Tween Brands CFO Resigns
New Albany, Ohio Tween Brands Inc. said Wednesday CFO Paul C. Carbone has resigned, effective immediately.
Tween Brands said the resignation was not related to “a disagreement with inaccuracies or omissions in the company’s financial reporting and accounting systems.”
The company said it has started to search for a new CFO to replace Carbone. In the interim, Tween Brands said Kenneth T. Stevens, president and COO, will take on the role of principal financial officer.
The company also announced that its fourth-quarter profit dropped 11% due to a hefty restructuring charge that outweighed a boost in sales.
For the quarter ended Feb. 3, net income fell to $25 million from $28.2 million in the prior-year quarter. Revenue rose 16% to $315.8 million from $272.3 million in the fourth quarter of 2006.
Meanwhile, same-store sales rose 8% in the quarter for Tween Brands. Same-store sales at its Justice brand rose 29% and same-store sales at Limited Too rose 2%.
For the year, profit fell 19% to $52.6 million from $64.8 million in the prior year.
Disney unveils new line of interactive toys
NEW YORK Disney announced today that it has launched a new line of Disney Fairies toys featuring Clickables technology. The interactive toys, Disney reported, were created as an exclusive collaboration with Techno Source.
The Disney Fairies toys, according to Disney, allow users to connect in the Disney Fairies Pixie Hollow, an online virtual world.
“The future of toys is about connecting online and offline play,” said Chris Heatherly, vp of technology and innovation for Disney Consumer Products. “Kids and tweens are quickly embracing virtual worlds and, while there are several Internet-related toys in the market today, the play ends when the computer gets shut down. With our new line of Disney Fairies toys featuring Clickables technology, we’re bringing the fun of social networking, collecting, and trading into the real world so that girls can extend the fun of the enchanting online world of Pixie Hollow to school, the park, or wherever they may be.”
The Disney Fairies line will range in price from $4.99 to $29.99 for interactive charms, bracelets and jewelry boxes.
Farrah to head power tool unit at TTI-North America
ANDERSON, S.C. Techtronic Industries Co. has appointed Mike Farrah as power tool division president for TTI-North America. In his new position, Farrah will have full responsibility for the business as it relates to the Ryobi and RIDGID brands, including operations, product development, sales and marketing.
“Mike is a recognized leader with an extensive background in the power tool industry,” said Mr. Joseph Galli Jr., ceo of TTI. “His knowledge of our business from the retail perspective has proven invaluable. Since he joined TTI last year, Mike has led our power tool business to new heights, and I’m sure he will continue to excel in his expanded role.”
Farrah joined TTI in March 2007 as senior vp of power tool sales, marketing and product development. Previously, Farrah spent 10 years at The Home Depot in roles with increasing responsibility, including global product merchant for power tools. Prior to that, he spent an additional 10 years in the manufacturing and construction industries.