Staff Staff -- Home Textiles Today, July 14, 2008
TJX Boosts 2Q Guidance
With strong sales and margins in May and June, TJX Companies raised its projections for the second quarter to 44 to 45 cents per share, from the earlier outlook of 40 to 42 cents. "Through excellent execution of our resilient off-price business model, we achieved these results on top of two years of exceptional performance in June and despite the challenges of the highly promotional competitive environment," said Carol Meyrowitz, president and ceo.
Tuesday Morning Sees 4Q Loss
Tuesday Morning said declining traffic and sales are likely to result in a fourth quarter loss for the fiscal year ended June 30. The company expects a loss of 5 cents to 8 cents per share compared to the year-ago 5-cent-per-share profit. Sales for the quarter fell 10.4% to $196.5 million; comps fell 12.7%. "Discounts progressively deepened in our sector affecting late June results. Despite traffic pressures, we were able to keep inventory in line," said Kathleen Mason, president and ceo. TM expects full-year EPS from 33 cents to 36 cents; it will report full results on Aug. 26.
Bloomingdale's Promotes Quarta
Elizabeth Quarta has been elevated to operating vp, corporate media at Bloomingdale's. Her promotion from director of national media relations for home, intimate apparel, bridal and corporate initiatives is part of the expanded role the division plays in all facets of external communications, said Anne Keating, svp public relations, special events and corporate philanthropy, to whom Quarta reports. In addition, Elizabeth McGovern has joined the company from Ken Levitt Communications, as director, national media relations; she reports to Quarta.
Macy's Lightens Electricity Load
When temperatures topped 100 degrees on July 9, California utility PG&E called on businesses to cut the strain on the power grid — and Macy's curtailed 2 megawatts of electricity for two hours. Using EnergyConnect "demand response," Macy's cut consumption at 32 stores by dimming accent lights and trimming other functions. Demand response pays companies for rapidly cutting power when the grid needs it most, said EnergyConnect. The reduction in consumption mitigates the risk of rolling blackouts.