Sales & Marketing

NEW YORK — The Estée Lauder Companies announced that Richard Kunes, EVP and CFO, plans to retire effective on or about June 30, 2013. Kunes intends to continue to serve the company as CFO until June 30, 2012, or such earlier time as his successor begins to serve as CFO. Thereafter, he will continue his relationship with the company as EVP, senior advisor to the CEO, and work on special projects through June 30, 2013. The company will begin to assess internal personnel as well as external candidates for CFO.

Norwalk, Conn. -- Michaels Stores and procurement management firm LogicSource announced a five-year agreement under which LogicSource will provide print procurement and related services to Michaels. More than $250 million of print and promotional spend will be covered over the life of the contract.
 

Davis, Calif. -- Regency Centers, a national owner, operator and developer of grocery-anchored and community shopping centers, closed on the acquisition of Oak Shade Town Center, a 103,762-sq.-ft. neighborhood shopping center anchored by Safeway, Rite Aid and OfficeMax in Davis, Calif. The center is located within a mile of the University of California, Davis.

The property was purchased on August 18 for $35 million from the center’s original owner. 

 

SAN FRANCISCO — Gap Inc. reported that net sales for the second quarter of fiscal year 2011, which ended July 30, increased 2% to $3.39 billion compared with $3.32 billion for the second quarter last year. The company’s second quarter comparable sales, which include associated comparable online sales, were down 2% compared with a 1% increase in the second quarter last year. For the second quarter of fiscal year 2011, online sales positively impacted comparable sales for Gap Inc. by 2 percentage points.

San Francisco -- Gap reported Thursday that profit for the quarter ended July 30 dropped 19% to $189 million, compared with $234 million in the year-ago period.

The retailer, which operates the Gap, Old Navy and Banana Republic banners, cited aggressive merchandise pricing reductions for the profit decline. Results beat analysts’ earnings expectations, but the declines still raised concerns about Gap’s performance in the upcoming fall and holiday shopping seasons.

Birmingham, Ala. -- Hibbett Sports reported Friday that profit for the quarter ended July 30 surged 48% to $5.9 million, compared with $4 million a year earlier.

Revenue rose more than 9% to $153.1 million, beating Wall Street’s projected $151.9 million in revenue.

 

DEERFIELD, Ill. — Walgreens on Thursday officially unveiled its new store brand, Nice!