FINANCE

Saks CEO reduces orders to boost profits

BY CSA STAFF

New York City Saks CEO Stephen Sadove said Monday that the company is aiming to order at least 20% less from its vendors in 2009 and forecasts a subsequent jump in gross margin, according to a report by Bloomberg.

The cuts may curb what Sadove has described as the “enormous excess” that existed last year in the luxury retail category.

“Across the board you are going to find less of the sizes, less of the availability in almost all of the categories,” Sadove told Bloomberg. “You are probably going to see less aggressive markdowns than you saw last year.”

Neiman Marcus cut its orders 25% in the quarter ended May 2 and said on June 10 that it is being “conservative” for the rest of the year. Both Neiman and Saks have said they are weeding out underperforming labels.

Nordstrom and Cincinnati-based Macy’s have said they are buying less, too.

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‘American Idol’ album exclusive to Walmart

BY CSA STAFF

NEW YORK A new album featuring the top 10 finalists from the most recent season of American Idol will be available exclusively at Walmart and Walmart.com on June 30.

The album, titled “American Idol Season 8,” was produced by 19 Recordings and RCA Records and features two tracks from American Idol champion Kris Allen — his hit single “No Boundaries” (written By “Idol” judge Kara DioGuardi, Cathy Dennis and Mitch Allan) and his version of Donna Summer’s “She Works Hard For The Money.” There are also two tracks from runner-up Adam Lambert — his version of “No Boundaries” and his acoustic take on Tears for Fears “Mad World,” based on the arrangement by Michael Andrews and Gary Jules from the “Donnie Darko” soundtrack. The album also features one track each from all of the other Top 10 contestants before culminating with runner-up Adam Lambert’s recording of “No Boundaries” as well.

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New prototype ready for Texas

BY CSA STAFF

The town of Huntsville, which is about an hour north of Houston on I-45, soon will be home to one of Target’s new fresh prototype stores. A 131,000-sq.-ft. discount store with an expanded offering of fresh products is scheduled to open in Huntsville on July 26. The “P-fresh” Target stores are seen as an important element of the company’s strategy to attract increased customer traffic because customers will be able to satisfy a broader range of their food needs. The store will offer top-selling produce items and a limited assortment of meat, in addition to frozen and refrigerated products, baked goods and dry grocery items. The store isn’t technically a SuperTarget, but it will undoubtedly feel that way to some shoppers unaccustomed to finding such a large selection of food in a Target store.

 

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