November 26, 2001-- Home Textiles Today,
Home Depot co-founder to retire; Nardelli to become chair
The Home Depot has named Bob Nardelli, president and ceo, to the additional position of chairman, effective Jan. 1. Nardelli will be replacing Home Depot co-founder Bernie Marcus, who will continue to serve on the board until May 2002, when he reaches the mandatory retirement age of 72. Nardelli, who joined the home improvement retailer last December after nearly 30 years at General Electric, will assume the title of chairman and ceo.
Wal-Mart.com will have new coo
John Fleming, Walmart.com's senior vp of merchandising, has been promoted to coo of Walmart.com, succeeding Jeanne Jackson, who announced she will leave the company after the 2001 holiday season. Jackson, who joined the website in April 2000, had no immediate plans to join another company. Fleming, who like Jackson will report to Tom Schoewe, executive vp and cfo for Wal-Mart Stores, joined Walmart.com last year from Target Corp. as senior vp of merchandising for the department store division.
Wal-Mart and Sam's Club Now Accept Each Other's Cards
Customers can now use their Wal-Mart and Sam's Club private-label credit cards at both retailers, as the discounter and warehouse club announced a new program which allows cross-acceptance of credit. Sam's Club members who have Wal-Mart credit cards and Wal-Mart Community & Business cards can now use them to charge items at any Sam's Club in the U.S. and Puerto Rico.
Stein Mart changes fiscal year
Stein Mart's board of directors has approved a change in the company's fiscal year to a 52 to 53 week year ending the Saturday closest to Jan. 31. Previously, the company's fiscal year ended on the Saturday closest to Dec. 31. Financial information for the one-month transition period ending Feb. 3, 2001, will be presented in the company's form 10-K for the fiscal year ending Feb. 2, 2002. In addition, beginning with Feb. 2002 sales, Stein Mart will begin posting monthly comparable store sales. Stein Mart has also completed its 2001 store opening schedule with 15 new stores in the fourth quarter, for a total of 30 openings this year.