NRF Exec Named to Federal Trade Advisory Committee
Washington, D.C., President Bush has appointed National Retail Federation president and CEO Tracy Mullin to the Advisory Committee for Trade Policy and Negotiations (ACTPN). The White House’s ACTPN is a private sector advisory panel on international trade that helps the Administration support its trade agenda.
“This appointment recognizes the importance of the retailing industry and consumers in U.S. trade policy,” Mullin said in a statement. “Retailers are among our nation’s largest importers. While much of the trade debate has focused on U.S. exports, we hope additional consideration can be given to the important role of imports in providing U.S. consumers with the products they need at prices they can afford.”
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.