J.C. Penney names new CFO
Plano, Texas — J. C. Penney Company, Inc. has named Ed Record executive VP and CFO, effective March 24. He will succeed Ken Hannah, who will remain CFO through that date to ensure a smooth transition.
As CFO, Record will be responsible for the financial operations of the company. He will report to Myron E. (Mike) Ullman III, CEO of J.C. Penney, and join the company`s executive board.
Record, 45, has nearly 25 years of experience managing the financial and operational performance of multiple retailers. He spent over six years at Stage Stores, most recently serving as COO and prior to that, CFO. Before Stage, Record served as senior VP of finance at Kohl’s and as controller and senior VP of finance at Belk. Earlier in his career, he held a variety of finance positions of increasing responsibility at Federated Stores, leading to his eventual appointment as controller and VP of finance.
"Ed is a highly accomplished executive with a broad understanding of retail finance and operations,” said Ullman. “His extensive department store experience and track record of success make him an ideal candidate as we continue to advance our turnaround. On behalf of myself and the entire J.C. Penney team, I would like to thank Ken Hannah for his meaningful contributions to our turnaround and wish him success in his future endeavors."
L.L. Bean takes top 2013 online customer experience ranking
Chicago — L.L. Bean has been ranked number one in online customer experience. The E-tailing Group 2013 Customer Experience Index, based on a mystery shopping study conducted during the fourth quarter of 2013, awarded L.L. Bean a top score of 88.75, followed by HSN at 87.25.
Other retailers scoring higher than 80 included Office Depot, Overstock, Amazon, Wal-Mart, Sears, Abt, Target, and Dick’s Sporting Goods. Average score in 2013 was 71.06, up from 69.3 in 2012. Repeat winners from 2012 included Amazon and Office Depot.
In addition, a key page analysis of the five fundamental site pages revealed that HSN, L.L Bean and Staples came close to perfection as their key page total well surpassed the 18.8 average where all scored 21.75 or above. Merchandising and customer service saw year-over-year scoring gains of 3.7% and 2.6% respectively while key pages improved by less than a 1% margin with a slight tweaking of potential points to reflect industry changes.
Cabela’s net income, revenue grow during Q4, fiscal year 2013
Sidney, Neb. — Net income and revenue increased at Cabela’s during the fourth quarter and full fiscal year 2013. For the quarter, net income rose 18% year-over-year to $80.1 million from $68 million, and for the year grew 29% to $224.4 million from $173.5 million.
Meanwhile, revenue increased 3% during the quarter, to $1.08 billion from $1.05 billion, and 14% during the year, to $3.2 billion from $2.8 billion. Same-store sales dropped 3.5% during the quarter Tommy Millner, CEO of Cabela’s, said soft same-store, ammunition and holiday sales led to fourth quarter growth that did not meet expectations.
"Cabela’s revenue and earnings per share for the full year grew at a double-digit rate for the fifth consecutive year," said Millner, Cabela’s CEO. "However, results for the fourth quarter did not meet our expectations, which were set earlier under more robust conditions. Specifically, the two biggest short-term factors affecting results in the quarter were a much sharper than expected decline in ammunition sales as compared to last year’s surge and a softer than expected holiday season as evidenced elsewhere. On the other hand, comparable store sales excluding firearms and ammunition were down 3.5% with positive comparable store sales in hunting apparel, men’s casual apparel, footwear and non-shooting related hunting equipment in the quarter."