Kohl’s names new CEO
Menomonee Falls, Wis. Kohl’s Corp. announced Thursday that chairman Larry Montgomery has resigned as CEO and will be replaced in that role by the retailer’s president, Kevin Mansell.
The changes come as the company has been facing a sales slowdown amid a weakening economic environment.
Montgomery will remain as chairman and will hold full-time management responsibilities for the company’s strategic growth and talent-management initiatives. Montgomery will continue to manage Kohl’s human resources, legal and real estate departments.
As president and chief executive, Mansell, a 26-year-veteran of Kohl’s who has served as president since 1999, will be responsible for the development and execution of strategic initiatives, day-to-day operations and long-term growth plan.
In addition to his current management responsibilities that include merchandise and store planning and business development, Mansell will also manage finance and store operations.
Best Buy launches DTV microsite, Facebook application
MINNEAPOLIS Best Buy announced two new online initiatives to help consumers prepare for the transition from analog to digital television in February 2009. The company has launched a microsite, www.askablueshirt.com, which gives consumers access to Best Buy home theater professionals and DTV-related educational information. In addition, the company also launched an interactive application on the social networking site Facebook, which boasts 90 million active users worldwide, to further promote DTV awareness.
“With the transition date approaching, we want to do whatever we can to help educate people about their options,” said Mike Mohan, senior vice president of consumer electronics for Best Buy. “The Facebook application and our microsite will reach out to new audiences with this message, encouraging young people to make sure they are ready for DTV, and to help family and friends who have not yet prepared.”
Askablueshirt.com provides information on how to participate in the coupon program established by the National Telecommunications, as well as other information related to the DTV switch, through a blog and frequently asked questions section.
The Facebook application features quizes on TV shows that incorporate DTV-related questions and a “forward to a friend” component.
Longs Drugs reports 2Q income growth
WALNUT CREEK, Calif. Longs Drug Stores reported preliminary income from continuing operations for the second quarter ended July 31 of $27.5 million, or 76 cents per diluted share, a 6.8% increase compared with income from continuing operations for the second quarter ended July 26, 2007 of $25.7 million, or 67 cents per diluted share.
Retail drug store sales increased 0.5% to $1.20 billion for the 13 weeks ended July 31. Same-store sales decreased 1.1% with pharmacy same-store sales decreasing 0.6% and front-end same-store sales decreasing 1.6%. Pharmacy sales were 51.6% of retail drug store sales during the period, compared with 51.3% a year ago.