Report: Home Depot to spend $1.3 billion on technology and $700 million on new stores
New York — The Home Depot plans to spend $1.3 billion on new technology and $700 million to build 36 new stores from 2013-15, according to a report by Investors Daily.
The report was based on remarks chain’s senior VP finance, Ted Decker, made Tuesday at Jefferies Global Consumer Conference.
Decker also said the company plans to build “new state-of-the-art distribution facilities” to leverage its stores.
Children’s Place loses COO
SECAUCUS, N.J. — Eric Bauer, COO of The Children’s Place Retail Stores, has left the company effective June 19, the company announced Wednesday. Jane Elfers, president and CEO, will resume oversight of the company’s supply chain, store operations, finance, information technology and real estate functions.
Commenting on Bauer’s departure, Elfers said, "We thank Eric for his contributions and wish him well in his future endeavors."
Bauer joined Children’s Place as COO in May 2011, after spending eight years with Gap Inc., culminating in his appointment as EVP brand operations, COO for Gap North America where he was responsible for finance, store operations, real estate, distribution, logistics, information technology and their Canadian operations.
For it’s most recent quarter, the company reported sales that were negatively impacted by the unseasonably warm weather this winter. The company said that comparable-store sales for the quarter declined 2.7%, and net sales were up only slightly (0.9%) to $457.5 million from $453.2 million for the fourth quarter of 2010.
Children’s Place also reported a drop in income from continuing operations after tax from $32.7 million, or $1.24 per diluted share, to $24.2 million, or 97 cents per diluted share.
Kohl’s goes high fashion with designer partnerships
MENOMONEE FALLS, Wis. — Kohl’s Department Stores is boosting its high-fashion image with the launch of a new, limited-edition collection concept called DesigNation featuring fashions from different premier designeres. Narcisco Rodriguez will be the first designer featured in the series. The collection will include pieces inspired by Rodriguez’s trip to Istanbul, Turkey earlier this year and will be available exclusively at Kohl’s and Kohls.com beginning in early-November 2012.
Kohl’s will launch multiple DesigNation collections throughout the year. Each collection will feature a different designer, marrying his or her aesthetic with influence from various international destinations, the company said.
“Kohl’s has a long-standing history of successful and innovative long-term partnerships for both exclusive and national brands such as Simply Vera Vera Wang, Jennifer Lopez, Cuisinart and Levi’s,” said Kevin Mansell, Kohl’s chairman, president and CEO. “Additionally, we are pleased to offer our customers more fashion options through the DesigNation concept. We are confident that the Narciso Rodriguez collection will resonate with consumers nationwide and continue to position Kohl’s as a style destination.”
Rodriguez’s DesigNation collection for Kohl’s will feature misses apparel including outerwear, dresses, skirts, pants and shirts. Retail prices for the collection will range from $30 to $150. The collection will be available from November through December 2012.
“In Istanbul, I found beauty in colors, textures and patterns, but also in the nuances of the city; the patina on the walls, the color of the stone and the way people moved…” said Rodriguez. “I am excited to partner with Kohl’s to bring this DesigNation collection to life and provide women with beautiful clothing at an accessible price."