OPERATIONS

J.C. Penney hires former Abercrombie VP as director of visual merchandising

BY Staff Writer

New York — J.C. Penney Co. has hired Brandon Tonniges, a former Abercrombie & Fitch Co. executive, as director of visual merchandising, Bloomberg reported.

Tonniges was a VP in Abercrombie’s “brand senses” division, described on the chain’s website as the “creative force” behind its store experience, according to the report.

Tonniges will report to a VP under Michael Fisher, who was named SVP visual presentation in March.

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R.Von says:
Mar-15-2013 12:15 pm

Without a doubt, he will be
Without a doubt, he will be an asset to the company. But of course, he still needs to prove this with his work. - Rich Von Alvensleben

R.Von says:
Mar-15-2013 12:15 pm

Without a doubt, he will be an asset to the company. But of course, he still needs to prove this with his work. - Rich Von Alvensleben

G.Askew says:
Dec-27-2012 10:07 pm

As what I have heard on the
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G.Askew says:
Dec-27-2012 10:07 pm

As what I have heard on the news J.C. Penney is really strugling today due to global crisis I hope they can bounce back and back to the top again.mp3 rap francais

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FINANCE

Bed, Bath & Beyond Q3 profit up

BY Marianne Wilson

New York — Third quarter same store sales at Bed Bath & Beyond were negatively affected by Hurricane Sandy, but the nation’s leading home good retailer still managed to grow profits.

Bed, Bath & Beyond said net income for the third quarter ended Nov. 24, increased 1.8% to $233 million.

Sales increased 15.3% to $2.7 billion, largely due to two acquisitions earlier in the year, while same store sales advanced 1.7% and were negatively affected by an estimated .9% due to Sandy.

In early June, Bed Bath & Beyond acquired Linen Holdings in early June and then later the same month bought Cost Plus. The deals boosted the company’s retail footprint and gave the company a total of 1,466 locations. Included in that total are 1,003 Bed Bath & Beyond stores, 264 stores under the names of World Market, Cost Plus World Market, or World Market Stores, 74 stores under the names of Christmas Tree Shops or AndThat!, 78 Buybuy Baby stores and 47 stores under the names of Harmon or Harmon Face Values.

Despite the company’s sizable footprint, co-founder and co-chairman Leonard Feinstein reiterated the company’s long term growth prospects.

"We believe that throughout the United States and Canada, there is an opportunity to operate in excess of 1,300 Bed Bath & Beyond stores, as well as grow our World Market, Christmas Tree Shops and Buybuy Baby concepts from coast to coast," Feinstein said. "Additionally, we will continue to open Harmon Face Values stores and place health and beauty care offerings in selected stores, as well as specialty food and beverage departments in selected Bed Bath & Beyond stores, most recently in Schaumburg, Illinois and Tysons Corner, Va. We remain committed to and are excited about the continued growth of all merchandise categories."

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Apr-09-2013 04:04 pm

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Apr-08-2013 06:32 pm

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Apr-04-2013 12:05 pm

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Apr-04-2013 12:05 pm

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Apr-02-2013 07:08 am

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Apr-02-2013 07:08 am

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Mar-02-2013 08:14 pm

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Dec-24-2012 07:32 am

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Dec-24-2012 07:32 am

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FINANCE

Walgreens Q1 profit falls

BY Marianne Wilson

New York — Walgreens fiscal first-quarter earnings dropped nearly 26% as costs tied to a couple big deals and Hurricane Sandy helped put a bigger-than-expected dent in the chain’s performance.

Walgreens earned $413 in the quarter million, compared with net income of $554 million in the year-ago period. Sales fell 4.6% to $17.32 billion, with same-store sales down 8%.

“During a quarter that included a number of non-operational items, as well as the ongoing Express Scripts impact, we saw the underlying performance of our business strengthen with improved gross profit margins and an upswing in comparable prescriptions filled in the quarter,” said Walgreens president and CEO Greg Wasson. “We also were pleased with the business performance of our strategic partner, Alliance Boots, and are on track to meet our first-year synergy targets with them. As I have said before, Walgreens and Alliance Boots both perform well in historically tough economic climates, and together we now are better positioned for growth.”

Walgreens also announced that it is reporting results from its investment in Alliance Boots on a one-quarter lag rather than a one-month lag period, as previously disclosed. This is intended to align the audit requirements for the investment and more efficiently address regulatory and audit considerations.

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Apr-09-2013 03:37 pm

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R.Von says:
Mar-16-2013 04:32 am

The effect of the hurricane
The effect of the hurricane was really devastating,not just to the ordinary people but also to businesses which were hit by it. Hopefully, the affected companies like Walgreens will recover soon from the deficit. - Rich Von Alvensleben

R.Von says:
Mar-16-2013 04:32 am

The effect of the hurricane was really devastating,not just to the ordinary people but also to businesses which were hit by it. Hopefully, the affected companies like Walgreens will recover soon from the deficit. - Rich Von Alvensleben

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Consumer confidence is high. Is that reflected in your stores’ revenues?

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