Macy’s Launches Web Site for Juniors
New York City, Macy’s has launched THISIT.com, a new interactive Web site combining fashion and music that is designed for fashion-conscious juniors. The site will employ Macromedia technology and provide content enhanced by strategic partnerships with Teen Vogue and Universal Music Group. Designed and built by Macys.com, the youth-driven site is aimed at young women in their teens to early 20s.
“This is an important development and the first in a series of steps being taken to reach out to our younger clientele, who are a very significant audience, not only for our juniors sales today, but to further establish Macy’s as a relevant brand for their future,” said Terry Lundgren, CEO, chairman and president of Federated Department Stores, in a statement.
PacSun Names d.e.m.o. President
Anaheim, Calif., Pacific Sunwear of California Inc. hired Lou Ann Bett to be division president of its d.e.m.o. division. The appointment becomes effective May 1. Bett most recently served with Limited Corp. as VP and general merchandise manager of Express Men’s.
Kohl’s, Gymboree to Restate Results
San Francisco, Kohl’s Corp. and The Gymboree Corp. are the latest retailers to announce they would need to restate their earnings due to an accounting change. The accounting change relates to the way the retailers account for their leases, and a recent clarification of those accounting principles by the Securities & Exchange Commission (SEC). Gymboree noted that the SEC’s interpretation prompted many retailers to announce adjustments and restatements related to lease accounting.
Kohl’s will restate some information stretching from 1998 to the first three quarters of 2004. The retailer said that the accounting changes would negatively impact net income by $2 million in the fourth quarter of 2004. Among the extra expenses being added to Kohl’s accounting for the first three quarters of 2004 is $3 million in SG&A expenses per quarter and depreciation expenses of $1 million per quarter.
Gymboree will restate quarterly information filed in its 2004 fiscal year, and probably in prior periods, too, the retailer said.
Other retailers have had to restate earnings because of the SEC’s clarification. One of them is Toys “R” Us, which recently said it would restate some information going back to 2003 because of its lease accounting.