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HBC adds Sony Pictures exec Andrea Wong to board

BY CSA STAFF

Hudson's Bay Company has appointed Andrea Wong as a director of the company. Including Wong, who is considered an independent director, the board is now made up of 10 directors.

Wong has spent the past seven years in senior management roles with Sony Pictures and Lifetime Entertainment. She is currently the president of international production, Sony Pictures Television and president, international, Sony Pictures Entertainment and has held such roles since 2011. She is responsible for the studio’s international TV production business, overseeing creative teams outside the U.S. as well as 15 owned and joint venture international production companies around the world. Between 2007 and 2010, Wong was president and CEO of Lifetime Entertainment Services. From 1995 to 2007, she held several senior positions at Disney/ABC Entertainment, most recently as EVP, alternative programming, specials and late-night. Wong has an MBA from Stanford University and a BS from Massachusetts Institute of Technology.

"Andrea represents exactly what we are looking for as we expand our board of directors. Her experience with entertainment combined with her strength in creative development, makes her uniquely qualified to support our management team as we push our company to deliver a superior shopping experience," said Richard Baker, HBC’s governor, chairman and CEO.

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News

Tiffany Appoints taps new EVP, global retail ops

BY CSA STAFF

Tiffany & Co. has named Jill Beraud as an EVP, effective Oct. 13. Beraud will be responsible for global retail operations, including all sales channels in every region, as well as oversight of strategic store development and real estate.

“We are delighted that Jill will join our management team and believe that she can further enhance our regional and global capabilities to support Tiffany’s continued sales and earnings growth,” said Michael J. Kowalski, chairman and CEO.

Beraud will report to Frederic Cumenal, president, who will become Tiffany’s CEO April 1, 2015.

“Jill is a creative visionary who brings to Tiffany her strengths as both a retailer and a brand builder, with an important global perspective,” said Cumenal.

Beraud joins Tiffany from Living Proof where she has been CEO since 2011. Prior to that, her experience includes senior-level executive and marketing roles at PepsiCo, L Brands and Procter & Gamble.

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FINANCE

Costco and L Brands shine in August; Gap disappoints

BY Marianne Wilson

New York — Costco Wholesale Corp. and L Brands Inc. were among the retailers that posted stronger-than-expected sales in August, fueled in many cases by back-to-school promotions.

Costco led the pack, reporting a 7% gain in August total same-store sales, ahead of views for a 4.9% gain. U.S. same-store sales, excluding the negative impacts from gasoline price deflation and foreign exchange, rose 7% as well. Top-performing categories at Costco included housewares, small appliances, apparel, fresh foods and food sundries.

L Brands reported a 5% increase in August same-store sales, topping estimates for a 2.8% gain. The growth was led by a 5% increase in sales at Victoria’s Secret.

Gap Inc., however, posted disappointing results, as same-store sales fell 2% from year-earlier levels, missing analyst expectations of a 1.6% rise. By brand, Banana Republic global same-store sales declined 2% and Old Navy global same-store sales increased 2%, compared with expectations of increases of 0.7% and 3.4%, respectively.

"We’re encouraged by the positive momentum at Old Navy, while focused on the necessary steps to drive improved performance across our portfolio of brands in the back half," said CEO Glenn Murphy.

In other same-store results for August:

• Cato reported a 3% increase, above expectations.

• Stein Mart posted a 2.5% increase in same-store sales for the month, short of views for a 3% gain.

• Walgreen’s sales rose 3.7%, missing analyst expectations.

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