Zumiez sees net sales, comps climb in March
Zumiez’snet and same-store sales were on the rise in March.
The teen retailer’s total net sales for the five-week period ended April 1, 2017, increased 4.3% to $71.7 million, compared to $68.8 million for the five-week period ended April 2, 2016.
Meanwhile, same-store sales increased 1.1% for the period, compared to a 7.8% decline for the five weeks ended Apr 2, 2016.
Analysts continue to monitor the chain’s performance, and expect Zumiez’s focus on omnichannel growth, authentic lifestyle positioning and commitment to customer service position bode well, according to Zacks.
Despite these gains, the chain projects a loss of between 17 and 21 cents per share for the first quarter, a factor that has prompted analysts surveyed by Zacks to lower earnings estimates for fiscal 2017 by 11.3% to $1.02 per share.
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Luxury retailer taps Bergdorf Goodman exec to lead brand growth
Coach Inc. has tapped a 26-year fashion veteran to lead the company as its expands its brand portfolio.
Joshua Schulman has been named president and CEO of the Coach brand, effective June 5. In this newly created role, Schulman will be responsible for all aspects of the brand globally, reporting directly to Victor Luis, CEO of Coach, Inc. This new leadership structure follows the 2015 acquisition of Stuart Weitzman, and is an important step in Coach, Inc.’s evolution as a customer-focused, multi-brand organization, the retailer said.
His appointment will be key in helping the retailer add more brands to its portfolio, a move that will also strategically position Coach Inc. as a luxury goods group, according to The Business of Fashion.
Previously, Schulman served as president, Bergdorf Goodman and NMG International, for the Neiman Marcus Group. Schulman joined Neiman Marcus Group in 2012 and assumed additional responsibility for NMG International with the acquisition of MyTheresa.com in 2014. From 2007 until 2012, Mr. Schulman was CEO of Jimmy Choo, Ltd.
Prior to Jimmy Choo, Schulman served in senior executive roles at global retail and luxury brands, including managing director, international strategic alliances, Gap, Inc., executive VP, worldwide merchandising and wholesale, Yves Saint Laurent, as well as worldwide director, women’s ready-to-wear, Gucci.
“I’ve known Josh for many years and had always hoped to attract him to Coach. He lives and breathes our industry and brings a unique blend of brand building and broad retail experience to the company, making him the ideal person for this newly created role” said Luis. “I couldn’t be more excited to have Josh lead the Coach brand.”
The company also announced that Ian Bickley, will be promoted to the new role of president, global business development and strategic alliances for Coach, Inc., effective July 2. Bickley, who is currently president, international group for the Coach brand, will be responsible for strategic partnerships across brands.
Bickley will oversee the company’s global real estate development and will partner with the brand presidents in leading strategic distributor relationships, licensing partnerships and collaborations. He will also be a key leader in the further development of Coach, Inc.’s multi-brand strategy.
Bickley will continue to report directly to Luis.
Finally, Andre Cohen, currently president, North America and global marketing for the Coach brand, will be leaving the company at the end of June to return to Asia with his family. Cohen, who has been with Coach since 2008, was instrumental in Coach’s development in Asia and has been spearheading the execution of the brand’s transformation strategy in the North American market over the last two years, the retailer reported.
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Survey: Shoppers opt for help from phone over sales associate
When it comes for help in stores, shoppers are increasingly going mobile.
That is one of the findings of a survey by Salsify, a product content management platform for distributed commerce, which revealed that 77% of shoppers use a mobile device while shopping in store. This compares to just 35% of shoppers who opt to speak to a salesperson if they have questions about a product.
With so many turning to mobile while shopping in-store, the need for strategic and informed product content is essential, according to the report. Eighty-seven percent (87%) of consumers say accurate, rich, and complete product content is very important when deciding what to buy.
“Consumers are increasingly turning to their mobile devices to answer product-related questions, like price and availability, while they shop,” said Jason Purcell, CEO and co-founder of Salsify. “This year’s research again demonstrates just how critical it is for every brand and retailer to have a systematized approach to maintain robust and relevant digital content to retain shopper attention and win sales.”
The research indicates that consumers between the ages of 18 and 29 are most likely to use a mobile device when shopping online (84% ), followed closely by the 30 to 44 group (78%).
The 60-plus set is least likely to shop online via mobile device, with just 36% straying from more traditional shopping methods for the convenience of mobile.
The survey findings also indicate that the most common paths to purchase online leave room for influencing shoppers.
A majority of shoppers (87%) begin shopping on either Amazon or Google. But while only 4% of consumers who start on Amazon will buy somewhere else, 38% who start a search on Google will buy from a different retailer. This means that brands and retailers have a tremendous opportunity to win sales by improving their product data on Google, according to Salsify.
In other findings:
*Inaccurate product content leads to costly returns and customer churn: Fifty percent (50%) of shoppers have returned an item they bought online because it did not match the product description. Fifty-four percent (54%) of those who returned items are less likely to buy from that vendor again.
*Shoppers need robust product content before buying: Seventy percent (70%) of shoppers need to see at least three product images, and 86% want to read at least three product reviews before purchasing a product.
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