FINANCE

Men’s Wearhouse profit up in Q2; raises full-year guidance

BY Katherine Boccaccio

Houston — The Men’s Wearhouse Inc. reported Wednesday that net income for the quarter ended July 28 rose to $59.4 million, from $57.1 million in the year-ago period.

Sales edged up 1% to $662.3 million, narrowly missing Wall Street’s expected $662.9 million in revenue. Same-store sales grew 4.4% at namesake stores, but fell 3.3% at K&G stores.

The company has raised its guidance for full-year 2012.

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FINANCE

Gymboree Corp. narrows loss in Q2; on track to open 115 stores

BY Katherine Boccaccio

San Francisco — The Gymboree Corp. reported Wednesday a loss of $14.1 million in the second quarter, compared with a loss of $6.9 million for the same period last year.

Sales rose 3.8% to $268.8 million, from $259.0 million last year, and same-store sales dipped 1%.

During fiscal 2012, the company reiterated its plans to open 115 new stores, including 90 locations for its value-priced Crazy 8 concept.

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News

RedPrairie report reveals shopping preferences of Gen Y

BY Marianne Wilson

Atlanta — A new study from RedPrairie, The Millennial Report, is designed to help retailers and manufacturers better understand the shopping habits of Gen Y and how to effectively communicate with this group of tech-savvy 18-to-29-year olds.

“Successful engagement with millennial consumers is about adding value to their shopping experience and respecting both their privacy and their preferred methods of communication,” said David Bruno, director of corporate messaging at RedPrairie. “The good news is, Gen Y consumers are not shy about having their voices heard.”

According to the report, key points to follow when engaging millennial consumers include:

  • Respect their time: Recognize preferences and make meaningful recommendations.
  • Pick your spots: Make strategic advertising decisions and avoid bombarding at every channel.
  • Be there: Develop the versatility to be available across all selling channels and social media so no need goes unmet.
  • Opinions matter: Facilitate peer communication to help build brand awareness and loyalty.
  • Connect the dots: Connect store, customer and direct channel to make transactions seamless and keep customers coming back.

“When it comes to trying to satisfy millennials, the bottom line for brands is adaptability,” Bruno said. “One minute they want to shop and compare online and via every social networking site available, and the next they want to purchase in store. “

To reach this group, retailers essentially need to provide ‘endless aisle’ capabilities in every channel and location, according to Bruno.

“When marketing to millennials, retailers and brands must strike a balance between personalizing the shopping experience via individualized product information and not overwhelming or overstepping perceived boundaries of privacy,” he said. “It’s a challenge to meet these seemingly conflicting expectations, but with the right technology and integration in place, it’s achievable.”

A complimentary copy of the report is available here.

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