Profit up at Coldwater Creek
Sandpoint, Idaho Coldwater Creek posted a profit in its second quarter on a rise in revenue, beating the Street’s expectations for another loss. The company on Wednesday reaffirmed its guidance for the year and said its margins will improve as it benefits from inventory control.
For the three months that ended July 31, Coldwater Creek said its net income was $1.5 million, compared with a loss of $4.9 million in the year-ago period.
Revenue rose 12.6% to $253.5 million, from $225.2 million last year.
The company opened five new retail stores in the quarter to finish with 364 locations. It is on track to open 20 new stores this fiscal year.
President and CEO Dennis Pence said the company is making progress with its inventory — a key concern for retailers as they deal with the new reality of frugal shoppers.
He said the company’s fall merchandise is strong and Coldwater Creek expects increased margins in the second half of the year as its inventory remains conservative and the company focuses on expenses.
B&N names new leadership for digital products, e-commerce businesses
NEW YORK Barnes & Noble announced that Jamie Iannone has been named president of Barnes & Noble digital products and John Foley has joined the company as President of Barnes & Noble e-commerce.
In his new role, Iannone will be responsible for all NOOK e-reading devices, software, accessories and retail integration and experiences; e-books and digital content; and third-party partnerships. Foley will manage the BN.com online retail business including books, children’s books, toys and games, music, movies, home and gift items, electronics and marketplace, as well as merchandising, online and search marketing. The two executives will report to William Lynch, CEO of Barnes & Noble.
“Jamie and John are terrific leaders who will take our already fast-growing online and digital businesses to the next level leveraging their strong personal track records for management excellence and successes in technology, e-commerce, merchandising and operations,” said Lynch. “With our executive leadership in place, talented employees and unique assets, we will continue to innovate and grow Barnes & Noble’s leadership in digital reading and online shopping experiences for our millions of customers.”
Iannone joined the company as EVP one year ago. Previously, he held leadership positions at Ebay, including overseeing global search, merchandising and buyer experience, and was formerly a media and IT consultant at Booz Allen & Hamilton.
Foley is joining Barnes & Noble after 13 years at IAC, where he was most recently the CEO of The Pronto Network, which includes Pronto.com and its recently launched verticals ProntoStyle.com, ProntoHome.com and ProntoTech.com. Foley also maintained oversight of Evite.com, Gifts.com, IAC Advertising, and Proust.com.
Best Buy names chief design officer
MINNEAPOLIS Best Buy has named Aura Oslapas SVP and chief design officer, effective Sept. 15. In her new role, Oslapas will lead Best Buy’s design and brand identity team worldwide.
“Aura is a highly creative design leader,” said Barry Judge, Best Buy EVP and chief marketing officer. “She is able to bring forth progressive, customer-centered programs that define product and service offerings while being grounded in research and solid creative. Best Buy believes that great design is a key component of delivering unique brand experiences that resonate with customers and drive market share. Her ability to combine design and innovation will help us reach customers in new ways.”
Oslapas most recently served as principal of A+O Design Methods, a boutique design agency in San Francisco. During her career, Oslapas has held leadership positions at organizations such as Esprit de Corp, IDEO and Stone Yamashita Partners. She has served a variety of consumer and technology clients, including Hewlett-Packard, Target, Liz Claiborne, Apple, Logitech, McDonald’s and Amtrak.