Home & Textiles Today Staff -- Home Textiles Today, December 17, 2007
Neiman Marcus 1Q Profits Boom
With a year-over-year sales boost of about $95 million and no repeat of last year's $24 million loss from discontinued operations (i.e. Kate Spade), department store operator Neiman Marcus reported net earnings of $78.8 million in the first quarter of fiscal 2008. That result was nearly triple the $27.2 million earned a year ago. Revenues grew 8.6% to $1.13 billion, with a comp gain of 6.5%.
Sears Holdings to Cut PVC Usage
Sears and Kmart parent Sears Holdings has pledged to “reduce and phase out” the use of polyvinyl chloride (PVC) from merchandise and packaging materials, thus joining the growing wave of retailers making this green move. Besides the general pledge to “show preference” to suppliers using less toxic and non-toxic alternatives to PVC, Sears Holdings said it will “incorporate the Society of the Plastics Industry labeling system on private label merchandise packaging to make it easier for consumers to incorporate packaging options into their purchase decision.”
Target Sponsors BKLYN Designs
Preparing for its sixth annual edition, the three-day BKLYN Designs juried show of local home furnishings designers and manufacturers has added Target Stores to its roster of sponsors. The event, organized by the Brooklyn Chamber of Commerce, will run May 9-11, 2008 and kick off NY Design Week. As a presenting sponsor, Target will add BKLYN Designs to its Target Design Speaker Series. “We believe that great design is more than great products, aesthetics and style,” said Laura Sandall, Target director of events marketing and publicity. “It's about promoting creativity and innovation that leads to extraordinary products, processes and experiences; making great design accessible to all.”
CFO Resigning from Tuesday Morning
Closeout retailer Tuesday Morning said executive Elizabeth Schroeder, evp and cfo, will resign effective Jan. 15, 2008. Schroeder joined the retailer in those positions in summer 2006, after stints at two hospitality companies. The notice came in a filing with the SEC, and the company did not name a replacement for Schroeder, who is also secretary and treasurer of the Dallas-based retailer.
Bobby Flay Newest Kohl's Exclusive
Kohl's is extending its branded product collaboration with Food Network with an exclusive collection of kitchenware and casual entertaining products by Bobby Flay, the FN barbeque guru since the 1990s. Launch is set for spring 2008. It will be Flay's first merchandise collection and Food Network's first branded line created with a celebrity. Kitchen textiles will be part of the casual lifestyle line, which will also include cookware, dinnerware, kitchen gadgets, utensils, cutlery, kitchen electrics and barbeque tools. The brand is inspired by Flay's style in preparing meals and entertaining with Mediterranean influences, bold colors and rich textures.
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