Electronics Boutique 4Q Earnings Down
West Chester, Pa., Electronics Boutique today reported fourth-quarter earnings of $38.1 million, or $1.53 per share, vs. $39.4 million, or $1.57 per share, in the prior year. With a charge of $2.7 million, or 11? a share, to change the retailer’s lease accounting, earnings were posted as $40.8 million, or $1.64 per share. Revenue rose 21% to $809 million from $671.5 million in the year-ago period, while comp-store sales rose 3% for the fourth quarter.
For the full fiscal year, earnings were $52.3 million, or $2.13 per share, vs. $45.7 million, or $1.80 per share, last year. Excluding the one-time lease-accounting charge, net income totaled $55 million, or $2.24 per share, while pro forma earnings were $51.2 million, or $2.09 per share, not including the charge and all management fee income.
Asda CEO Steps Down
London, Asda, Britain’s No. 2 foodseller, today announced the resignation of CEO Tony DeNunzio. His next position will be as chairman of the executive board at Dutch retailer Vendex KBB. DeNunzio has been with Asda since 1993, serving as finance director of the Allied Maples Division and later as group finance director. He also played a key role in Wal-Mart’s acquisition of Asda in 1999, and was named CEO in July 2002.
Real All About It: Ten Retail Training Myths
Ridgewood, N.J., “Why bother training associates? They’ll quit anyway.” This cynical view is one of the 10 retail training myths identified by Michael Patrick, president of MOHR Access, an industry consulting and training firm. “Industry leaders have long-recognized training’s key role in building employee loyalty and improving retention, as well as improving customer service,” he writes.
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