FINANCE

Men’s Wearhouse posts Q4 loss; exploring alternatives for its K&G business

BY Marianne Wilson

Houston — The Men’s Wearhouse Inc. posted a larger-than-expected loss for its fiscal fourth quarter. The retailer also announced that it was exploring the possible sale of its weaker performing K&G unit.

The company lost $3.4 million for the quarter that ended Feb. 2, compared to a loss of $3.8 million in the year-ago period.

Revenue rose 8.2% to $608.4 million. Revenue from Men’s Wearhouse stores, which made up 61% of the quarter’s sales, rose 9.1%.

According to Men’s Wearhouse president and CEO Doug Ewert, the company believes that its core strength lies primarily in its namesake brand and its Canadian banner (Moores). To better focus its efforts on these core operations, Ewert said, the company has hired Jefferies & Co. to assist in evaluating strategic alternatives for its 97-store K&G business.

Men’s Wearhouse said its board has approved a new share repurchase program of $200 million, which amends and increases the company’s existing share repurchase authorization.

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itoffer says:
Mar-20-2013 07:15 am

In your quest of becoming a
In your quest of becoming a computer administrator you should make sure that you are at least 2 years of experience when that you are a Microsoft Certified Technology Specialist or MCTS certificated depending on the area where MCITP certification will be pursued. 70-648

itoffer says:
Mar-20-2013 07:15 am

In your quest of becoming a computer administrator you should make sure that you are at least 2 years of experience when that you are a Microsoft Certified Technology Specialist or MCTS certificated depending on the area where MCITP certification will be pursued. 70-648

S.Hance says:
Mar-14-2013 06:37 pm

Men's Wearhouse Inc. should
Men's Wearhouse Inc. should make a strategy to gain a profit. Marketing is useful in this situation. - Aflac Assist LLC

S.Hance says:
Mar-14-2013 06:37 pm

Men's Wearhouse Inc. should make a strategy to gain a profit. Marketing is useful in this situation. - Aflac Assist LLC

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OPERATIONS

Google tops list of 10 most influential brands

BY Marianne Wilson

New York — Google came out on top, followed by Amazon and Apple, in a new survey by market research company Ipsos called “The Most Influential Brands in the United States 2013.” The survey, which asked U.S. consumers to rate 100 leading brands on a wide variety of attributes, determined that the dimensions or factors that drive a brand’s influence are: engagement; trustworthy; leading edge; corporate citizenship; and, presence.

“To one extent or another, the most successful brands have some measure of all these dimensions, but gaining real and lasting influence takes time and effort,” says Jerry Forristal, SVP with Ipsos MarketQuest.

According to the Ipsos survey, the 10 most influential brands in the United States for 2013 are as follows:

1. Google
2. Amazon
3. Apple
4. Microsoft
5. Facebook
6. Visa
7. Walmart
8. Yahoo!
9. Procter & Gamble
10. eBay

Interestingly, Google also took the top spot in Ipsos’ study of the 10 most influential brands in the world.

“Building a truly influential brand requires a significant time investment, and in the past 15 years, Google has done something truly phenomenal – they’ve built a brand that exerts global influence,” said Forristal.

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News

Kennedy assumes new finance role at Target

BY CSA STAFF

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.

 

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