Heath E. Combs -- Furniture Today, April 27, 2009
Lundgren to Speak at Shop.org Summit
Macy's chairman, president and ceo Terry Lundgren will provide the keynote address at Shop.org's annual summit in Las Vegas this fall.
The summit will take place Sept. 21 to 23 at the Mandalay Bay Hotel and Casino. Lundgren will speak Sept. 22 at 11:30 a.m., addressing multichannel integration. Other featured speakers will include John Donahoe, president and ceo of eBay; Dawn Lepore, chairman and ceo, drugstore.com; Kelly Mooney, president and chief experience officer for interactive marketing services firm Resource Interactive; and Sucharita Mulpuru, senior analyst, retail, Forrester Research.
Shop.org, is a division of the National Retail Federation. Shop.org's 700 members include the 10 largest retailers in the United States and more than 60% of the top 100 e-retailers, according to the organization.
Tuesday Morning sales slip in 3Q
Tuesday Morning reported that third-quarter sales fell 6.4% to $167 million. Comps declined 9.5%, driven by a 1.7% drop in traffic and a 7.8% decrease in ticket. For the nine months ended March 31, sales dropped 11% to $613.1 million. Comps were off 14.2% owing to an 8.3% decrease in traffic and a 5.9% decline in ticket.
Family Dollar Sales and Profits Rise
Strong consumable sales and a reduction in markdowns helped propel a 33% jump in profits at Family Dollar during the second fiscal quarter, executives said during its recent quarterly conference call.
Sales in the home department "stabilized" during the quarter, but the company doesn't expect sales of home, apparel or seasonal to really pick up until the economy improves, according to Ken Smith, svp and cfo. Gross profit margin across the store was 33.7% versus 32.7% in last year's second quarter.
Family Dollar rang up a profit of $84.1 million, or 60 cents per share for the quarter ended March 1. Sales rose 8.7% to $1.83 billion, with comps up 6.5%.
The company said it expects sales will increase 5% to 7% for the full fiscal year, with comps up 3% to 5%. Family Dollar forecast fiscal year earnings per share between $1.90 and $2, compared to EPS of $1.66 last year.
JCPenney Going Solar in N.J., California
JCPenney last week celebrated the installation of solar electric systems in five New Jersey stores by SunPower Corp., one element of a deal with Integrys Energy Services that will also see four California stores receive installations.
The total solar electric generation capacity of the nine locations will be 3.7 megawatts, the companies said.
The retailer said it expects the systems to generate about one-quarter of each store's total energy demand; JCP also upgraded lighting components with more efficient fixtures.
Michael Taxter, evp and director of JCPenney stores, noted, "New Jersey's progressive efforts to promote renewable energy, combined with SunPower's high-efficiency technology and Integrys' financing, worked together to make this project viable."
JCP purchases electricity from Integrys at rates competitively priced against standard utility rates, which saves money against rising peak power prices. In exchange, Integrys owns the renewable energy credits associated with the systems. The arrangement is dubbed "SunPower Access."
The systems are in place at the Deptford, Cherry Hill, East Brunswick, Wayne and Woodbridge, N.J. stores. In California, the locations to host SunPower systems will be in El Cajon, Palmdale, Redlands and Santa Clarita.
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