any type of cruel treatment of animals is unacceptable. All of Costco’s suppliers are aware that Costco insists upon ethical treatment of all animals involved in producing products for sale in its warehouses, without exception, the company said. Costco said it has an inspection program to ensure that its suppliers are in compliance with its standards, but in this case that inspection program did not uncover the problem. The company said it takes full responsibility for this error. It will increase its vigilance in the future to see that its policies are adhered to by all of Costco’s suppliers, the company reported.

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