Chico’s FAS Inc. says it will sell Boston Proper, the women’s apparel catalog company turned e-retailer it acquired in 2011 and developed into a fledgling chain of 20 retail stores closely tied to the brand’s website and online inventory. Chico’s, No. 88 in the Internet Retailer 2015 Top 500 Guide, made the announcement about Boston Proper in its Q2 earnings release and investor call Wednesday. “I love Boston Proper,” said CEO Dave Dyer. “It’s a great direct business, but in the scope of our megabrands without the stores, we think it would get lost in our company.” Dyer was at the helm of Chico’s when it bought Boston Proper for $205 million four years ago and is scheduled to retire next spring. There is no word of a buyer.
Ink is pleased to announce that we triumphed in winning the Silver Award for Commercial Team of the Year Award, at the 2015 SPARK Awards. Organized by Marketing Magazine, The Spark Awards for Media Excellence recognises the most innovative, creative and effective campaigns and strategies spanning Hong Kong’s entire media industry. This year, there were over 240 entrants who were shortlisted by an esteem panel of judges made up by senior marketers from various brands such as Lenovo, The Body Shop and Nestle, as well as media experts from agencies MediaCom and Omnicom Media Group.
Direct mail and email appeals from political candidates currently swamping consumers are aimed at eliciting one thing: donations to fund expensive media campaigns. Until recently, that meant spending big on TV ads to achieve gross rating point objectives, but the 2016 elections should see a marked shift to more direct methods. A study of media spending on 2014 Congressional races done by Google and Targeted Victory, a digital agency for Republican candidates, discovered that 75% of dollars spent on broadcast TV campaigns nationwide were wasted. The darkest shade of orange in the map above denotes areas where waste attained levels of 80% or more.
The U.S. Postal Service's request to move First Class Mail Parcels from the market dominant to the competitive product list was denied yesterday by the Postal Regulatory Commission. The Postal Service had maintained that the product competed in the 2- to 3-day air and ground parcels markets, in which it held market shares of less than 8% each. It further argued that the small business owners that most use the services would not be able to afford market dominant price increases and that it would lose share to competitors. The USPS's petition stipulated that it would seek a higher average rate increase for the class if it moved to the competitive category—an average hike of 22%—than it would if it stayed in the market dominant category, where the average rise would be 10%. But competitors UPS and FedEx offer money-back guarantees for their service in the class, while USPS does not.
National Average Price for Regular Unleaded Current: $2.511 Month Ago: $2.697 Year Ago: $3.434 National Average Price for Diesel Current: $2.582 Month Ago: $2.760 Year Ago: $3.804
American Dollar to Canadian Dollar = 0.755491 American Dollar to Chinese Yuan = 0.156619 American Dollar to Euro = 1.125741 American Dollar to Japanese Yen = 0.008270 American Dollar to Mexican Peso = 0.059102
Oil prices had jumped over 10% in the previous session, the largest one day percentage gain since March 2009 for Nymex crude and December 2008 for Brent crude. The rise was triggered positive growth numbers out of the U.S. and a good run on Chinese and U.S. equity markets. But much of that price rally came from bargain-hunting and short-covering, as oil market bears covered their shorts, analysts said. On London’s ICE Futures exchange at 0906 BST, Brent crude was 1.03% lower at $47.06 a barrel. On the New York Mercantile Exchange, WTI was down 0.99% and exchanging hands for $42.14 a barrel.
For the second quarter of fiscal 2015, net sales decreased 17% to $326.9 million, from $396.2 million in the year ago period. Comparable sales, including the e-commerce channel, for the second quarter of fiscal 2015 decreased 8%, compared to a decrease of 13% for the corresponding 13-week period ended August 2, 2014. The Company reported a net loss for the second quarter of fiscal 2015 of $43.7 million, or $0.55 per diluted share, which included: an after-tax charge of approximately $2.9 million, or $0.04 per diluted share, resulting from store closing costs; and an after-tax charge of $2.4 million, or $0.03 per diluted share, due to consulting fees; offset by an after-tax benefit of $6.4 million, or $0.08 per diluted share, due to reversals of previously established exit cost obligation liabilities resulting from subsequent lease terminations.
KapStone Paper and Packaging Corporation received a notice of a work stoppage from the union at its Longview, Washington mill, AWPPW Local 153 (the "Union"), effective on August 27, 2015. KapStone has been preparing for a potential strike since the Union voted down its prior offers. KapStone is conducting a cold mill outage to perform necessary maintenance to its machines and has full contingency plans in place to continue to service its customers during the strike. After the maintenance outage, KapStone plans to run its largest machine early next week, with subsequent machine operation to follow. KapStone does not expect any interruption of service or products to its customers.
Second Quarter highlights: *Total revenues decreased 5% to $593.6 million. Comparable company sales decreased 11% following an increase of 4% in the second quarter last year. *J.Crew sales decreased 10% to $506.5 million. J.Crew comparable sales decreased 13% following an increase of 3% in the second quarter last year. *Madewell sales increased 22% to $67.9 million. Madewell comparable sales increased 8% following an increase of 17% in the second quarter last year. *Gross margin was 34.3% compared to 37.6% in the second quarter last year.