Staples 2Q Profit Drops 16%
Framingham, Mass. Staples Inc. said on Wednesday that quarterly profit fell 16% as customers cut back amid the slumping U.S. economy.
Earnings declined to $150.2 million in the second quarter ended on Aug. 2 from $178.8 million a year earlier.
Staples had previously said savings from its $2.65 billion purchase of Dutch peer Corporate Express were lighter than some analysts had expected.
Sales rose 18.3% to $5.07 billion, driven by the Corporate Express acquisition.
Sales at North American retail stores fell 1%. Same-store sales fell 7% in both North America and Europe.
Frederick Wildman and Sons names fine wine marketing director
NEW YORK Frederick Wildman and Sons, Ltd., announced the appointment of Martin Sinkoff to the position of director of marketing for the newly created fine wine division.
In his new role, Sinkoff will report directly to Richard Cacciato, ceo and president of Wildman and will be responsible for determining the company’s overall fine wine strategy and marketing activities. He will also supervise a team of brand managers encompassing Wildman’s fine wine portfolio.
“We are truly thrilled to include in our team someone with Martin’s experience and motivation,” says Cacciato, president of Frederick Wildman and Sons, Ltd. “His extensive wine knowledge and understanding of results-driven marketing adds tremendous value to our company as we continue to build our renowned wine brands.”
Payless extends deal with Bendet Eisner
NEW YORK and TOPEKA, Kan. Payless ShoeSource and fashion designer Stacey Bendet Eisner announced that they have extended their agreement for Bendet to continue to design her collection, alice + olivia for Payless. Bendet’s footwear label that was first launched this past spring exclusively available at Payless stores, payless.com, and alice + olivia boutiques.
The original agreement covers the spring, summer and fall 2008 seasons. This new deal includes alice + olivia women’s collections including shoes and handbags for spring and summer 2009. Also, as part of the new contract, Bendet will design girl’s shoes under the alice + olivia for Payless brand, which will be available beginning spring 2009.
“We are excited to continue to bring women across America — and now little girls — Stacey’s fun and flirty designs in the popular and well- selling alice + olivia for Payless label,” said LuAnn Via, president and ceo for Payless ShoeSource. “Stacey’s original designs have been very successful for us, and we look forward to seeing her continued creativity and strong understanding of footwear and accessory trends introduced at New York Fashion Week next week, and then later available to shoppers in our stores.”