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Scott Kennedy named president of Target financial and retail service

BY Mike Troy

Minneapolis — Scott Kennedy was named president of Target financial and retail service to replace long time finance executive Terry Scully.

Scully spent nearly 35 years with Target and is moving into a strategic advisory role to ensure the smooth transition of the recently sold credit card portfolio to TD Bank Group. Scully, 60, will officially retire in March 2014. Filling his shoes as head of financial and retail services is Scott Kennedy, 44. He joined Target in 2005 and currently serves as VP of pay and benefits.

Scully joined Target in 1979 and held a variety of financial and credit card roles. In 1998, he became VP finance for Target Financial Services and was elevated to his current role in 2003.

The moves come as Target completed the $5.7 billion sale of its entire consumer credit card portfolio to TD Bank Group. The companies entered into a seven-year program agreement under which TD will also underwrite, fund and own future Target credit card and Target Visa receivables in the United States. Under the program agreement, TD will control risk management policies and oversee regulatory compliance and Target will continue to perform account servicing functions.

Target plans to maintain the current deep integration between its financial services operations and its retail operations and the agreement will not have any impact on Target’s 5% REDcard Rewards program.

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N.Ka says:
Mar-15-2013 10:00 am

This guy is theater actor since in 1960. Terry is British, and appeared in Dawn of God's. - Michael Courouleau

N.Ka says:
Mar-15-2013 10:00 am

This guy is theater actor since in 1960. Terry is British, and appeared in Dawn of God's. - Michael Courouleau

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Christopher & Banks narrows Q4 loss

BY Staff Writer

Minneapolis — Christopher & Banks Corp. narrowed its fiscal fourth-quarter loss as the company received a boost from an extra week of sales and cut costs.

The retailer posted a loss of $4.1 million for the 14 weeks through Feb. 2, compared with a loss of $53.2 million in the 13 weeks the year before.

Revenue was up 10%, to $116 million from $105.6 million. Same-store sales jumped 18.5%.

Total expenses fell 25% to $120 million.

Christopher & Banks has been closing poor-performing stores and cutting costs to help turn its business around.

"We intend to continue to build upon this foundation to drive sustainable long-term sales and earnings growth," CEO LuAnn Via said in a statement.

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S.Hance says:
Mar-14-2013 06:36 pm

We can't really deny that we can escape the loss. Sometimes we can really have loss but we need to do something to bring back the gain. - Aflac Assist LLC

S.Hance says:
Mar-14-2013 06:36 pm

We can't really deny that we can escape the loss. Sometimes we can really have loss but we need to do something to bring back the gain. - Aflac Assist LLC

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Men’s Wearhouse posts Q4 loss; exploring alternatives for its K&G business

BY Marianne Wilson

Houston — The Men’s Wearhouse Inc. posted a larger-than-expected loss for its fiscal fourth quarter. The retailer also announced that it was exploring the possible sale of its weaker performing K&G unit.

The company lost $3.4 million for the quarter that ended Feb. 2, compared to a loss of $3.8 million in the year-ago period.

Revenue rose 8.2% to $608.4 million. Revenue from Men’s Wearhouse stores, which made up 61% of the quarter’s sales, rose 9.1%.

According to Men’s Wearhouse president and CEO Doug Ewert, the company believes that its core strength lies primarily in its namesake brand and its Canadian banner (Moores). To better focus its efforts on these core operations, Ewert said, the company has hired Jefferies & Co. to assist in evaluating strategic alternatives for its 97-store K&G business.

Men’s Wearhouse said its board has approved a new share repurchase program of $200 million, which amends and increases the company’s existing share repurchase authorization.

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itoffer says:
Mar-20-2013 07:15 am

In your quest of becoming a computer administrator you should make sure that you are at least 2 years of experience when that you are a Microsoft Certified Technology Specialist or MCTS certificated depending on the area where MCITP certification will be pursued. 70-648

itoffer says:
Mar-20-2013 07:15 am

In your quest of becoming a computer administrator you should make sure that you are at least 2 years of experience when that you are a Microsoft Certified Technology Specialist or MCTS certificated depending on the area where MCITP certification will be pursued. 70-648

S.Hance says:
Mar-14-2013 06:37 pm

Men's Wearhouse Inc. should make a strategy to gain a profit. Marketing is useful in this situation. - Aflac Assist LLC

S.Hance says:
Mar-14-2013 06:37 pm

Men's Wearhouse Inc. should make a strategy to gain a profit. Marketing is useful in this situation. - Aflac Assist LLC

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