Federated Details Credit Consolidation
Cincinnati, Federated Department Stores will consolidate credit-related support facilities acquired in its merger with The May Department Stores Co. These moves will improve operating efficiencies and enhance customer service by coordinating technology and capital investments, the company said.
May Co.’s Earth City credit center in St. Louis will be retained as a fourth operational hub of Federated’s Cincinnati-based Financial, Administrative and Credit Services (FACS) Group division. Earth City will join current FACS facilities in Mason, Ohio, Clearwater, Fla., and Tempe, Ariz., in servicing private label and Visa credit-card accounts for each of Federated’s department store divisions. FACS also performs a variety of nonstore services for customers and employees. In addition, Federated will expand the main FACS facility in Mason, while phasing out former May Co. credit operations in Lorain and Parma, Ohio, and Houston beginning in spring 2006.
Tuesday Morning Posts 9.2% Income Growth
Dallas, Tuesday Morning Corporation reported net income for the third quarter ended Sept. 30 increased 9.2% to $8.2 million, compared to $7.5 million for the third quarter of 2004. As previously reported, net sales for the third quarter of 2005 increased 3.3% to $192.3 million from $186.1 million for the third quarter last year. Comparable store sales, excluding the impact from the hurricanes, decreased 3.6% for the third quarter of 2005.
Wal-Mart Bolsters Eco-Friendly Practices
Bentonville, Ark., On the heels of a plan to make health care more affordable for its associates, Wal-Mart Stores introduced a second major act of corporate responsibility: this time it’s corporate policies aimed at environmental stewardship. The company hopes to save costs as well as reduce energy use in its stores, increase the fuel efficiency of its trucking system and encourage its vendors to follow suit, the New York Times reported. In an address to employees, CEO Lee Scott said: “As one of the largest companies in the world, with an expanding global presence, environmental problems are our problems.”
Some of Wal-Mart’s plans specifics are to invest $500 million in technologies that will reduce greenhouse gases from stores and distribution centers by 20% over the next seven years; increase the fuel efficiency of its truck fleet by 25% over the next three years and double it within 10 years. The company also intends to design a new store within four years that is at least 25% more energy-efficient.
The company recently unveiled an experimental store in McKinney, Texas, that includes eco-friendly features such as a 120 ft. –tall wind turbine, solar panels and a bio-waste boiler that converts waste oil from cooking fryers and motors into heat.