OPERATIONS

Chain Performance

BY CSA STAFF

Limited-Assortment Discount Stores Chain Performance

Notes: Operating income is defined as sales less cost of goods sold less selling, general and administrative expenses and store opening/closing expenses.Average store sales is computed by dividing sales by the average number of stores open at the beginning and end of the fiscal year.Source: Company reports/Chain Store Age research
Company Fiscal Year End 2006 Sales (000) %Change Sales %Change Operating Income Operating Income as % of Sales Average Sales per Store %Change Comp-Stores Operating Income as % of Total Assets
Big Lots 2/3/07 $4,743,048 7.1% 98.5% 5.7% $3,417,182 4.6% 15.6%
Dollar General 2/2/07 9,169,822 6.8 –55.8 2.7 1,135,019 3.3 8.2
Dollar Tree 2/3/07 3,969,400 17.0 9.5 7.8 1,294,440 4.6 16.6
Family Dollar 8/26/06 6,394,772 9.8 6.9 5.7 1,059,526 3.7 14.4
Fred’s 2/3/07 1,767,239 11.2 3.3 4.0 2,723,018 2.4 13.6
Composite 2006 26,044,281 9.3 –9.2 4.8 1,355,202 13.0

Off-Price Apparel Chain Performance

Notes: Operating income is defined as sales less cost of goods sold less selling, general and administrative expenses and store opening/closing expenses.Average store sales is computed by dividing sales by the average number of stores open at the beginning and end of the fiscal year.Source: Company reports/Chain Store Age research * Marshalls and T.J. Maxx only DNA: Does not apply because of a negative result in 2006 or 2005
Company Fiscal Year End 2006 Sales (000) %Change Sales %Change Operating Income Operating Income as % of Sales Average Sales per Store %Change Comp-Stores Operating Income as % of Total Assets
CitiTrends 2/3/07 $381,918 31.8% 43.0% 7.9% $1,491,867 8.2% 15.5%
Filene’s Basement 2/3/07 427,473 9.8 DNA DNA 14,740,448 3.1 DNA
DNA Marmaxx (TJX)* 1/27/07 11,531,785 5.2 9.5 9.4 7,480,886 2.0 33.1
Men’s Wearhouse 2/3/07 1,882,064 9.1 35.5 11.9 2,558,891 1.9 20.4
Ross Stores 2/3/07 5,570,210 12.7 19.7 7.0 7,276,564 4.0 16.5
Syms 3/3/07 281,178 0.3 –17.1 4.1 8,269,941 1.2 4.9
A.J. Wright (TJX) 1/27/07 601,827 9.6 DNA DNA 4,283,466 3.0 DNA
Composite 2006 20,294,537 7.7 14.7 8.3 44,610,196 23.1

Supermarkets Chain Performance

Notes: Operating income is defined as sales less cost of goods sold less selling, general and administrative expenses and store opening/closing expenses.Average store sales is computed by dividing sales by the average number of stores open at the beginning and end of the fiscal year.Source: Company reports/Chain Store Age research NA=Not available DNA: Does not apply because of a negative result in either 2006 or 2005.*Retail operations only
Company Fiscal Year End 2006 Sales (000) %Change Sales %Change Operating Income Operating Income as % of Sales Average Sales per Store %Change Comp-Stores Operating Income as % of Total Assets
A&P 2/24/07 $6,850,300 –21.6% –96.8% –0.1% $16,893,465 –0.5% –0.5%
Ahold USA-Stop&Shop/Giant Landover 12/30/06 16,438,000 0.6 –1.8 5.1 28,637,631 NA 12.2
Ahold USA-Giant Carlisle/Tops 12/30/06 5,999,000 –3.3 –31.1 1.0 24,636,550 NA 3.4
Delhaize America 12/30/06 17,289,200 4.5 5.0 5.5 11,204,925 2.7 10.5
Harris-Teeter 10/1/06 2,922,679 10.5 12.4 4.4 19,681,340 3.2 9.4
Ingles Markets 9/30/06 2,501,100 15.5 36.7 4.2 12,695,939 11.6 11.2
Pathmark 2/3/07 4,058,000 2.0 40.3 3.1 28,577,465 0.4 11.1
Publix 12/30/06 21,654,774 5.2 6.5 7.1 24,510,214 5.2 20.9
Safeway 12/30/06 40,185,000 4.6 31.7 4.0 22,729,072 4.4 9.8
Stater Bros. 9/24/06 3,507,881 4.0 6.4 4.0 21,720,625 1.5 13.2
Supervalu* 2/24/07 28,016,000 163.4 338.3 4.2 14,519,824 –1.1 6.2
Weis Markets 12/30/06 2,244,512 1.0 –15.2 3.6 14,296,255 2.0 10.0
Whole Foods Market 9/24/06 5,607,376 19.3 38.9 5.7 31,065,795 11.0 15.6
Wild Oats Markets 12/30/06 1,183,022 5.3 22.6 1.5 10,657,856 1.9 4.1
Winn-Dixie 6/28/06 7,194,000 2.7 DNA DNA 9,909,091 5.9 DNA
Composite 2006 165,650,844 14.5 36.1 4.2 18,063,447 9.7

Warehouse Wholesale Clubs Performance

Notes: Operating income is defined as sales less cost of goods sold less selling, general and administrative expenses and store opening/closing expenses.Average store sales is computed by dividing sales by the average number of stores open at the beginning and end of the fiscal year.Source: Company reports/Chain Store Age research
Company Fiscal Year End 2006 Sales (000) %Change Sales %Change Operating Income Operating Income as % of Sales Average Sales per Store %Change Comp-Stores Operating Income as % of Total Assets
BJ’s Wholesale Club 2/3/07 $8,303,496 7.2% –32.7% 1.7% $49,573,110 1.2% 7.2%
Costco 9/3/06 58,963,180 13.7 10.3 2.8 132,352,817 8.0 9.3
Sam’s Club 1/31/07 41,582,000 4.5 9.2 3.6 72,568,935 2.5 23.8
Composite 2006 108,848,676 9.5 6.8 3.0 91,777,973 12.7

Women’s Apparel Chain Performance

Notes: Operating income is defined as sales less cost of goods sold less selling, general and administrative expenses and store opening/closing expenses.Source: Company reports/Chain Store Age research NA=Not available
Company Fiscal Year End 2006 Sales (000) %Change Sales %Change Operating Income Operating Income as % of Sales Average Sales per Store %Change Comp-Stores Operating Income as % of Total Assets
Ann Taylor 2/3/07 $2,342,907 13.0 70.8 9.6 $2,767,758 2.8 14.3
Caché 12/30/06 278,992 4.7 –13.5 6.2 926,884 4.0 10.9
Cato Corp. 2/3/07 862,813 5.0 9.0 9.0 684,772 –2.0 18.0
Charming Shoppes* 2/3/07 2,636,400 7.5 6.8 11.4 1,142,783 1.0 34.6
Chico’s FAS 2/3/07 1,646,482 17.2 –6.7 19.4 1,956,604 2.1 30.2
Christopher & Banks 3/3/07 547,317 11.6 7.7 13.1 738,121 1.0 23.3
Coldwater Creek* 2/3/07 664,170 46.1 29.9 16.2 2,832,281 NA 38.5
Deb Shops 1/31/07 324,741 –0.1 –17.7 10.4 979,611 –3.3 16.7
Dress Barn 7/29/06 1,300,277 30.0 89.0 13.4 995,999 8.2 20.5
New York & Company 2/3/07 1,193,193 5.5 –24.9 6.6 2,211,665 –2.6 16.6
United Retail Group 2/3/07 462,134 5.3 29.3 3.2 921,503 4.0 7.3
Composite 2006 12,259,426 12.9 14.0 11.6 1,331,099 22.2

Youth Apparel Chain Performance

Notes: Operating income is defined as sales less cost of goods sold less selling, general and administrative expenses and store opening/closing expenses.Average store sales is computed by dividing sales by the average number of stores open at the beginning and end of the fiscal year.Source: Company reports/Chain Store Age research NA=Not available DNA: Does not apply because of a negative result in either 2006 or 2005.*A&F division only ** Retail operations only ***Hollister division only
Company Fiscal Year End 2006 Sales (000) %Change Sales %Change Operating Income Operating Income as % of Sales Average Sales per Store %Change Comp-Stores Operating Income as % of Total Assets
Abercrombie & Fitch* 2/3/07 $1,515,123 6.4% NA NA $4,202,838 –4.0% NA
Aeropostale 2/3/07 1,413,208 17.3 22.3% 11.7% 2,000,294 2.0 28.5%
American Eagle Outfitters 2/3/07 2,794,409 20.3 25.6 24.1 3,139,785 12.0 34.0
Buckle 2/3/07 530,074 5.8 3.5 14.9 1,540,913 0.0 21.5
Charlotte Russe 9/30/06 681,504 33.3 123.9 8.7 1,869,695 15.3 16.4
Hollister (A&F)*** 2/3/07 1,363,233 36.4 NA NA 3,834,692 5.0 NA
Hot Topic 2/3/07 751,558 3.6 –33.0 2.9 934,774 –6.6 6.8
Pacific Sunwear of California 2/3/07 1,447,204 4.0 –69.8 4.1 1,256,253 –4.7 7.7
Urban Outfitters** 1/31/07 1,150,511 10.7 –21.4 13.8 6,023,618 10.9 NA
Wet Seal 2/3/07 564,324 12.7 DNA 2.7 1,359,817 6.1 7.2
Zumiez 2/3/07 298,177 45.0 61.8 10.9 1,458,078 14.5 19.4
Composite 2006 12,509,325 15.6 4.5 10.1 2,161,438 26.6

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OPERATIONS

Whole Foods CEO Apologizes for Postings

BY CSA STAFF

Austin, Texas, Whole Foods Market announced Tuesday that its board of directors has formed a special committee to investigate CEO John Mackey’s postings regarding Wild Oats on the Yahoo! financial message boards.

Whole Foods also released the following statement from Mackey: “I sincerely apologize to all Whole Foods Market stakeholders for my error in judgment in anonymously participating on online financial message boards. I am very sorry and I ask our stakeholders to please forgive me.”

Earlier this week, on the Whole Foods Web site, Mackey confirmed that he did submit a number of postings to the Yahoo! financial bulletin boards regarding Whole Foods and Wild Oats under the name “Rahodeb.” He added that the comments he made did not always reflect his personal views and that he was merely playing “devil’s advocate,” in order to stir up discussion on the topic.

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OPERATIONS

Survey: U.S. Shoppers Spend More Time in Stores

BY CSA STAFF

London, Sales employees of U.S. fashion retailers are engaging only with 5% of customers who enter the store, according to a survey conducted by U.K.-based Envision Retail, and it’s costing the retailers about $12 billion a year.

If those workers approached the additional 4% of customers who are looking for assistance, sales could increase 7%, the survey said.

“Retailers are very good at selecting products and merchandising them in a way that inspire customers to make a purchase, which is why over half the shoppers who enter a store with no clear idea of what to buy account for over 40% of sales,” said Jason Kemp, managing director, Envision Retail. “But if they want to make a big leap in sales, apart from just expanding the number of outlets, they need to get their staff selling.

The importance of the fitting room is also a major finding from the survey. On the sales floor 10% of customers are converted into buyers, whereas in the fitting room it is closer to 70%. Envision calculated that if staff provides quality service at the fitting room and assists customers with finding alternative sizes or items, sales could increase by 1%.

American shoppers spend 23% longer in a store compared with the global average and this is partly accounted for by the fact that 50% more customers use the fitting room.

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