Net sales for the second quarter of $783.2 million were down 4% versus last year, with comparable sales for the second quarter down 4%. By brand, net sales for the second quarter decreased 5% to $363.1 million for Abercrombie and decreased 4% to $420.1 million for Hollister versus last year. By geography, net sales for the second quarter decreased 7% to $478.8 million in the U.S. and were approximately flat at $304.4 million in international markets versus last year. Direct-to-consumer sales grew to approximately 23% of total company net sales for the second quarter, compared to approximately 21% of total company net sales last year. The gross profit rate for the second quarter was 60.9%, 140 basis points lower than last year. Excluding certain items last year, the gross profit rate decreased 20 basis points on a constant currency basis, primarily due to higher average unit costs, partially offset by higher average unit retails. click Read More below for additional detail
Michael Sacks has been named senior vice president of operations for Hearst Newspapers. The announcement was made by Hearst Newspapers President Mark Aldam and Houston Chronicle President and Publisher John McKeon. Sacks begins his new position immediately and will report to Aldam.
“Mike’s leadership at Hearst’s Texas properties over the last four years has proved invaluable to the growth and strength of those newspapers,” Aldam said. “His experience bringing process improvements and data-driven discipline to operational strategies make him an excellent addition to the senior leadership team.”
In his new role, Sacks will be responsible for operational projects across Hearst Newspapers. He will work to evaluate opportunities for greater efficiency within the Newspaper division. Sacks will continue to be responsible for operations at the Houston Chronicle and the San Antonio Express-News.
“Working for Hearst Newspapers over the past several years, I have witnessed this team’s unwavering commitment to innovation and agility,” Sacks said. “I look forward to working with the larger group to establish performance metrics that will improve Hearst Newspapers’ overall operational performance.”
Since 2012, Sacks has served as vice president of Hearst Newspapers, where he leads facilities management, operations leadership, real estate strategy and process improvement at Hearst’s Texas papers. Prior to joining Hearst, Sacks held various roles at the Tribune Company, including vice president of process improvement and business optimization and vice president of real estate, facilities and operations. Earlier in his career, he worked in facilities and operations roles at the Sun Sentinel in South Florida. Sacks graduated from Florida Atlantic University with a bachelor’s in finance.