Granoff joins Tweeter as ceo
PURCHASE, N.Y. Retail veteran George Granoff has joined Tweeter Newco as the company’s new ceo, Schultze Asset Management, Tweeter’s owner, announced today. The company’s former ceo Joe McGuire, resigned Monday.
Granoff has experience in both specialty and large retail, having served as coo of Party City, founder and ceo of Sherborn Optical, president and coo of Ames Department Stores and president and coo of Bradlees, where he spent 20 years, rising from assistant buyer to president.
“Tweeter is an iconic brand well positioned for the current business environment. We have very knowledgeable staff and excellent products individually. But the real magic happens when our experts take these great products, combine them smartly, and install them elegantly to meet or exceed our discerning customer’s aspirations,” Granoff said. “Our goal is to deliver that magic as only we can, but to do so profitably in a more nimble, more entrepreneurial organization. That work is well underway, and I intend to see it through to the end.”
Children’s Place comps drop 1%
SECAUCUS, N.J. The Children’s Place Retail Stores today reported that consolidated net sales for the second quarter ended Aug. 4 increased 7% to $424.3 million compared to $395.6 million last year. Second quarter sales were comprised of $290.5 million from The Children’s Place brand, an 8% increase over last year, and $133.8 million from Disney Store, a 6% increase over last year. Consolidated comparable-store sales decreased 1% in the quarter. The Children’s Place brand’s comparable-store sales decreased 1% versus last year’s 13% increase. Disney Store’s comparable-store sales were flat, compared to last year’s 15% increase. Preliminary net loss for the second quarter was $27.1 million.
The company reported that consolidated net sales for the six-month period ended Aug. 4 increased 10% to $903.2 million compared to $822.1 million last year. Sales for the six-month period were comprised of $646.5 million from The Children’s Place brand, a 9% increase over last year, and $256.7 million from Disney Store, an 11% increase over last year. Consolidated comparable-store sales increased 2% for the six-month period. The Children’s Place brand’s comparable-store sales increased 1% on top of last year’s 12% increase. Disney Store’s comparable-store sales increased 3% compared to last year’s 16% increase. Preliminary net loss for the six-month period was $14 million.
The company said it anticipates reporting earnings per share of $2.25 to $2.40 for fiscal 2007. This updated guidance includes the $3.4 million, pre-tax, in stock option investigation and related expenses incurred in the first half of fiscal 2007.
Ezra Dabah, ceo of The Children’s Place Retail Stores, commented, “We remain cautiously optimistic regarding the second half and are pleased with month-to-date sales trends. However, in view of the sales and margin trends we have experienced through the first half, we believe it’s best to take a conservative view for the remainder of the year.”
Nichols named to Pacific Sunwear board
ANAHEIM, Calif. Pacific Sunwear of California today announced the appointment of Grace Nichols to the company’s board of directors.
Nichols has worked for more than 20 years at Limited Brands, including fourteen years as ceo of Victoria’s Secret Stores. Nichols retired from the ceo role in January. Prior to joining Limited Brands, she held various positions at The Broadway and Weinstock’s, divisions of Carter, Hawley Hale Stores Inc.
Sally Frame Kasaks, ceo and chairman of the board of the company, stated, “I am very pleased to have Grace Nichols join our board of directors. We believe Grace will be a great asset to the ongoing plans of our company.”