News

Wolverine World Wide adds Unilever exec to board

BY CSA STAFF

Wolverine Worldwide has appointed Gina R. Boswell to the company’s board of directors.

Boswell is EVP, personal care, for global food, personal care and household products company Unilever. She has held numerous senior leadership positions with other leading global companies, including Avon Products, Ford Motor Company and Estée Lauder Companies.

Boswell was included in the 2012 "Women to Watch" by AdAge magazine and was named an "Achiever of the Year" in 2011 by Cosmetic Executive Women. She also serves on the board of directors of ManpowerGroup.

"Gina Boswell is a well-rounded executive with a strong global perspective on the consumer marketplace, and I and my fellow directors are exceptionally pleased to have her join the board," stated Blake W. Krueger, the company’s chairman and CEO. "She has an impressive track record of building global brands, executing business strategy and growing market share in international markets — all significant assets to our portfolio of 16 global lifestyle brands."

"Wolverine Worldwide is one of the very best footwear and lifestyle companies in the world," said Boswell. "Its portfolio contains some of today’s most sought-after brands, and I could not be more pleased to join a company that has such an intent focus on design and innovation, global brand building and consumer connections."

Boswell is a graduate of Boston University and received a master’s degree in public and private management from Yale University.

Unilever’s products are sold in more than 190 countries and include global brands such as Dove, Lipton and Hellman’s.

Wolverine World Wide is a leading marketer of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. The company’s portfolio of brands includes Merrell, Sperry Top-Sider, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago, Cushe, Chaco, Bates, Hytest and Soft Style. The company is alsovthe global footwear licensee of the Cat, Harley-Davidson and Patagonia brands. Its products are carried by leading retailers in the U.S. and globally in approximately 200 countries and territories.

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REAL ESTATE

RMC names new director of property management

BY Michael Fickes

Tampa, Fla. — RMC Property Group has named Sharon Rogers-Barron director of property management for the company. She will oversee the day-to-day property management and financial performance of RMC proprietary properties and third party managed assets.

Prior to joining RMC, Rogers-Barron served as VO of asset management for a 1.3-million-sq.-ft. portfolio of commercial assets in the Tampa Bay area. In that capacity, she was responsible for the day-to-day property operations and tenant relationships, third party leasing, tenant improvements and capital construction, and financial reporting.

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News

Lululemon shares slide thanks to Q4 expectations

BY CSA STAFF

Lululemon’s increases in net revenue, gross profit and comparable-store sales beat expectations, but shares slid after the company said it anticipates flat comparable-store sales in the fourth quarter.

According to reports, shares dropped 10.7% to $61 after the company posted its financial results for the third quarter ended Nov. 3, which saw net revenue increase 20% to $379.9 million from $316.5 million in last year’s third quarter. Comparable-store sales in the quarter increased 5%.

Direct to consumer revenue in the quarter increased 37% to $62 million, representing 16.3% of total company revenues — an increase from 14.3% of total company revenues in last year’s third quarter. Gross profit for the quarter increased 17% to $204.6 million.

"We are proud of our third quarter results, with sales in line with our expectation and earnings ahead of our guidance and rebounding to a double digit growth rate," said exiting CEO Christine Day. "This so far has been a year of challenges, learning and growth for Lululemon, and while our outlook for the fourth quarter is being impacted by both macro and execution issues, I believe that the investments we are making in the business combined with the team in place create a strong platform for growth in the years ahead."

As it enters the fourth quarter, the company expects net revenue to be in the range of $535 million to $540 million based on flat comparable-store sales.

The company this week named former Toms president Laurent Potdevin as its new CEO and elected him to its board of directors. He assumes his duties in January 2014.

Day has served as the company’s CEO since 2008 and announced her intention to resign in June 2013, following a challenging year for the company which included a recall of its signature black pants because they were too sheer. She is expected to remain with Lululemon through the end of the company’s fiscal year to ensure a smooth transition.

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