Kohl’s Q2 profit beats expectations on cost controls; sales disappoint
Menomonee Falls, Wis. — Kohl’s Corp. reported a better-than-expected second-quarter profit amid efforts to control costs. Sales, however, disappointed.
The retailer posted a second-quarter profit of $240 million, down from $299 million in the year-ago period.
Net sales were $4.2 billion, down 1.0% from last year. Same-store sales decreased 2.7% for the quarter.
“Our sales performance in the second quarter was disappointing,” said Kevin Mansell, Kohl’s chairman, president and CEO. “Our gross margin performance for the quarter, however, was better than expected. Our teams remain disciplined in their expense management and, again, delivered solid results. We accomplished our goal of improving inventory levels for the fall season and our sales improved considerably in July as units were received.”
Former Walmart international exec joins Newell Rubbermaid board
ATLANTA — Ignacio Perez Lizaur, who lead Walmart’s expansion into Latin America as director general Sam’s Club Mexico in 1991, has joined Newell Rubbermaid’s board of directors.
Perez Lizaur’s 26-year career with Walmart included a series of assignments leading Walmart operations in Argentina, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Puerto Rico. His career with Walmart culminated in the position of EVP operations for the Sam’s Club division, with responsibility across 600 stores in the U.S. Upon retiring in 2010, he was appointed to Walmart’s hall of fame for his contributions to the retailer’s international development.
“Ignacio adds an important dimension to Newell Rubbermaid’s board as a top retail merchant who has built and run businesses in one of the fastest growing regions in the world,” said Michael Cowhig, Chairman of Newell Rubbermaid’s board of directors.
“Ignacio’s deep experience and knowledge of the route-to-market dynamics in the emerging markets will be invaluable to us as we expand our footprint into these high-growth geographies,” said Michael Polk, Newell Rubbermaid’s President and Chief Executive Officer. “My team and I are excited to draw on his vast perspective.”
Before joining Walmart, Perez Lizaur held several posts with the Federal Government of Mexico, including General Director of Employment in the Ministry of Labor and an economist in the Ministry of the Budget. During his tenure, he launched a joint project between the World Bank and Mexico’s state governments focused on temporary employment and training.
Perez Lizaur currently serves on several corporate and non-profit boards, including Grupo Bimbo, S.A.B. de C.V., Mexico’s largest commercial bakery operation, and the Children’s Miracle Network in the U.S. A native of Mexico City, he holds a B.S. in Economics from Mexico National University and an M.A. in Development Studies from the University of East Anglia in Norwich, England.
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2011 sales of approximately $5.9 billion and a strong portfolio of leading brands, including Rubbermaid®, Sharpie®, Graco®, Calphalon®, Irwin®, Lenox®, Levolor®, Paper Mate®, Dymo®, Waterman®, Parker®, Goody®, Rubbermaid Commercial Products® and Aprica®.
This press release and additional information about Newell Rubbermaid are available on the company’s Web site, www.newellrubbermaid.com.
Office Depot to sponsor Do Something Awards
BOCA RATON, Fla. — Office Depot is sponsoring the 2012 Do Something Awards, which will air Tuesday, Aug. 21 at 9:00pm ET on VH1.
Hosted by "New Girl" stars Jake Johnson, Emmy-nominated Max Greenfield and Lamorne Morris, the ceremony will honor and celebrate the nation’s best young world-changers who represent the pivotal “do-ers” in their field, cause or issue.
This event further signifies Office Depot’s commitment to spreading a message of kindness and helping to put an end to cruelty and bullying in schools through the company’s partnership with Lady Gaga’s Born This Way Foundation.
Office Depot will be on-site at the 2012 Do Something Awards to provide both celebrities and attendees with a free “Bravery Bracelet” of their own to help spread a message of kindness and raise awareness of the very real problem of meanness and bullying that thousands of students face every day.
“Born This Way Foundation is a fantastic organization that has the power to make a difference in the lives of today’s youth, and we are honored to join this movement to help put an end to cruelty and meanness in schools,” said Bob Moore, EVP and chief marketing officer for Office Depot. ”We share the same vision as our friends at DoSomething.org and VH1, and the 2012 Do Something Awards will allow us to further spread our message to help kids stand up and make a difference.”