Phelps Give Boost to Chico’s
New York City Chico’s FAS is receiving a shot of publicity from an unlikely source: Olympic phenomenon Michael Phelps.
The swimmer’s mother, middle-school principal Debbie Phelps, was seen wearing clothing from Chico’s throughout the Games and on TV talk shows upon her return from Beijing, giving the chain plenty of free exposure on television, in print and online.
Chico’s has been swamped with consumers looking to buy the fashions worn by the 57-year-old Phelps, according to USA Today, and the company is reported to be close to setting up a partnership with her.
Chico’s Web site already features a photo of Phelps, with a link to a page entitled “The Debbie Phelps Collection” that displays some of the clothing and accessories she wore in China.
Barnes & Noble 2Q sales down 1.6%
NEW YORK Barnes & Noble reported that sales for the second quarter decreased 1.6% to $1.2 billion. Barnes & Noble store sales decreased 1.6% to $1.1 billion, with comparable-store sales decreasing 4.7% for the quarter. Barnes & Noble.com sales were $99.8 million for the quarter, a 3.6% comparable sales increase.
Second quarter net earnings were $15.4 million or 27 cents per share.
For the third quarter, the company expects comparable-store sales at Barnes & Noble stores to decline in the low single digits. Barnes & Noble Inc.’s third quarter loss per share is expected to be in a range of 10 cents to 15 cents.
Based on first-half 2008 sales performance and current trends, the company is reducing its full-year comparable store sales guidance from slightly negative to a decrease in the low single digits. Although the company is reducing full-year sales guidance, the company is reiterating full-year earnings per share guidance to be in a range of $1.70 to $1.90.
Wyatt named president of Old Navy
SAN FRANCISCO Gap Inc. announced that Tom Wyatt has been named president of its Old Navy division, effective immediately. Wyatt, a 30-year retail veteran, has been serving as interim president of the retailer since February.
In his first actions as brand president, Wyatt made several changes to his senior management team, effective immediately, including announcing the departure of merchandising evp Sheryl Clark.
Wyatt joined Gap Inc. in early 2006, and previously served as president of the company’s Outlet division until he joined Old Navy this year. His 30 years of retail experience include: serving as president and ceo of a mid-size athletic apparel company; president of Warnaco Intimate Apparel; and a senior executive within the Saks family of companies.