Paperclips Blog | End User News Results

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• 05.20.2013

  Esquire Unveils "Esquire Weekly", The First-Ever Digital Edition of a Monthly Print Magazine

  Esquire announced today the launch of a first-of-its-kind weekly tablet edition. Available for download now in the App store, Esquire Weekly features original content from Esquire’s award-winning columnists covering culture, politics, food, advice and more, as well as select pieces adapted from Esquire.com. The weekly edition is free to subscribers of the monthly tablet edition and is also sold separately for $0.99 per issue.

  
  

  Esquire Weekly will contain seven regular columns, including This Way In, featuring short news and culture/humor items; Instruction, featuring My Huddled Masses, a crowdsourced advice column by A.J. Jacobs; Culture by Stephen Marche; Eat Like A Man by Josh Ozersky; Politics by Charlie Pierce; an Original Feature, which will be either an essay, Q&A or book excerpt; and This Way Out, a behind-the-scenes look at the on-goings at Esquire. The inaugural issue, available now, contains original pieces by Marche on Star Trek director J.J. Abrams, Ozersky on how to ruin a perfectly good steak, and a gripping excerpt from the new Kindle single “Kissed by the Taliban” by war reporter Carmen Gentile, who was hit in the face with a Taliban rocket and lived to tell the tale.

  
  

  A new issue of Esquire Weekly will be available in the App Store every Thursday, except during the week when the print magazine hits newsstands. 
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• 05.20.2013

  Florida Say No to Amazon’s Sales Tax Deal

  Amazon.com Inc. has made deals with several states in recent years in which the e-retailer promised to build distribution centers in those states in return for the state agreeing that Amazon did not have to collect sales tax before a specified data. It appears Florida has turned down a similar offer.

  
  

  Florida Gov. Rick Scott’s office says the state has rejected an Amazon sales tax proposal that included a promise to build a distribution center in the state by 2015. The governor’s office did not say what Amazon was requesting in return, and said Scott expects Amazon eventually will come to Florida even without a deal. 

  
  

  “Governor Scott does not want to raise taxes in Florida, and we are confident Amazon will invest in our state because of our low-tax, pro-business jobs climate,” says a spokeswoman for the governor.

  
  

  Earlier this year Amazon agreed to begin collecting sales tax in Connecticut on Nov. 1, in advance of the 2013 holiday season. At the same time, the retailer said it would invest $50 million in building at least one new warehouse in the state, which would create hundreds of jobs. Amazon has reached similar deals regarding state sales tax collection in return for building warehouses in other states, including New Jersey, Texas and California.
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• 05.20.2013

  J.C. Penney’s Chief Promises to Realign Store and Web Inventory

  Five weeks after retaking the helm at J.C. Penney Co. Inc., Mike Ullman is reversing a number of the decisions made by his predecessor, Ron Johnson. And one of them was allowing the merchandise in stores to diverge from what was available on JCP.com.

  
  

  “It was an organizational mistake frankly,” Ullman told analysts yesterday in a call to discuss the retail chain’s fiscal first quarter results. The problem, he said, was that store employees no longer could rely on JCP.com to fill an order if a customer could not find the item she wanted in a J.C. Penney store.

  
  

  That’s because the retailer had separate buying teams, one for stores and the other for the e-commerce site. As a result, Ullman said, it was “hard to have confidence at the store level they can use dot-com to extend the sale or to help the customer solve size issues.” The company is now working to realign the merchandise available online and in stores, and Ullman said that should be accomplished by the holiday shopping season this fall. J.C. Penney is No. 34 in Internet Retailer’s recently released 2013 Top 500 Guide.

  
  

  Ullman blamed the divergence of store and web inventory in part for the 32% decline in e-commerce sales last year. In 2012, total sales declined 24.8% as then-CEO Ron Johnson radically changed Penney’s marketing strategy, including doing away with the regular sales that had been a Penney hallmark. Johnson resigned in April and was replaced by Ullman, who had been Penney’s chairman and CEO for seven years until turning over the reins to Johnson in November 2011.
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• 05.20.2013

  Nordstrom’s Direct Sales Jump 25% in Q1

  For the first quarter of 2013 ending May 4, Nordstrom Inc.’s direct sales—which are almost entirely from the web—increased 25% over Q1 2012, the retailer reports. Nordstrom did not break out direct sales for Q1 2013 or Q1 2012.

  
  

  “In e-commerce, our focus has been on strengthening the customer experience through a focus on selection, convenience and experience,” said Blake W. Nordstrom, principal executive officer and president, during a conference call with investment analysts. “We’ve expanded the breadth of our online merchandise offering, so that today it virtually is at parity with our store offering. We’re still in the early stages in the area of personalization, in essence: customizing the experience on our site, providing product recommendations, and building tools that help with fit and style.”

  
  

  Nordstrom added that the retailer, No. 28 in the Internet Retailer Top 500 Guide, has been making substantial investments in e-commerce infrastructure to support growth.

  
  

  Total sales for Nordstrom reached $2.66 billion in the first quarter, up 4.7% from $2.54 billion in Q1 2012, the retailer says. Same-store sales were flat in Q1 2013. Net income dropped in the first quarter to $145 million, down 2.8% from $149 million in Q1 2012, Nordstrom reports.

  
  

  The merchant predicts its total sales will grow between 4% and 6% in 2013.
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• 05.20.2013

  Abercrombie CEO Tries to Stem Backlash

  After days of silence during which long-held resentment toward Abercrombie & Fitch Co. began to boil over, Chief Executive Michael S. Jeffries tried to stem a backlash against the teen-focused retailer.

  
  

  Jeffries, in a statement Thursday, discussed criticism that the company lacks women's XL and XXL sizes in favor of catering toward young, good-looking customers. "A&F is an aspirational brand that, like most specialty apparel brands, targets its marketing at a particular segment of customers," he said in the statement. "However, we care about the broader communities in which we operate and are strongly committed to diversity and inclusion."

  
  

  Shoppers have been protesting the business since last week, when an interview that Jeffries conducted with Salon magazine in 2006 resurfaced and went viral. In the piece, he said that "absolutely," the brand is "exclusionary."

  
  

  "Candidly, we go after the cool kids. We go after the attractive all-American kid with a great attitude and a lot of friends," he said in the article. "A lot of people don't belong [in our clothes], and they can't belong."

  
  

  On Thursday, the 68-year-old Jeffries said his "resurrected quote has been taken out of context." But he stopped short of formally apologizing.
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• 05.17.2013

  Retail Sales Rebound In April; Increase 0.6 Percent

  Strengthening employment data, increasing housing prices and a record-breaking stock market provided consumers the confidence they needed to shop in April. According to the National Retail Federation, the world’s largest retail trade association, April retail sales (excluding automobiles, gas stations and restaurants) increased 0.6 percent seasonally adjusted from last month and increased 3.9 percent unadjusted year-over-year. 

  
  

  “In the face of higher taxes and sequester, consumers provided the economy a bit of a reprieve this month,” NRF President and CEO Matthew Shay said. “Despite colder spring weather and an early Easter, consumers shopped in April, demonstrating an inherent resiliency even as the economy faces serious headwinds, including stagnant job and wage growth.”

  
  

  April retail sales, released today by the U.S. Department of Commerce, showed total retail and food services sales (which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants) increased 0.1 percent seasonally adjusted month-to-month and increased 3.7 percent adjusted year-over-year.

  
  

  “Today’s retail sales data is encouraging news,” NRF Chief Economist Jack Kleinhenz said. “However positive, retail sales and consumer spending in April may not necessarily translate into a stronger or healthier second quarter. NRF continues to forecast moderate sales growth for the year.”
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• 05.17.2013

  J.C. Penney Reports 2013 Fiscal First Quarter Results

  J. C. Penney Company, Inc. today announced financial results for its fiscal first quarter ended May 4, 2013.  For the quarter, jcpenney reported a net loss of $348 million or $1.58 per share.  Excluding restructuring and management transition charges and non-cash primary pension plan expense, adjusted net loss for the quarter was $289 million, or $1.31 per share. 

   

  Total sales in the first quarter were $2.635 billion, a decrease of 16.4 percent from $3.152 billion in the same period last year.  Comparable store sales decreased 16.6 percent for the quarter and were negatively impacted by the ongoing transformation of the home department. 

   

  For the quarter, gross margin was 30.8 percent of sales, compared to 37.6 percent in the same period last year.  Gross margin was negatively impacted by lower than expected sales, a higher level of clearance merchandise sales and a return to some promotional activity towards the end of the quarter.  SG&A expenses decreased $82 million compared to last year's first quarter.  As a percent of sales, SG&A expenses increased 410 basis points to 40.9 percent of sales.  Total non-cash primary pension plan expense was $25 million.  As a percent of sales, total operating expenses were 49.3 percent in the first quarter.
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• 05.17.2013

  Walmart reports a 4.6 percent increase for Q1 EPS of $1.14

  Wal-Mart Stores, Inc. (Walmart) reported first quarter diluted earnings per share (EPS) of $1.14, a 4.6 percent increase compared to last year's first quarter EPS of $1.09.

  
  Walmart U.S. and Sam's Club, excluding fuel, expect to increase comps for the Q2 13-week period to between flat and 2 percent and 1 and 3 percent, respectively.

  
  The company expects to deliver EPS for Q2 between $1.22 and $1.27, compared to $1.18 last year.
  Walmart U.S. comp sales declined 1.4 percent in the 13-week period from Jan. 26 to Apr. 26, 2013. Comp sales performance was impacted by a delay in income tax refund checks, challenging weather conditions, less grocery inflation than expected and the payroll tax increase. Walmart U.S. gained market share1 in the measured category of "food, consumables and health & wellness/OTC."

  
  Walmart International grew net sales 2.9 percent to $33.0 billion. On a constant currency basis2, Walmart International's net sales would have increased 5.4 percent to $33.8 billion. Walmart International gained market share3 in a majority of the countries in which we operate.

  
  Comp sales, without fuel, at Sam's Club were up 0.2 percent during the period, pressured by softer business member traffic, weather and lower than expected inflation.

  
  Consolidated net sales reached $113.4 billion, an increase of $1.2 billion, or 1.0 percent. Currency exchange rate fluctuations had a negative impact on net sales of $1.0 billion.

  
  Consolidated operating income was $6.5 billion, an increase of 1.1 percent over last year.

  
  Walmart U.S. and Sam's Club grew operating income 5.9 percent and 7.4 percent, respectively.

  
  Walmart reported free cash flow2 of $1.9 billion for the quarter ended Apr. 30, 2013.

  
  The company returned $3.8 billion to shareholders through dividends and share repurchases in the first quarter.
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• 05.17.2013

  Wal-Mart’s online sales grow more than 30% in Q1

  Wal-Mart Stores Inc. reported today that its online sales grew more than 30% in the first quarter of the year, and said it planned to expand its e-commerce operations in key markets around the world. The figures cover Wal-Mart’s fiscal first quarter, which extended from Jan. 26 to April 26.

  
  

  “E-commerce will continue to grow in importance for our company,” chief financial officer Charles Holley said today in a presentation to analysts. “During the quarter, e-commerce sales increased by over 30%, and we continue to make strategic investments in the markets that offer us the greatest growth opportunity. We’re focusing this investment in key areas, including our global technology platform and next-generation fulfillment networks, as well as scaling additional markets around the world.”

  
  

  Wal-Mart did not say how much e-commerce made up of the retailer’s $114.2 billion in global sales in the first quarter. But the comments suggested that online growth is accelerating, perhaps faster than anticipated.
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• 05.17.2013

  Hearst Magazine International Announces Launch of Totally Global Media

  Hearst Magazines International, a unit of Hearst Magazines, today announced the launch of Totally Global Media. TGM is a worldwide advertising platform comprised of Hearst Magazines’ websites and Hearst’s international publishing partner websites that offers quality content from brands including Harper’s BAZAAR, Esquire, ELLE and Cosmopolitan as well as highly-trafficked, pure-play digital sites such as Digital Spy in the U.K. and Yoka.com in China.

  
  

  With offices in New York and London, TGM is a centralized marketing solution for brands looking to leverage digital and cross-platform programs in multiple regions of the world, with a portfolio that offers 200 million unique visitors per month in more than 20 countries. Hearst Magazines International’s publishing partners include industry leaders Burda Media, Televisa Publishing + Digital, Groupe Marie Claire, Rogers Communications and more. 

  
  

  “TGM is a one-stop-shop for global marketers,” said Gina Garrubbo, senior vice president of Totally Global Media. “We’re developing and managing custom, multi-country digital and cross-platform advertising and marketing programs with global appeal, translated for local markets, all with a single buy and one point of communication—it is streamlined and highly efficient.”

  
  
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• 05.17.2013

  Nordstrom Reports First Quarter 2013 Earnings

  Nordstrom, Inc. today reported earnings per diluted share of $0.73 for the first quarter ended May 4, 2013, representing a 4.3 percent increase from $0.70 for the same quarter last year. Net earnings were $145 million compared with $149 million for the same quarter last year.

  Total Company net sales of $2.7 billion for the first quarter increased 4.8 percent compared with net sales of $2.5 billion during the same period in fiscal 2012. Total Company same-store sales increased 2.7 percent compared with the same period in fiscal 2012, on top of last year’s same-store sales increase of 8.5 percent.

  First quarter performance was consistent with the lower end of the Company’s expectations as lower than planned sales volume was mitigated by the Company’s management of inventory and expenses. While in the first two months of the quarter the Company experienced particularly soft sales trends in seasonal merchandise and geographically in the Northeast, Mid-Atlantic and Midwest regions, overall sales trends showed improvement in April.

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• 05.16.2013

  Bookstats 2013 Now Available

  BookStats Volume 3, the most comprehensive survey capturing the size and scope of the US book publishing industry in calendar year 2012, is now available for purchase.

  Some highlights of this year’s report:
  Trade publishing (general-interest fiction and non-fiction for adults, children and young adults and religion) experienced significant growth since 2011
  eBooks are now fully embedded in the format infrastructure of Trade book publishing
  Consumers love to read and want books in all the formats available to them

  Since its debut edition covering 2008-2010, BookStats has been a co-production of the Association of American Publishers and the Book Industry Study Group. Volume 3 captures net revenue and units for all key publishing categories, sectors, formats and main genres, providing a five-year historical track that encompasses the digital transition. It also examines trends in publishers’ sales channels including retail, institutional and other categories.

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• 05.16.2013

  Kohl's Corporation Reports First Quarter Financial Results

  Kohl’s Corporation today reported results for the quarter ended May 4, 2013.
    
  ($ in millions)                           2013              2012         Change 
  Sales                                        $  4,199         $  4,243         (1.0)% 
  Comparable store sales             (1.9)%            0.2  %          -
  Net income                                  $  147            $  154          (4)% 
  Diluted earnings per share      $  0.66         $  0.63            5  % 

  Kevin Mansell, Kohl's chairman, president and chief executive officer, said, “After a slow start, sales improved considerably in April as the weather finally improved in our most weather-sensitive regions. Despite the lower than expected sales, we outperformed our earnings guidance as gross margin results and expense management were better than expected. Our inventory levels are consistent with our expectations."

  Kohl’s ended the quarter with 1,155 stores in 49 states, compared with 1,134 stores at the same time last year. The Company opened nine new stores during the first quarter of 2013 and expects to open three new stores and remodel 30 stores in the Fall.

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• 05.16.2013

  Macy's, Inc. Reports First Quarter Earnings

  Macy's, Inc. today reported higher sales and earnings for the first quarter of 2013, the 13-week period ended May 4, 2013. Based on the ongoing momentum in our business, as well as confidence in our future performance, the company also announced a 25 percent increase in its dividend on common stock and a $1.5 billion increase in its share repurchase authorization.

  Earnings for the quarter were 55 cents per diluted share, an increase of 28 percent compared with 43 cents per diluted share in the same period last year. Comparable sales grew by 3.8 percent from the first quarter last year.

  Sales in the first quarter of 2013 totaled $6.387 billion, an increase of 4.0 percent, compared with sales of $6.143 billion in the same period last year. On a comparable sales basis, Macy's, Inc.'s first quarter sales were up 3.8 percent in 2013 over 2012.

  Macy's, Inc.'s operating income totaled $435 million or 6.8 percent of sales for the first quarter of 2013, compared with $391 million or 6.4 percent of sales for the same period in 2012.

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• 05.15.2013

  HBG Sales Up 14.9% in First Quarter

  Revenue at Lagardère Publishing rose 6.6% in the first quarter ended March 31 compared to the first period of 2012, with sales up to 419 million euros. Sales were driven by a strong performance at its U.S. subsidiary, Hachette Book Group, where revenue in the quarter increased 14.9%. HBG had a string of bestsellers in the quarter, including books by James Patterson, David Baldacci and Brad Meltzer. E-book sales did well in the quarter and accounted for 34% of trade book sales at the end of the period, up from 30 a year ago.

  E-book sales also were strong in the U.K. and accounted for 31% of adult net sales in the quarter compared to 24% in the first quarter of 2012. For all of Lagardere, e-book sales accounted for 12.4% of sales, up from 9.5% a year ago.

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• 05.15.2013

  Meredith Acquires Parenting and Babytalk Brands From Bonnier

  Meredith Corporation announced today it has acquired Parenting and Babytalk magazines and their related digital assets from The Bonnier Corporation.

  Under the agreement, the readers of Parenting will receive Parents magazine effective with the September issue. Similarly, readers of Babytalk will receive American Baby magazine effective with the September issue. The companion digital site, www.Parenting.com, will operate as a part of the Parents network of digital media.

  Both Parents and American Baby magazines will include popular editorial features and columns from Parenting and Babytalk to ensure that readers are being super-served with great editorial content that reflects the best of the combined products.

  Financial terms were not disclosed, and the acquisitions will not have a material effect on Meredith's financial performance.

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• 05.13.2013

  Grainger Reports April 2013 Sales Results

  Grainger today reported sales results for the month of April 2013.  Daily sales increased 8 percent versus April 2012, and included 3 percentage points from volume, 2 percentage points from price, 2 percentage points from acquisitions and 2 percentage points from the timing of the Easter holiday, partially offset by a 1 percentage point decline from foreign exchange.  The month of April 2013 had 22 selling days versus 21 selling days in April 2012.  The 2013 second quarter will have 64 selling days, the same as the 2012 second quarter. 
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• 05.13.2013

  comScore: Online sales up 13% in Q1

  E-commerce sales grew 13% year-over-year to $50.2 billion, marking the fourteenth consecutive quarter of positive year-over-year growth and tenth consecutive quarter of double-digit growth, according to comScore. It was also just the second quarter on record to surpass $50 billion in spending.
   
  The survey also revealed that nearly half (48%) of time spent in the retail category occurred on mobile devices, with smartphones (34%) outpacing tablets (14%).
   
  "The first quarter of 2013 was fairly strong for online retailers, with total e-commerce sales surpassing $50 billion for only the second time on record," said comScore chairman Gian Fulgoni. "While the year-over-year growth rate of 13% remained healthy, it was a point or two below that of the preceding quarters. One potential explanation for this mild deceleration is the payroll tax increase, which went into effect in 2013 and which removed some disposal income from Americans' wallets.”
   
  Fulgoni added that, as long as job growth continues and consumer sentiment remains positive, the outlook for e-commerce in 2013 remains bright.
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• 05.13.2013

  BPA: Digital circulation up 2.8%

  About a third (33.8%) of the b-to-b and consumer publications audited by BPA Worldwide reported digital circulation for the second half of last year, the organization said. A total of 520 print titles reported digital circulation for the six-month period ended Dec. 31, a 2.8% increase over the year-earlier period. BPA Worldwide said digital circulation now accounts for about 22% of its audited qualified circulation.
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• 05.13.2013

  USPS: Q2 $1.9 billion loss highlights continued urgent need for comprehensive legislation

  The U.S. Postal Service ended the second quarter of its 2013 fiscal year (Jan. 1 – March 31) with a net loss of $1.9 billion. The Postal Service continues to grow revenue and reduce expenses by using the tools available to it under existing law. However, without passage of comprehensive legislation to provide the Postal Service with a workable business model for today’s marketplace, large quarterly financial losses will continue.

  "To return the Postal Service to solvency requires a comprehensive approach, which is reflected in our updated Five-Year Business Plan," said Postmaster General and CEO Patrick Donahoe. "The plan provides an achievable roadmap to restore financial stability and preserve affordable mail service for the American public. The major elements of the plan must be pursued and executed within a short window of opportunity to avoid unsustainable losses and potentially becoming a long-term burden to the American taxpayer."

  The Postal Service needs to save $20 billion annually by 2016. Many of the savings cannot be achieved without the following legislative action: Require a USPS Health Care Plan (resolves the Retiree Health Plan prepayment issue); Refund the FERS overpayment and adjust the FERS payment schedule; Adjust delivery frequency (six-day package/five-day mail delivery); Streamline the governance model; Allow USPS the authority to expand products and services; Require a defined contribution retirement plan for future postal employees; Provide instructions to arbitrators to consider USPS’s financial condition in interest arbitration awards; Reform workers’ compensation

  The Postal Service has already reached its debt limit of $15 billion. It also has defaulted on $11.1 billion due for retiree health benefits in 2012 and also expects to default on an additional $5.6 billion on September 30, 2013. In addition, the Postal Service owes an estimated $17 billion on future workers’ compensation claims. "These obligations of nearly $50 billion and continuing losses highlight the need for immediate legislative reform to give us the latitude to execute on our Five-Year Plan and improve our ability to repay these obligations and return to profitability," said Chief Financial Officer Joe Corbett.

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