Michaels Stores Narrows 2Q Net Loss
Dallas Michael Stores posted a second-quarter loss of $25 million on Tuesday amid a struggling economy.
Despite the loss, Michaels’ earnings results improved from the second quarter of last year when it posted a loss of $44 million.
Sales during the most recent quarter hit $796 million, up 1% from $788 million last year. Meanwhile, same-store sales fell 2.6%.
Michaels’ leadership said it expects low consumer confidence and the economy to continue to adversely impact the company for at least the remainder of the year.
J.M. Smucker announces new promotions
ORRVILLE, Ohio The J.M. Smucker Company has announced several promotions.
Timothy Smucker’s title has been changed from chairman and co-ceo to chairman of the board and co-ceo.
Richard Smucker’s title has been changed from president and co-ceo to executive chairman and co-ceo. He will also continue in his capacity as president of the company.
Vincent Byrd was promoted from senior vp of its consumer business to president of the newly created coffee strategic business area (SBA).
Steven Oakland was promoted to president of the consumer business.
Mark Smucker has been promoted to president of the special markets SBA which includes the company’s foodservice and beverage groups as well as its Canadian and international operations after serving as vp of international. Smucker has been with the company for 11 years.
Paul Smucker Wagstaff, also great-great grandson of founder Jerome Smucker, has been promoted from vp of foodservice and beverage markets to president of the oils and baking SBA. Wagstaff has been with Smucker for 12 years.
Barry Dunaway, formerly vp of corporate development, has been named senior vp of the newly created corporate and organization development office with combined responsibility for mergers/acquisitions and human resources.
La-Z-Boy elects directors
MONROE, Mich. La-Z-Boy announced that its shareholders have elected directors Kurt Darrow, James Johnston, George Levy, M.D. and Alan McCollough to three-year terms on the company’s board of directors.
Shareholders also voted to ratify the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for fiscal 2009.