Kennedy assumes new finance role at Target
Scott Kennedy was named president of Target financial and retail service to replace long time finance executive Terry Scully.
Scully spent nearly 35 years with Target and is moving into a strategic advisory role to ensure the smooth transition of the recently sold credit card portfolio to TD Bank Group. Scully, 60, will officially retire in March 2014. Filling his shoes as head of financial and retail services is Scott Kennedy, 44. He joined Target in 2005 and currently serves as VP of pay and benefits.
"For nearly 35 years, Terry has been a valuable member of this Target team," said Gregg Steinhafel, Target’s chairman, president and CEO. "And, for the past decade, Terry’s leadership and his vision have led to the creation of an exceptional suite of financial products and services, which were critical in strengthening guest loyalty and delivering substantial profitable growth. I appreciate his many contributions and am grateful that Target will continue to benefit from Terry’s expertise during this transitional period."
Scully joined Target in 1979 and held a variety of financial and credit card roles. In 1998, he became vp of finance for Target Financial Services and was elevated to his current role in 2003.
The moves come as Target completed the $5.7 billion sale of its entire consumer credit card portfolio to TD Bank Group. The companies entered into a seven-year program agreement under which TD will also underwrite, fund and own future Target credit card and Target Visa receivables in the United States. Under the program agreement, TD will control risk management policies and oversee regulatory compliance and Target will continue to perform account servicing functions.
"We’re pleased that we’ve completed the sale of our credit card portfolio," Steinhafel said. "We look forward to working with TD Bank Group, a premier financial institution, to provide innovative financial products to our guests and profitably grow the portfolio over time."
Target plans to maintain the current deep integration between its financial services operations and its retail operations and the agreement will not have any impact on Target’s 5% REDcard Rewards program.
Sales and income up at The Buckle
KEARNEY, Neb. — The Buckle announced that net income for the fiscal quarter was $61.4 million, or $1.29 per share ($1.28 per share on a diluted basis), compared with $56.1 million, or $1.19 per share ($1.18 per share on a diluted basis) for the fourth quarter of fiscal 2011. Net income for the fiscal year was $164.3 million, or $3.47 per share ($3.44 per share on a diluted basis), compared with $151.5 million, or $3.23 per share ($3.20 per share on a diluted basis) for the fiscal year ended January 28, 2012..
Net sales for the quarter increased 7% to $360.6 million from net sales of $337.1 million for the prior year 13-week fiscal quarter ended Jan. 28, 2012. Comparable-store net sales for the 14-week period were flat in comparison to comparable store net sales for the prior year 14-week period. Online sales (which are not included in comparable store sales) increased 5.4% to $29.1 million for the quarter compared with net sales of $27.6 million for the prior year period.
Net sales for the fiscal year increased 5.7% to $1.124 billion from net sales of $1.063 billion for the prior year period. Comparable-store net sales for the year increased 2.1% from comparable store net sales for the prior year 53-week period ended Feb. 4, 2012. Online sales increased 8.4% to $84.5 million for the year, compared with net sales of $78 million for the same period last year.
Net income for the fourth quarter of fiscal 2012 was $61.4 million, or $1.29 per share ($1.28 per share on a diluted basis), compared with $56.1 million, or $1.19 per share ($1.18 per share on a diluted basis) for the fourth quarter of fiscal 2011.
Net income for the fiscal year ended February 2, 2013 was $164.3 million, or $3.47 per share ($3.44 per share on a diluted basis), compared with $151.5 million, or $3.23 per share ($3.20 per share on a diluted basis) for the fiscal year ended January 28, 2012.
Kirkland’s CEO to retire
NASHVILLE, Tenn. — Home decor retailer Kirkland’s announced that Robert Alderson, the company’s long-time president and CEO, has advised the board of directors of his intention to retire from the company at the end of fiscal 2013, or approximately Feb. 1, 2014.
Alderson noted, “Over the past five years, we’ve restored Kirkland’s stability and significantly enhanced its profitability. We’ve also completed a huge amount of foundational work in systems, e-commerce, marketing, merchandising process, real estate and store operations. Over the course of the year, we will continue to work on substantially upgrading our merchandising talent and leadership. I have enjoyed the last 27 years at Kirkland’s, but now is the right time to begin recasting the leadership.”
Wilson Orr, the company’s chairman, noted, “Robert is an exemplary leader and has given much of himself to Kirkland’s over the past three decades. We obviously respect his desire to step back at the end of the year and will work with him on planning for the appropriate leadership for the next phase of our growth.”