FINANCE

Francesca’s Q2 profit doubles; CEO to retire

BY Katherine Boccaccio

Houston — Francesca’s Holdings Corp. said Tuesday that net income for the quarter ended July 28 topped expectations by nearly doubling to $12.7 million, from $5.5 million in the same quarter last year. Sales leaped nearly 50% to $25.1 million, and same-store sales surged $20.7%.

The company said it is on track to open 76 stores and one outlet this fiscal year, two of them in the third quarter.

Francesca’s also announced a senior leadership transition plan, as current CEO John De Meritt will retire from the company and will be succeeded by current president Neill Davis, effective Jan. 1. De Meritt cited a desire to pursue personal endeavors as reason for his exit.

Current COO Theresa Backes will step in as president, also effective Jan. 1.

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Report: Walmart testing iPhone self-checkout app

BY Katherine Boccaccio

Bentonville, Ark. — According to multiple reports on Tuesday, Walmart is testing a new iPhone app that will allow shoppers to scan items using their iPhones and complete their transactions at in-store self-checkout kiosks.

Walmart is piloting its Scan & Go program in its Rogers, Ark. store. The system is not designed for mobile payment transactions but rather to allow shoppers to complete purchases as they shop in the store.

According to Walmart, the Scan & Go system transfers pricing information on scanned items to the store’s self-checkout kiosks, where shoppers pay for their purchases with cash, credit or debit cards.

The retailer has not yet announced widespread rollout plans for the technology.

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J.Johnss says:
Jan-02-2013 05:02 pm

I have found this article
I have found this article very exciting. Do you have any others on this topic? I am also sending it to my friend to enjoy your writing style. Thanks Matt Hitchins

J.Johnss says:
Jan-02-2013 05:02 pm

I have found this article very exciting. Do you have any others on this topic? I am also sending it to my friend to enjoy your writing style. Thanks Matt Hitchins

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Tuesday Morning names former Big Lots president as new CEO

BY Katherine Boccaccio

Dallas — Tuesday Morning announced Tuesday that it has named former Big Lots head Brady Churches as its new CEO, stepping in for former CEO Kathleen Mason who was terminated by the company in June.

Mason has since filed suit against the closeout retailer, alleging that she was fired because she disclosed that she has breast cancer.

Churches’ appointment is effective immediately. His most recent position was as president of Marketing Results Ltd. Prior to that he was president of Big Lots.

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