FINANCE

Pier 1 reports improvements in Q1

BY CSA STAFF

Fort Worth, Texas Pier 1 Imports reported on Thursday that revenue and same-store sales rose in the first quarter, giving a boost to its first-quarter net income.

Net income dropped nearly 74% compared with last year, but the year-ago period received significant gains from one-time events.

“We experienced strong performance in all merchandise divisions and all areas of the country,” said Alex W. Smith, president and CEO. “Our confidence level is high and we know how to keep the momentum going.”

Pier 1 reported a profit of $7.7 million in the three month period ending May 29. That compared with net income of $29.3 million a year ago. Last year’s first quarter included a $47.8 million gain on the repurchase of debt and $10 million from litigation.

Revenue rose 9% to $306.3 million, while same-store sales rose 14.3% in the quarter, compared with a drop of 7.5% last year.

Smith said traffic and the average amount spent by customers all increased during the quarter, and all merchandise divisions saw gains across the country.

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Whole Foods toughens personal-care organics policy

BY CSA STAFF

WASHINGTON According to The Organic Consumers Association, Whole Foods Market has introduced a new policy that states that it believes personal-care products that claim to be organic should meet the same standards as food products, which are currently regulated by the USDA’s national organic program.

“In the wake of the BP oil spill, Whole Foods’ announcement couldn’t come at a better time. Now more than ever, Americans are searching for alternatives to petro-chemicals, including in the bodycare aisle,” says Ronnie Cummins, co-founder and executive director of OCA. “The new Whole Foods policy is a major victory for people who want to stop washing petrochemical formulations all over their bodies and then down the drain.  These consumers want trusted options for real organic personal care. Whole Foods policy will force major organic cheater brands to drop organic claims from their branding and labeling.”

 

 

Whole Foods’ new policy mandates that “organic product” or “product made with organic [specified ingredients]” claims must be certified under the USDA National Organic Program, just like food.  A more limited “contains organic ingredients” claim for personal care may be certified under the NSF ANSI 305 standard, which has additional allowances for personal care products.  All organic claims which are not certified, including “organics” in branding must otherwise be dropped. Brands have been told they have until August 1 to explain how they will change their labeling or formulations to comply with the new standard. Those that don’t submit an explanation are expected to be dropped from store shelves over the coming year while those that comply will have until June 1, 2011 to be in full compliance with Whole Foods’ new policy, OCA reported.  

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RadioShack names SVP human resources

BY CSA STAFF

FORT WORTH, Texas RadioShack announced that Mary Ann Doran has been named SVP human resources. She is responsible for RadioShack’s overall policy and strategy related to human resources. Doran reports to Julian Day, chairman and CEO.

“We’re pleased to have Mary Ann join our leadership team,” Day said. “Her depth of retail experience and her passion for training and development will advance our commitment to delivering a smart, helpful in-store experience that addresses the changing needs of our customers and maintains The Shack’s leadership position in mobility.”

Doran joins RadioShack after serving as SVP human resources for Zale Corp. in Irving, Texas, where she had worked since 1996. Doran’s earlier experiences in human resources also include The Bombay Company, of Fort Worth, Texas, and the Jordan Marsh Stores Corp. of Boston, a regional department-store chain that ultimately joined the Macy’s organization.

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