Supervalu makes executive appointments; names former OfficeMax exec as CIO
Minneapolis — Supervalu announced appointments to its executive team, including Janel Haugarth who will remain with the company as EVP and president of independent business and supply chain services. The announcement comes as Sam Duncan, Supervalu president and chief executive continues finalizing his leadership team following the sale of five retail banners to Cerberus-led investment group AB Acquisition LLC, a transaction that was completed on March 21.
In other appointments:
Randy Burdick has been named EVP, CIO, for the company, effective March 25, responsible for Supervalu’s information technology infrastructure and personnel, as well as the shared service/contact center organization. Most recently, he spent eight years as CIO at OfficeMax.
Michele Murphy has been named EVP, human resources and corporate communications, effective March 25. She has more than 30 years of experience in a variety of positions dealing with employment law, human resources and labor relations.
With the transaction of the five banners completed, J. Andrew (Andy) Herring, EVP real estate, market development and legal, will depart the company.
J.Crew opening 46 stores in 2013; to make European debut in London
New York — J.Crew Group Inc. expects to open 46 stores in 2013, company officials said during its quarterly conference call.
The specialty retailer will open 17 Madewell stores, 13 factory outlet units and 16 namesake locations, including its first-ever store in Europe, in London.
For the fourth quarter, J.Crew’s earnings were up 18% to $70.4 million. Same-store sales rose 11%.
Tiffany Q4 beats Street
New York — Tiffany & Co.’s fourth-quarter net income inched up 0.7%, but its results still topped analysts’ predictions as strong demand in Asia helped to offset domestic weakness. The company also offered an annual sales outlook that topped analysts’ estimates, citing its strong prospects in most Asian markets.
For the quarter ended Jan. 31, Tiffany earned $179.6 million, compared with $178.4 million in the year-ago period. Revenue increased 4% to $1.24 billion.
"While financial results in fiscal 2012 were disappointing due to lower-than expected sales growth and pressures on gross margin, we continued to maintain a longer term focus on strengthening global awareness of the Tiffany & Co. brand," said Michael J. Kowalski, Tiffany’s chairman and CEO.
Total sales in the Americas region, which represented 48% of the company’s total revenue last year, rose 2% to $620 million in the fourth quarter and 2% to $1.8 billion in the full year. Same-store sales were down 2% in the fourth quarter and the full year.
Sales in Tiffany’s New York flagship fell 3% in both the quarter and full year, and were down 2% at its branch locations for both periods.
In the Asia-Pacific region, total sales increased 13% to $254 million in the fourth quarter and 8% to $810 million in the full year.
In Europe, total sales rose 3% to $146 million in the fourth quarter due to mixed performance by country and also rose 3% to $432 million or 11% of worldwide sales in the full year.
The New York-based jewelry company also says it expects its first-quarter earnings from operations will fall about 15% to 20% as a result of profitability pressures and higher marketing costs, but pick up later in the year.
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