It’s not the economy. Or the cost-cutting.
Starbucks CEO Howard Schultz told Britain’s Sky.com that the chain’s focus on improving its offerings and encouraging innovation as opposed to cost-cutting and store-closings are the reasons for its turnaround.
“You can’t “cut your way to prosperity,” Schultz said. “You have to create growth and opportunity.”
Mega Bloks to launch Power Rangers Samurai toys next year
MONTREAL — Mega Brands has entered a deal with Saban Brands to develop construction toys based on the kids’ action series "Power Rangers Samurai," the latest Power Rangers franchise.
The Mega Bloks Power Rangers Samurai construction toy sets will launch in spring 2012, Mega Brands said. Mega Brands chief innovative officer Vic Bertrand said the new toys will offer fans "an engaging and immersive building experience."
New episodes of the "Power Rangers Samurai" series premiere Saturdays at noon on Nickelodeon.
Kohl’s profit up 6%; raises full-year outlook
Menomonee Falls, Wis. — Kohl’s Corp. said Thursday its first-quarter earnings rose 6%, helped by online sales and Easter demand in the Southeast.
Net income rose to $211 million from $199 million in the year-ago period. Sales in the quarter ended April 30 rose 3.1% to $4.16 billion. Same-store sales were up 1.3%.
“We have strengthened our marketing for the second quarter and believe that we will see pent-up demand for seasonal businesses, which would allow us to achieve a better [same-store sales result] and even stronger financial results in the second quarter,” said CEO Kevin Mansell.
He added that the company’s online sales are on track to reach $1 billion this year and it is opening a third fulfillment center to help support the holiday 2011 peak season. The center, in Edgewood, Md., should open in July,
During the quarter, Kohl’s opened nine stores, giving it a total of 1,097 stores in 49 states. The retailer expects to open an additional 31 stores and remodel an additional 70 stores later this year.