Sears Launches WebTV
Toronto, Sears Canada Inc. launched an online shopping program called Sears WebTV – www.searswebtv.ca. Sears WebTV programs feature eight merchandise categories at a time. The programs are 30 minutes long and are hosted by designer Sandra Gayle, best known for her work on HGTV’s Design Challenge.
“This new online shopping program is a key differentiator for us,” said Frank Rocchetti, senior VP, merchandising and marketing, Sears Canada. “We look forward to reviewing the data from the results in hopes that we can continue to refine the program and provide an even better shopping experience for our on-line customers while seeing a positive return on investment.”
Gap Buys Back More Stock
San Francisco, Gap Inc. approved an extra $500 million for its share repurchase program, effective immediately. Since October of last year, the company has bough back $2.5 billion in shares as part of an ongoing plan to repurchase a total of $3 billion.
Linens ‘n Things Posts $5.9 Million Loss
Clifton, N.J., Linens ‘n Things, reported a net loss for the second quarter ended July 2 was approximately $5.9 million, compared to earnings of $97,000 in the same quarter last year. Comparable net sales for the second quarter of 2005 declined 6.8%. Total net sales decreased approximately 0.9% to $573.3 million for the quarter, down from $578.7 million for the same period last year.