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Stitch Labs updates inventory management platform

BY Dan Berthiaume

San Francisco — Stitch Labs has launched a new user interface for its inventory management platform. Designed to meet the unique needs of retailers, the interface incorporates new visual and interactive experiences.

New features include a single interface page, faster syncs, customized URLs for reporting and data sharing, and increased scalability. The Stitch platform integrates with sales channels such as Amazon, eBay, Shopify and Square. Stitch’s new user interface is available immediately and the company offers a free trial for new customers.

“This next iteration of Stitch isn’t delivered with just weeks or months of work, but years of preparation and learning from our customers,” said Brandon Levey, CEO and founder of Stitch Labs. “We’ve seen how much other systems have matured in what they offer sellers, and this was the perfect time to create a platform that centralizes those systems.”

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Greg Penner named Walmart vice chair

BY CSA STAFF

Wal-Mart Stores chairman Rob Walton, 69, announced the appointment of Greg Penner, 44, as vice chairman at the company’s shareholders’ meeting Friday morning, a move that positions Penner, Walton ‘s son-in-law, as his successor.

“One of the board’s most important responsibilities is long-term succession planning, and the company spends considerable time planning for stability and continuity, both at the board and management level,” said Walton, who will remain chairman of the board of directors. “In keeping with this commitment, I’m pleased with Greg’s appointment. Walmart has benefited from his broad expertise in strategic planning, finance and investment matters. I’m excited about Greg working closely with me, the Board and the management team in guiding Walmart into the future.”

Penner has served on Walmart’s board since 2008. He is chair of the Technology and eCommerce Committee and also serves on the Global Compensation and Strategic Planning and Finance Committees.

“I am committed to the long-term success of Walmart,” said Penner. “My first Walmart experience was in 1994 and over the years I’ve developed a deep appreciation for our associates and their service to our customers. I look forward to contributing to a stronger Walmart in any way possible including how we develop new digital capabilities to add to our store offering. This is an exciting time to be part of Walmart.”

Penner has been a general partner of investment management firm Madrone Capital Partners since 2005. From 2002 to 2005, he served as Walmart’s SVP and CFO, Japan. Prior to that role, he was SVP of finance and strategy for Walmart.com. Before joining Walmart, Penner was a general partner at Peninsula Capital, an early stage venture capital fund, and a financial analyst for Goldman Sachs & Co.

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Men’s Wearhouse delivers better-than-expect results in Q1

BY CSA STAFF

The Men’s Wearhouse expects to complete its merger with Jos. A. Bank in the next few weeks, and looks forward to reaping the benefits of that combination as it closes its fiscal first quarter ended May 3.

Total net sales for quarter increased 2.3% to $630.5 million from $616.5 million in the prior-year quarter. Retail segment sales for the quarter increased by 2.4% and corporate apparel sales increased by 0.8% as compared to the prior year quarter.

"We were pleased to report adjusted EPS of $0.69 despite the Easter-driven tuxedo timing shift that moved revenue to the second quarter,” said president and CEO Doug Ewert. “Our Men’s Wearhouse stores performed above plan with sales growing 4.8% over last year’s first quarter and comparable sales up 2.9%. Moores’ revenue was negatively affected by currency exchange rates during the quarter but performed very well, with comparable store sales rising 6.0%. While GAAP operating income decreased, we grew adjusted operating income for all retail brands and were able to leverage SG&A despite an increase in advertising.”

Net sales at core flagship brand Men’s Wearhouse stores, which represented 67% of total first quarter sales were up 4.8% from last year’s first quarter sales and comparable sales increased 2.9%. On a comparable basis an increase in average transactions per store more than offset a decrease in clothing product average unit retails (or the net selling price per unit). The higher margin tuxedo rental revenues comparable store sales increased 4% in the quarter.

Moores, the Canadian retail brand, was 8% of the total first quarter sales and had a comparable sales increase of 6% due mainly to increases in average transactions per store and units sold per transaction. These were slightly offset by a decrease in clothing product average unit retails.

Net sales change for Moores decreased 2.4% due to an unfavorable change in the currency translation rate. K&G was 15% of the company’s total first quarter sales with a comparable sales decrease of 1.2% with lower average unit retails and average transactions per store that more than offset increased units sold per transaction. The Corporate Apparel segment, which represented 9% of total first quarter sales, had a sales increase of 0.8%.

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