Tommy Hilfiger Europe automates payments process with software from Sterling Commerce
Barcelona, Spain — Tommy Hilfiger Europe has selected an electronic invoicing software from IBM to reduce the cost of cross-border and domestic trading by automating its electronic invoicing processes.
Tommy Hilfiger’s accounts receivable department processes more than 30,000 invoices per month from 4,000 customers. The company wanted to improve profits by ensuring all invoices are processed accurately in order to be paid on-time and in-full. An end-to-end audit of accounts receivables processes found that invoices cost approximately one Euro each to print and post internationally.
Additional costs were incurred in the manual process through lost receipts and man-hours needed to rectify errors and chase-up receipts.
To achieve its objectives, Tommy Hilfiger adopted software from Sterling Commerce, an IBM company, to automate its payments process, reduce the error rate in its invoice handling and speed up payments.
“To us, e-invoicing is the future of invoicing and we wish to be among the first companies in our industry to offer this service to our customers,” said Frederick Kolff, VP of credit management, Tommy Hilfiger. “Software from Sterling Commerce offers a terrific solution that improves the speed, accuracy and efficiency of our invoicing process and ensures compliance with all safety and auditing regulations in the various countries where we operate. As a result, our invoicing costs will reduce and our days sales outstanding will improve. Equally important to us is that we can have a positive impact on the environment from e-invoicing due to the huge amount of paper we will save.”
The software, Sterling e-Invoicing, ensures automated tax and regulatory compliance across multiple countries. The system also archives invoices to meet specific country requirements, offers audit and reporting tools to accommodate tax authorities’ audit and inquiry demands and provides signed PDF authentication and non-repudiation services globally.
Sterling e-Invoicing can be deployed on-premise or as-a-service. Tommy Hilfiger opted for the on-premise Sterling e-Invoicing deployment to integrate tightly into its SAP system.
JCP forecast calls for Q4 comps of 3% to 4%
JCPenney is looking for a solid sales performance from its 1,100 stores and online presence this holiday season, as the company provided fourth-quarter guidance that calls for same-store sales to increase in the range of 3% to 4%.
“As we enter the fourth quarter and all important holiday season, our gift assortment is better than ever, including many exciting styles under our new brands. We expect the environment to remain highly promotional and we have planned a robust calendar of events to ensure customers know that JCPenney should be their first choice shopping destination,” company chairman and CEO Myron Ullman said in a prepared statement released Friday in conjunction with third-quarter profits that exceeded analysts’ estimates.
Third-quarter earnings per share of 19 cents were two cents better than analysts forecast and well above prior-year earnings per share of 11 cents. Same-store sales for the period increased 1.9%, and total sales were essentially flat at roughly 4.2 billion, as the company eliminated its Big Book catalog.
The third-quarter comp increase was the third consecutive quarterly gain and Ullman said it is the result of planned merchandising initiatives.
“In addition to the highly successful launch of the iconic Liz Claiborne brands, which is now exclusive to JCPenney, we have seen clear signs of strength in key businesses and our Sephora inside JCPenney concept continues to surpass our expectations,” Ullman said. “At the same time, our strengths in sourcing and planning and allocation have allowed us to offer very sharp price points and to flow inventory into our stores in a way that reflect the ongoing trend of customer buying closer to need.”
Best Buy encourages consumers to recycle on Nov. 15
MINNEAPOLIS Best Buy announced that it is encouraging consumers nationwide to take action on America Recycles Day, Nov. 15, by using Best Buy’s comprehensive, convenient recycling and trade-in programs for old or obsolete electronics.
“As we help consumers make smart technology choices today, we have a responsibility to help them get rid of their old and obsolete devices,” said Paula Prahl, senior vice president, communications, public affairs, and corporate responsibility, Best Buy. “Our programs make it simple for consumers to recycle and help significantly reduce the amount of electronics in the waste stream.”