Winn-Dixie loss widens in Q1
Jacksonville, Fla. Winn-Dixie Stores reported late Monday a fiscal first-quarter loss of $8.1 million, compared with a loss of $2.3 million in the year-ago quarter.
The grocer attributed the widened loss to revenue drops on storm-related sales and six store closures.
For the quarter that ended Sept. 16, Winn-Dixie also reported comp-store sales decreases of almost 2% as well as total sales decreases of 2% to $1.64 billion.
Winn-Dixie chairman, CEO, and president Peter Lynch, said, “The economic climate continued to impede our growth during the quarter …”
The company said that by the end of the quarter it had remodeled 170 stores since starting a remodeling program in 2007. Winn-Dixie said it plans to remodel 75 stores during the current fiscal year.
Winn-Dixie currently operates 515 grocery stores in the southeastern United States.
Olsen twins launch exclusive line for JCPenney
PLANO, Texas JCPenney has launched a new line from Mary-Kate and Ashley Olsen. The exclusive new line, Olsenboye, will be available for a limited time on jcp.com and in select JCPenney stores beginning Nov. 6, with a full launch set for spring 2010.
“Our juniors customers have grown up with Mary-Kate and Ashley and look to them not only as authentic designers, but also as style icons,” said Liz Sweney, EVP and general merchandise manager of women’s apparel at JCPenney. “The launch of Olsenboye brings aspiration and sophistication to our juniors department, while underscoring our commitment to continue to step up our style and offer our younger customers new, fashion-forward merchandise at affordable prices.”
The Olsebboye collection draws inspiration from different cities around the world and includes denim, bottoms, tops, dresses and shoes ranging in price from $20 to $50.
To help promote the new line, an Olsenboye “mobile shop” will drive around New York City offering consumers a chance to experience the brand and purchase merchandise before the launch.
Credit trends point to pressured consumers
The stock market is looking up, and there is talk of the recession being over, but one look at the trends in Target’s credit portfolio reveal that consumers are not out of the woods. The company’s receivables declined 6.8% in September compared with a year earlier, partly by design as the company sought to mitigate its exposure to charge-offs and delinquencies. Charge-offs totaled 14.37% in September, while delinquencies totaled 6.17%.