FINANCE

Guess swings to loss

BY Marianne Wilson

Los Angeles – Guess on Thursday reported a first-quarter net loss of $2.1 million, compared with net earnings of $9.9 million in the year-ago period, as sales fell in North America and Europe.

"First quarter earnings results were slightly better than our expectations,” said Paul Marciano, CEO. “We delivered revenues within the range of our guidance and managed our expenses tightly.”

Sales fell 4.8% at $522.5 million, compared with $548.9 million in the prior year.

The company’s retail stores and e-commerce sites in North America generated revenue of $228.3 million in the first quarter of fiscal 2015, a 4.2% decrease from $238.3 million a year ago. Same-store sales including e-commerce sites for the first quarter of fiscal year 2015 decreased 3.8% in U.S. dollars and 2.3% in constant currency compared to the same period a year ago.

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OPERATIONS

David’s Tea names CEO

BY Staff Writer

Montreal — Canadian retailer David’s Tea has named Sylvain Toutant as president and CEO. He will be responsible for all operations at the company and oversee its growth in Canada, the United States and around the world. He will also serve on the board of directors.

Most recently, Toutant was president of Keurig Canada, where he accelerated growth through a strategic alliance with Keurig Green Mountain in the United States. He also headed Keurig’s operations in the United Kingdom.

David’s Tea operates more than 125 locations in Canada and the United States.

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OPERATIONS

Jo-Ann names Express, Sears veterans to exec posts

BY Staff Writer

New York — Jo-Ann Fabric and Craft Stores named Jim Wright as senior VP of marketing and advertising, and Megan Featherston as senior VP of merchandising.

Wright has served in multiple marketing leadership roles at national retail brands. He was most recently senior VP of marketing at Express where he was responsible for their brick-and-mortar and e-commerce advertising and marketing strategies.

Featherston’s background includes leadership positions for buying, product design and development, planning and allocation, as well as promotion in various retail environments. She was recently president of the fine jewelry business unit at Sears Holdings Corporation.

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