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Michael Kors profit dips in Q3; nearly doubles full-year forecast

BY Katherine Boccaccio

New York — Michael Kors Holdings Ltd. reported Tuesday that profit for the quarter ended Dec. 29 decreased to $636.8 million, compared with $373.6 million in the year-ago period.

However, the designer and retailer forecasted fiscal 2013 profit at more than double its year-earlier performance.

Revenue surged 70% in the third quarter, fueled by strength in the accessories category, and the company predicts that fiscal 2013 sales will leap 62%.

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Lowe’s, Rebuilding Together partner to repair Phoenix homes

BY CSA STAFF

Rebuilding Together has teamed up with Lowe’s through its Community Partners program to provide free home repairs to four low-income homeowners and to support the Friendly House in the Central City neighborhood of Phoenix on Feb. 20 and 21.

In its six years of partnering with Rebuilding Together, Lowe’s has donated $7 million and completed 958 projects across the country.

More than 100 Lowe’s Heroes employee volunteers from area Lowe’s stores will team with Rebuilding Together Valley of the Sun.

The volunteers will complete a bathroom renovation and ventilation repairs for a senior couple who are helping raise their grandchildren. Rebuilding Together and Lowe’s Heroes also will repair the kitchen cabinets and do drywall and electrical work for a single father raising three kids and taking care of his senior mother. They will complete bathroom and kitchen plumbing repairs for another homeowner, who was recently diagnosed with cancer.

Carter’s Kids, a nonprofit organization dedicated to creating and promoting awareness of fitness and self-esteem for America’s youth, will join Rebuilding Together and Lowe’s Heroes to build a new playground for the students of Friendly House’s Academia Del Pueblo Charter School.

"Lowe’s has been a tremendous supporter of Rebuilding Together and helping low-income homeowners," said John Fiegel, interim president and CEO of Rebuilding Together. "With their help, we can make homes safer and more energy efficient. And through Carter’s Kids, we can see our impact reach every person in the community."

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Cummins Allison offers currency counting solution for retailers

BY CSA STAFF

MT. PROSPECT, Ill. —Cummins Allison, a provider of currency, coin and check handling solutions, has announced its latest solution offerings for retail back-office processing.

Cummins Allison now offers a back-office solution for retailers that allows them to count cash and checks on one device and integrate that device with a high-speed coin sorter. Cummins Allison’s JetScan iFX check and currency scanner connected with the JetSort coin sorter enables retailers to count down checks, currency and coin, and makes preparing a deposit more efficient and accurate than ever before. Utilizing this retail processing solution, checks can be deposited to banks or credit unions immediately and directly, providing retailers savings from eliminating check deposit fees. It also affords retailers extended deposit deadlines and allows for access to funds sooner.

The new check processing solution compliments Cummins Allison’s existing retail back-office solutions, including the Cash Drawer Processing System (CDPS). The CDPS incorporates a JetScan® currency scanner to count mixed cash, and a JetSort coin sorter to count the coin and return it directly back into the till, saving retailers money in rolled coin charges. The system also instructs the user on how to rebuild the till back to the starting float (i.e. till bank), with all information printed on a single report. With the entire process taking fewer than two minutes, retailers save time in the back-office so they can spend it performing other valuable tasks, and the automation reduces errors, further saving time by avoiding re-counts.

“Our retail solutions significantly cut costs, save time and make back-office processing much more efficient,” said Doug Mennie, president Cummins Allison. “One of the largest national retailers has cut their counting and deposit preparation time by an hour-and-a-half per shift, per day. The solution paid for itself in less than a year, and they estimate savings of millions of dollars over the next several years.”

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