Report: Target not replacing departing merchandising VP
New York — Another executive is leaving Target Corp. in the ongoing shakeup of the retailer’s management team under the watch of CEO Brian Cornell.
Jose Barra executive VP of merchandising, is leaving Target for a new position, according to the Wall Street Journal. His resignation follows the recent departure of the chain’s chief merchandising officer merchant, Kathryn Tesija, who stepped down after a long career and moved to an advisory role. Target said there would be no replacement for Barra, Reuters reported.
Barra was one of three merchandising deputies reporting directly to Tesija. He was promoted to executive VP along with two other merchants last year, shortly after Target CEO Brian Cornell took the helm.
Target's merchandising team includes Anne Dament, senior VP grocery; Christina Hennington, senior VP health and beauty; and Scott Nygaard, senior VP hardlines. According to an internal memo obtained by Drug Store News, the position of executive VP essentials and hardlines will be eliminated and Dament will assume responsibilty for owned brands. Dament will pick up responsbility for household, paper and pets in October. She will direct Amanda Irish, VP owned brands, and Moyo Labode, VP household, paper and pets.
Nike has made over its Seattle flagship with a more contemporary look and technology that help customers select running shoes that are the perfect match for their feet and gait.
The store features such unique design elements as a custom neon sculpture celebrating sport icons and the city's cultural symbols. An art installation signed by Seattle Seahawks players honors Seattle's sports fans.
Attracting the most attention, however, is the run analysis station where a staffer, using new Nike technology, analyzes a customer’s running stride on a treadmill. The associate makes product recommendations based on the results of the test.
Nordstrom avoids the department store doldrums
In a week in which many of the nation's major department stores reported disappointing financial results, Nordstrom showed once again how to drive sales growth.
The Washington-based retailer reported that total sales rose 9.2% from the same quarter in 2014, while same store sales rose 4.9%. The company posted a profit of $211 million, or $1.09 a share, compared with $183 million, or 95 cents a share, a year earlier.Revenue, which includes revenue from its credit cards, rose 9% to $3.7 billion.
Nordstrom's profit included a $51 million gain related to the sale of its U.S. credit card portfolio to Toronto-Dominion Bank. The company says it expects to get about $1.8 billion from the deal.
"The company's second quarter performance, which was in-line with company expectations, reflected the execution of its customer strategy and continued top-line strength fueled by its growth investments," the company said in a statement.
Looking ahead, Nordstrom projects profit of $3.85 to $3.95 a share with net sales increasing 8.5% to 9.5% and same store sales up 3.5% to 4.5% for the third quarter.
Nordstrom plans to open its third store in Canada in September, part of a planned six-store expansion in that country. It also plans to open a slew of off-price stores starting in the fall of 2017.
Nordstrom operates 304 stores in 38 states and Canada.