Williams-Sonoma Cuts 3Q, 4Q and Full-Year Outlooks
San Francisco Williams-Sonoma Inc. slashed its fiscal third-quarter, fourth-quarter and full-year profit and sales forecasts Wednesday, citing softer sales.
The retailer now expects a third-quarter loss between 10? and 12? per share compared with a prior forecast for break-even earnings to a 4?-per-share profit. Revenue is anticipated between $732 million and $742 million, down from $802 million to $820 million.
Analysts polled by Thomson Reuters predict break-even net income for the third quarter on sales of $805.8 million. Estimates typically exclude one-time items.
“Over the past six weeks our sales trends have weakened dramatically, reflecting a significantly higher level of consumer concern over the events that have taken place in the global financial markets as well as the increasing likelihood of a prolonged recession,” chairman and CEO Howard Lester said in a statement.
Revenue is now anticipated between $3.27 billion and $3.34 billion, down from $3.57 billion to $3.64 billion.
RadioShack launches electronics trade-in program
FORT WORTH, Texas RadioShack has launched an online electronics trade-in program that allows customers to exchange certain used portable electronics for a RadioShack Gift Card through http://www.RadioShack.com.
Customers who accept the trade-in value for their used product will be mailed a RadioShack Gift Card that can be used toward the purchase of new products in RadioShack stores nationwide or at RadioShack.com. Acceptable items for the RadioShack Online Trade-In Program include GPS devices, MP3 Players, wireless phones, digital camcorders, car audio head units, digital cameras, notebook computers, game media and game consoles.
“We are excited to offer our online customers an environmentally friendly solution by helping them trade-in their used portable electronics while at the same time helping them save on their next RadioShack purchase,” said Peter Whitsett, RadioShack’s evp of merchandising. “We know that consumers are looking for innovative ways to save money, and we think this program will help them stretch their dollars in time for the holiday shopping season at their neighborhood RadioShack.”
Pacific Sunwear rejects Adrenalina proposal
ANAHEIM, Calif. Pacific Sunwear of California announced that its board of directors has decided to reject Adrenalina’s revised proposal to purchase all of the issued and outstanding shares of common stock of Pacific Sunwear.
The company’s management, with the full support of the board, is committed to executing on their strategic plan to create long-term shareholder value.
Adrenalina, a retail-entertainment company currently operates three stores in Florida.