HUDSON, Ohio Jo-Ann Stores announced that net income for the second quarter was $5.4 million, or 20 cents per diluted share, compared with a net loss of $3.2 million, or (13 cents) per diluted share, for the second quarter last year.
Net sales for the second quarter increased 4.7% to $439.3 million from $419.4 million for the same period last year. Same-store sales increased 4.4% compared with a 1.8% same-store sales increase for the second quarter last year.
Darrell Webb, chairman and chief executive officer stated, “Our results marked not only record earnings performance but also the first time in five years that we have generated positive earnings in the second quarter. These results were driven by better than expected performance from our new stores, significant sales lift from our remodels and successful new product assortments.” Webb concluded, “Given our solid balance sheet and cash position, we are excited to announce an acceleration of our new store openings for fiscal year 2012. We remain committed to executing our strategic initiatives and expect to deliver balanced and sustainable improvement in our results in the future.”
For fiscal 2011, the company said it is now expecting a same-store sales increase of approximately 3% to 4% for the year versus the previously announced range of approximately 2.5% to 3.5% and earnings per diluted share in the range of $3.20 to $3.35 for the year versus the previously announced range of $2.95 to $3.10.
B&N names new leadership for digital products, e-commerce businesses
NEW YORK Barnes & Noble announced that Jamie Iannone has been named president of Barnes & Noble digital products and John Foley has joined the company as President of Barnes & Noble e-commerce.
In his new role, Iannone will be responsible for all NOOK e-reading devices, software, accessories and retail integration and experiences; e-books and digital content; and third-party partnerships. Foley will manage the BN.com online retail business including books, children’s books, toys and games, music, movies, home and gift items, electronics and marketplace, as well as merchandising, online and search marketing. The two executives will report to William Lynch, CEO of Barnes & Noble.
“Jamie and John are terrific leaders who will take our already fast-growing online and digital businesses to the next level leveraging their strong personal track records for management excellence and successes in technology, e-commerce, merchandising and operations,” said Lynch. “With our executive leadership in place, talented employees and unique assets, we will continue to innovate and grow Barnes & Noble’s leadership in digital reading and online shopping experiences for our millions of customers.”
Iannone joined the company as EVP one year ago. Previously, he held leadership positions at Ebay, including overseeing global search, merchandising and buyer experience, and was formerly a media and IT consultant at Booz Allen & Hamilton.
Foley is joining Barnes & Noble after 13 years at IAC, where he was most recently the CEO of The Pronto Network, which includes Pronto.com and its recently launched verticals ProntoStyle.com, ProntoHome.com and ProntoTech.com. Foley also maintained oversight of Evite.com, Gifts.com, IAC Advertising, and Proust.com.
Best Buy names chief design officer
MINNEAPOLIS Best Buy has named Aura Oslapas SVP and chief design officer, effective Sept. 15. In her new role, Oslapas will lead Best Buy’s design and brand identity team worldwide.
“Aura is a highly creative design leader,” said Barry Judge, Best Buy EVP and chief marketing officer. “She is able to bring forth progressive, customer-centered programs that define product and service offerings while being grounded in research and solid creative. Best Buy believes that great design is a key component of delivering unique brand experiences that resonate with customers and drive market share. Her ability to combine design and innovation will help us reach customers in new ways.”
Oslapas most recently served as principal of A+O Design Methods, a boutique design agency in San Francisco. During her career, Oslapas has held leadership positions at organizations such as Esprit de Corp, IDEO and Stone Yamashita Partners. She has served a variety of consumer and technology clients, including Hewlett-Packard, Target, Liz Claiborne, Apple, Logitech, McDonald’s and Amtrak.