Tiffany Q2 misses; cuts profit outlook
New York — Tiffany & Co.’s net income in the second quarter rose 2 % to $91.8 million, up from $90 million last year. But the performance missed Wall Street’s expectations and the jewelry company cut its full-year guidance, citing the tough global economy and weakness in key markets such as New York and Asia.
“We think it is only prudent to maintain a cautious near-term outlook about global economic conditions and the effects on customer spending, with year-over-year growth comparisons in the next few months also being pressured by the strong increases we experienced last year,” said Michael J. Kowalski, chairman and CEO.
Revenue rose 2% to $886.6 for the quarter ended July 31. Sales in the Americas and Europe slipped 1%. Japan’s sales rose 11%, while sales in the Asia-Pacific region increased 1%. Other sales climbed 12%as Tiffany converted five stores in the United Arab Emirates to company-run retail stores.
Same-store sales were down 1%.
Delhaize Group extends partnership with Retalix
Dallas — Retalix Ltd. and Delhaize Group have signed a multi-year global strategic partnership agreement, under which Retalix will become the preferred supplier of in-store software for Delhaize Group’s 3,300 locations, including more than 20,000 point-of-sale terminals, across Eurasia and the United States.
As part of the agreement, Retalix will continue to provide a wide range of products from the company’s store suite, including solutions for the POS, as well as other customer touch points such as self-checkout. The agreement also includes solutions within Retalix’s loyalty and marketing suite, including customer management and targeted marketing.
“Retalix is a true leader in the retail industry, and we extended and solidified our strategic partnership as they have delivered proof of delivering competitive solutions to our business and to operate effectively as a global vendor,” said Frank Suykens, CIO, Delhaize Group Europe, Asia. “We look forward for Retalix to further assist us to continuously improve our store operations and customer service, and to drive innovation.”
Aaron’s chairman to retire
Atlanta — Aaron’s announced that R. Charles Loudemilk, Sr., chairman of the board of directors, will retire mid-September after founding and building Aaron’s, which in now in its 57th year of operation.
Upon his retirement, Loudermilk will become chairman emeritus of the company.
"I started Aaron’s in 1955 renting chairs for 10 cents a piece," Loudermilk said. "I never dreamed that Aaron’s would grow into a publicly traded company employing more than 11,000 people and serving millions of Americans. Though it was one of the most difficult decisions I have ever made, the time has come for me to leave the company and focus on personal endeavors that bring me joy.”