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Office Depot loss widens in Q2

BY Katherine Boccaccio

Boca Raton, Fla. — Office Depot reported Tuesday that it lost $64.3 million in the second quarter, widened from a $29.3 million loss in the same period last year.

Weakened sales in North America and Europe, along with a $23.9 million impairment charge and other restructuring charges, contributed to the weakened performance.

Revenue dropped 7% to $2.51 billion, compared with $2.71 in the year-ago period and missing analysts’ expected $2.6 billion in revenue. Sales in North America fell 8%, and same-store sales dropped 4%.

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Survey: Most parents spend up to $500/child on back-to-school

BY Katherine Boccaccio

Austin, Texas — A survey released Tuesday by coupon site RetailMeNot.com found that nearly 80% of parents spend up to $500 per child for back-to-school shopping.

Additionally, the survey – which was conducted with Ipsos Public Affairs – found that the majority of parents get the jump on the school year by starting their shopping in July and August (54%) versus after the school year begins.

A significant number of parents, 29%, find the back-to-school shopping experience to be either annoying or stressful.

Among the other key findings:

  • A significant majority of parents (83%) use coupons when they shop;
  • Nearly a quarter of parents (22%) start their back-to-school shopping in July, though 32% wait until August;
  • Clothing tends to account for the bulk of parents’ back-to-school budgets, with 35% saying they plan to spend the majority of their budgets on clothes;
  • Nearly a third of parents (34%) say that school supplies will account for at least 30% of spending; and
    One in seven (15%) report that at least 30% of their budget will be put toward shoes.

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Esprit names group CEO

BY Staff Writer

Hong Kong — Esprit Holdings Limited said Tuesday it has named Jose Manuel Martínez Gutiérrez as its new group CEO and executive director, effective September.

Martinez was previously group director of distribution and operations for Inditex. Prior to that, he was the country manager for the Zara brand across Scandinavia.

He succeeds Ronald Van Der Vis.

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