Quiznos Names Investor as CEO
Denver Quiznos announced Monday that Rick Schaden, the company’s founder, will become CEO. He is replacing Dave Deno, who resigned for personal reasons. Schaden will work alongside executive chairman Greg Brenneman.
Schaden, who was a franchise owner before he purchased and grew the Quiznos franchise business in 1991, is the company’s largest shareholder. He also holds the position of founder and chairman of Consumer Capital Partners, a private investment, concept development, strategic advisory and causal marketing firm.
Wal-Mart job cuts begin
Rumors of additional layoffs at Wal-Mart circulated throughout Northwest Arkansas this morning as employees in the retailer’s information systems division and human resources group learned they were being let go. Wal-Mart spokesman David Tovar explained the jobs cuts were a continuation of announcement last week that Wal-Mart planned to eliminate 700 to 800 positions and did not represent additional cuts above that amount.
JCPenney beats 4Q earnings guidance, expects 1Q loss
PLANO, Texas JCPenney reported 2008 fourth quarter operating income of $389 million and earnings from continuing operations of 94 cents per share, compared to recent guidance for earnings to be in a range of 90 cents to 93 cents per share. For the full year, operating income was $1.13 billion, or 6.1%of sales, and earnings from continuing operations were $2.54 per share.
Total sales in the fourth quarter decreased 9.8% compared to last year, while comparable-store sales decreased 10.8%. The strongest merchandise results were in women’s apparel and family shoes and, geographically, the best performance was in the Southwest region of the country. The weakest results were in fine jewelry and in the Southeast region.
For the first quarter of 2009, JCPenney expects total sales to decrease 10% to 13% and a loss in the range of 20 cents to 30 cents per share.