J. C. Penney President Joins Board of Directors
Plano, Texas J. C. Penney Co. announced that president and chief merchandising officer Ken C. Hicks has been named to the company’s board of directors.
Hicks was named president and chief merchandising officer in 2005, after joining the company in 2002 as president and COO of J.C. Penney stores and merchandise operations.Before joining J.C. Penney, he was president of Payless ShoeSource, Inc. (now known as Collective Brands, Inc.), from 1999 to 2002, where he oversaw all operations related to its 4,900 stores in seven countries.
Walgreens debuts new apparel line
DEERFIELD, Ill. Walgreens announced that its new, exclusive apparel line will be arriving in stores next week.The collection will debut with 15 core classic styles, each available in two or three colors. Prices range from just $6.99 for t-shirts and tanks to $14.99 for hoodies and quilted vests.
“This is an exciting launch for Walgreens,” said Kathy Steirly, divisional vp and general merchandise manager for Walgreens beauty and fashion division. “Casual Gear taps into the demand for quick access to versatile, easy-to-wear clothing that suits today’s active lifestyles. This line delivers an outstanding combination of comfort, convenience, quality and value we believe customers will appreciate.”
While Walgreens has had its hand in apparel for many years, the Casual Gear line is its first complete apparel collection available chainwide.
The Casual Gear collection was created in conjunction with San Francisco-based wonderbrand – one of the country’s leading apparel development and branding firms.
Walgreens will feature Casual Gear in nearly all of its 6,200 stores in the U.S. and Puerto Rico. The collection will be merchandised in either a six- or nine-foot display adjacent to the beauty or promotional departments.
DSW 4Q net income falls
COLUMBUS, Ohio DSW announced net income of $1.1 million on net sales of $332.5 million for the 13-week fourth quarter ended Feb. 2, compared with net income of $16.6 million on net sales of $329.1 million for the 14-week fourth quarter ended Feb. 3, 2007. On a comparable 13-week basis, same-store sales decreased 1.7% versus an increase of 1% last year.
Diluted earnings per share were 2 cents for the 13-week fourth quarter this year compared with 37 cents for last year’s 14-week fourth quarter.
For the 52 week fiscal year ended Feb. 2, net income was $53.8 million on net sales of $1.41 billion, compared with net income of $65.5 million on net sales of $1.28 billion for the fifty-three week fiscal year ended Feb. 3, 2007. On a comparable 52-week basis, same-store sales decreased 0.8% versus an increase of 2.5% last year.
Diluted earnings per share for the 52-week fiscal year ended Feb. 2 were $1.21 compared with $1.48 for the 53-week fiscal year ended Feb. 3, 2007.
For the first half of 2008, the company anticipates comparable-store sales to be negative and earnings per diluted share are anticipated to be significantly below the 68 cents per diluted share reported for the first half of last year.