December 2, 2002,
Sears taps KFC vet Cosby
Former KFC executive Mark Cosby has been named president, full-line stores at Sears, Roebuck and Co.
He had served as coo at KFC U.S.A since 2000, leading company and franchise operations. Prior to that, he was chief development officer for Tricon Global Restaurants Inc., heading development and execution of a business strategy for KFC, Taco Bell and Pizza Hut restaurants since 1997.
Fred's posts record sales
Discount general merchandiser Fred's announced it had record sales for the first nine months of the year. The retailer increased total sales 22.2 percent to $778.9 million, coupled with a 12.5 percent comp-store climb. Net income for the third quarter rose 44.0 percent to $7.4 million. Its comp-store customer traffic increased 5.3 percent for the quarter, and the average transaction grew 5.0 percent to $16.76. Turns also improved 5.0 percent over last year, to 4.25. In addition, executives also discussed the one major shift in its holiday marketing plan, of moving its television ad schedule closer to Christmas.