Ralph Lauren profit dips in Q1
New York — Ralph Lauren Corp. reported Wednesday that profit for the quarter ended June 29 dipped 6% to $181 million, compared with $193 million in the year-ago period.
Sales edge up 4% in the period, to $1.61 billion, but missed Wall Street’s estimated $1.65 billion in revenue. Same-store sales slipped 1%.
The fashion retailer has issued a cautious sales outlook, projecting a low-single-digit increase in current quarter revenue from last year’s $1.86 billion.
Wealth effect evident at Tumi
Affluent shoppers feeling better about their personal balance sheets helped global luxury brand Tumi grow total sales by 12.9%, same store sales by 4.6% and double profits in the second quarter ended June 24.
Best known for its expensive luggage, Tumi said sales total $108.2 million during the period and profits increased to $11.2 million, or 16 cents a share, compared to profits of $6.5 million, or 10 cents a share in the same period the prior year.
“Our global expansion continued to progress nicely in the second quarter, and we are proud of our year-to-date performance at the halfway point in 2013,” said Tumi CEO Jerome Griffith. “While our domestic store traffic slowed modestly in the second quarter, our new stores, e-commerce business, wholesale volume, and new product initiatives in the women’s and accessories categories all continued to show strong momentum in the quarter.”
Griffith said the company has a strong pipeline of store openings in favorable markets as it continues to capitalize of Tumi’s status as a premium lifestyle brand.
Sold in high end department stores and specialty stores worldwide, Tumi also operates a network of 200 stores.
Coupon publisher has new CFO
NEW YORK — News America Marketing, a coupon publisher in the U.S. and Canada which produces more than 165 billion coupons annually, has promoted Chris Blanco to EVP, CFO. He will report directly to CEO Paul V. Carlucci.
Prior to his promotion, Blanco spent eight years as the company’s VP and controller. He joined News America Marketing in 1999, serving in many capacities in the organization’s finance department where he has been responsible for the company’s accounting, financial reporting, accounts payable and payroll departments. He is a member of the American Institute of Certified Public Accountants. Blanco graduated from the University of Notre Dame, and received his MBA at New York University’s Stern School of Business.
"Chris’s penetrating understanding of our business combined with his drive, talent, and extraordinary leadership skills make him an important asset to our executive team," said CEO and chairman, Paul Carlucci. "He has excelled throughout his 14 years with News America Marketing. The deep experience and financial insight he will bring to his new role will be an asset to our entire organization."
As CFO, he will work as part of part of News America Marketing’s executive committee as well as the financial executive team of News Corp. Blanco will relocate from News America Marketing’s Connecticut offices to the company’s New York headquarters.
News America Marketing produces coupon insert SmartSource Magazine and coupon app SmartSource Xpress.