The Children’s Place appoints exec to board of directors
Secaucus, N.J. The Children’s Place Retail Stores has appointed Jamie Iannone to serve on the company’s board of directors.
Iannone currently holds the position of executive VP shopping, at Barnes & Noble.com and Barnes & Noble Digital, where he oversees all aspects of the online shopping experience for Barnes & Noble customers, including development of innovative new products and services.
Previously, he spent eight years at eBay where he held positions of increasing responsibility, culminating in his appointment in 2008 as VP global search, the company’s largest single investment area across North America and Europe.
Shopko names divisional VP women’s apparel
GREEN BAY, Wis. Shopko announced that Ann Kasper has been appointed divisional VP, divisional merchandise manager for women’s apparel.
Kasper joins Shopko from women’s apparel and accessories retailer, Coldwater Creek, where she held the position of VP merchandising catalog/web. Prior to Coldwater Creek, Kasper developed and implemented a number of international in-store retail shop concepts for Eileen Fisher and Diane Von Furstenberg. She also held executive positions with a number of privately-held apparel companies.
W. Paul Jones, president, chairman and CEO of Shopko, said, “Ann’s solid retail knowledge and merchandising leadership skills will provide Shopko with incredible growth opportunities; while her strong commitment to branding and the overall customer experience reflects Shopko’s commitment to meeting the diverse needs of our customers from fashion to quality to value. We welcome her to Shopko.”
B&N reports 4Q loss
NEW YORK Barnes & Noble reported that total sales for the fourth quarter were $1.3 billion, a 19% increase from the thirteen weeks ended May 2, 2009. Barnes & Noble.com sales increased 51% to $141 million for the quarter, as compared to the period one year ago. Barnes & Noble store sales decreased 3% to $962 million, with comparable-store sales decreasing 3.1% for the quarter, in-line with guidance of a comparable-store sales decline between 2% and 4%.
For the fourth quarter, the company reported a consolidated net loss of $32 million, or 58 cents per share. Included in these results is a benefit of 25 cents per share resulting from the release of tax reserves pursuant to the completion of tax examinations. The results also include an after-tax benefit of 7 cents per share, resulting from a more favorable physical inventory shortage rate than previously forecasted. Excluding both of these benefits, the fourth quarter net loss was 89 cents per share. This loss was in-line with previously issued guidance of 85 cents to $1.15 per share, the company reported.
Total sales for the full year were $5.8 billion. Barnes & Noble.com sales increased 24% to $573 million for the year, as compared with the 12-month period ended May 2, 2009. Barnes & Noble store sales were $4.3 billion, with comparable-store sales decreasing 4.8% for the year.
Consolidated net earnings were $36.7 million, or 63 cents per share. Excluding the tax benefits noted above, consolidated net earnings would have been 39 cents per share, as compared with guidance of 23 cents to 53 cents per share, the company said.
In fiscal 2011, Barnes & Noble said it expects its consolidated sales to increase 20% to 25%. Barnes & Noble.com comparable sales are expected to increase by approximately 75% to $1 billion. Barnes & Noble comparable-store sales are expected to be in a range of flat to an increase of 3%.
For the company’s fiscal 2011 first quarter ending July 31, 2010, Barnes & Noble.com comparable sales are expected to increase 30% to 50%. Barnes & Noble comparable-store sales are expected to be in a range of flat to an increase of 3%. First quarter net loss per share is expected to be in a range of 85 cents to $1.15.