September 17, 2007,
JCP Shoppers Keep 'Appointments'
Although JCPenney saw consumer shopping "headwinds" in the second quarter, chairman and ceo Myron Ullman said the core customer "is more affected by the sentiment" of a slack economy "than the reality." Ullman said the JCP shopper is holding steady during "appointment" shopping times such as back-to-school and holiday, but said there's less store traffic in between promotions. "We don't expect the second half to be an easier environment," he added, and said JCP's command of about 6% of its customer's wallet is "a huge opportunity."
Kohl's Launches Food Network Line
Ikea Preps Second Florida Store
Ikea will open its first Orlando store Nov. 14. The 309,000-square-foot unit will be its 33rd in the U.S., and will join its only Florida counterpart in Sunrise, Fla. For summer 2009, the retailer plans to debut a unit in Tampa. The new Orlando store will be located on 22 acres south of Conroy Road and across Eastgate Drive from The Mall at Millenia.
Sears Holdings Taps Reidy for Finance
Sears Holdings has named Miles Reidy evp and cfo effective in October, to report to William Crowley evp, cao, who has been serving as interim cfo. Reidy most recently served as financial cost executive reporting to the chief risk officer at Capital One Financial Corp. Previously, he worked at financial institutions including Chevy Chase Bank, First Commerce Corporation, and Mellon Bank Corp.
Family Dollar Taps Brokaw
Neighborhood discount chain Family Dollar Stores has named Timothy Brokaw vp - decision support, reporting to Ken Smith, svp and cfo. Brokaw previously spent 10 years with auto parts retailer Pep Boys, most recently as vp, planning.
Retail Ventures Gains on Accounting
Off-price retailer Retail Ventures reported a dramatic leap in second-quarter profit to $106.2 million, up from a loss of $16.0 million last year. However, the gain was due to an accounting change from a "change in fair value of derivative instruments" and "hedging activities" — not to retail operations. The change in value is recognized as earnings, the company noted in its SEC filing. Sales of $732.7 million were up 7.0% from $684.5 million; comps rose 0.3%. Comp sales at upscale Filene's Basement were up 7.0%, while the lagging discount operation Value City saw a 7.3% comp decline.