Chico’s Names New CEO
Fort Myers, Fla. Chico’s FAS said Thursday it named former Tommy Hilfiger Inc. and Land’s End executive David F. Dyer as its new president and CEO. Dyer, who has served on the company’s board of directors since 2007, succeeds Scott A. Edmonds, who informed Chico’s on Jan. 7 that he is retiring and submitted his resignation as an officer and director.
“Having overseen the growth of the company, established its strong financial position, and completed its operational transition from a single brand to a multi-brand, multichannel retailer, Mr. Edmonds feels it is now time to hand the company over to new leadership — and the board agrees with this decision,” said Ross E. Roeder, the company’s lead director and newly-named non-executive chairman of the board.
Chico’s new CEO served as president, chief executive and director of Tommy Hilfiger, Inc. from August 2003 until its sale in May 2006. Prior to that, he served as president and CEO of Lands’ End from Nov. 1998 until its June 2002 sale to Sears Roebuck and Co. Following the sale, he joined Sears as executive VP. Dyer has also served as acting president of J. Crew and president and COO of Home Shopping Network.
The announcement came as the retailer reported a December same-store sale decline of 12.4%, which just missed Wall Street’s expectations.
For the five-weeks ended Jan. 3, total sales slipped 10% to $163.4 million. Year-to-date same-store sales fell 15% while total sales dropped 8% to $1.49 billion.
Wal-Mart, Netflix accused of monopoly building
NEW YORK Wal-Mart Stores and Netflix have been accused of trying to build a monopoly for online DVD rentals in a consumer lawsuit filed Jan. 2 in the U.S. District Court of the Northern District of California, according to reports.
The plaintiffs claim that in 2005, Wal-Mart agreed to end its online rental business and refer customersto Netflix, which in turn agreed to promote Wal-Mart’s DVD movie sales.
Family Dollar posts 1Q earnings growth
MATTHEWS, N.C. Family Dollar Stores reported that net income per diluted share for the first quarter of fiscal 2009 increased 13.5% to 42 cents compared with 37 cents for the first quarter of fiscal 2008. Net income for the quarter increased 14.1% to $59.3 million compared with net income of $51.9 million for the first quarter of fiscal 2008.
As previously reported, sales for the first quarter of fiscal 2009 were approximately $1.754 billion, or 4.2% above sales of approximately $1.683 billion for the first quarter of fiscal 2008. Comparable-store sales increased 2.1%.
For the fiscal year ending August 29, 2009, the company expects net sales will increase 4% to 6% and expects comparable-store sales will increase 2% to 4%. Anticipating continued strong sales of consumable merchandise, the company expects earnings per share will be between $1.63 and $1.81 in fiscal 2009.