FINANCE

OfficeMax Q3 profit leaps on extinguished Lehman liability

BY Katherine Boccaccio

Naperville, Ill. — OfficeMax Inc. reported Tuesday that net income for the third quarter jumped to $433.5 million from $22 million in the same period last year, as the office supply retailer eliminated non-recourse debt guaranteed by Lehman Bros. Holdings from its books.

Revenue dipped 1.7% to $1.74 billion, missing Wall Street’s expected $1.87 billion. Same-store sales fell 2.1%.

“Retail sales were challenged by weaker demand for technology products, especially personal computers,” said Ravi Saligram, president and CEO of OfficeMax. “We are also pleased to have extinguished the Lehman non-recourse liability from our balance sheet.”

The company said it plans a net reduction in store counts for 2012, with up to 45 store closures and one opening in the U.S., as well as eight-to-10 store openings and one-to-two store closures in Mexico.

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SUPPLY CHAIN

Orvis selects MID Retail for merchandise allocation

BY Katherine Boccaccio

Indianapolis — MID Retail Inc. said Tuesday that Orvis Co. has selected its Advanced Allocation software to manage the flow of merchandise to Orvis retail stores.

“MID Retail’s Advanced Allocation software will help keep us ‘in-stock’ on the items our customers want,” said Julie Cheney, director of planning and allocation for Orvis. “The MID solution enables us to accurately control our inventory position while improving customer satisfaction.”

The solution will facilitate a reduction in excess merchandise stocked at stores, resulting in fewer markdowns, reduced inventory carrying costs and improved profitability. Fully automated workflows enable retailers to maintain ideal store inventory levels with minimal manual intervention from their planning and allocation teams.

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OPERATIONS

Neiman Marcus to launch international shipping for e-commerce customers

BY Katherine Boccaccio

Dallas — Neiman Marcus Group said Tuesday it has launched international shipping and payment options for online sales via a relationship with global e-commerce expansion platform FiftyOne Global Ecommerce.

The move will allow Neiman, which has only a domestic bricks-and-mortar presence, to expand its online reach to 100+ countries. It kicks off with a promotional flat-rate shipping offer on all international purchases through Dec. 10.

FiftyOne will deliver the international shipping features, including the detection of a shopper’s country of residence to convert U.S. dollar prices into the local currency as well as calculating sales taxes and customs duties.

FiftyOne also handles customs paperwork.

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S.Jhon says:
Dec-07-2012 01:48 pm

Reviews
BitCart multi vendor shopping cart software solutions give freedom to store owners so they can keep everything in budget and control for store administration.Multiple Shopping Carts | Shopping Cart Software

S.Jhon says:
Dec-07-2012 01:48 pm

BitCart multi vendor shopping cart software solutions give freedom to store owners so they can keep everything in budget and control for store administration.Multiple Shopping Carts | Shopping Cart Software

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