By Staff -- Home Textiles Today, 7/16/2007 12:00:00 AM
Hudson's Bay Will Test Chip Cards
Hudson's Bay Company (HBC) will bring MasterCard chip card technology to HBC retail locations, including the Bay, Zellers, Designer Depot, Home Outfitters, and Fields stores. In the first stage, a few locations will test chip cards in early 2008. Stephen Knight, svp, credit and business development, HBC, said, "By 2011, with the assistance of MasterCard Canada, we have committed to making our retail locations chip-ready by upgrading our proprietary payment processing systems and point-of-sale payment terminals." The cards are seen as a security-enhancer. Already more than 70% of payment cards issued in Europe are chip-enabled, the company said.
Macy's Reduces 2Q Outlook
In the wake of lower-than-expected June sales and expectations of a 3% slump in comps this month, Macy's last week lowered its second-quarter guidance. Macy's now expects the quarter's earnings to be between $0.20 to $0.30 cents per share. Previously, the retailer had forecast earnings between $0.35 and $0.45 per share.
Bon-Ton Lowers 2007 Guidance
Slow traffic and poor sales in home and furniture last week prompted Bon-Ton Stores to lower its guidance for the fiscal year. Bon-Ton now expects EPS for fiscal 2007 to come in 20 cents to 30 cents lower than its prior guidance of $3.40 to $3.50. "While we continue to see that the overall retailing environment is challenging, we have taken a long-term approach to our business and remain confident in our business strategies," said Keith Plowman, cfo.
Off-Pricer TJX Raises 2Q Projection
TJX Companies, operator of HomeGoods and the T.J. Maxx and Marshalls chains, broke from the wobbly retail pack last week by raising its second quarter expectations. With better-than-expected June comps and above-plan margins, TJX now expects second quarter EPS from continuing operations in the range of $0.34 to $0.36 — a 17% to 24% increase on top of last year's healthy increase.
The figures do not include costs related to the ongoing case involving the theft of customer data in a computer hacking incident last year. TJX anticipates second-quarter earnings will be reduced by 2 cents to 3 cents per share due to the incident.
QVC Opens S.C. Shipping Site
Multimedia retailer QVC held a ribbon-cutting ceremony for its 1.4 million square-foot distribution center in Florence, S.C. The facility will ship 1.8 million packages this year, the company estimated, which equates to more than 10,000 per day and more than 1,000 per hour. South Carolina governor Mark Sanford was on hand, along with local dignitaries and QVC president and ceo Mike George and Florence DC general manager David Foster. This is the fifth domestic DC in the QVC constellation; it is intended for storage of primarily large products, such as exercise equipment, small appliances, electronics, and apparel, the company said.
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