CWTR's new CEO and 3rd Q results
Dan Griesemer succeeds Dennis Pence as the President and CEO of Coldwater, effective Oct. 30, 2007. Coldwater Creek's new President and Chief Executive Officer, Daniel Griesemer, joined Coldwater Creek in October 2001. He was promoted in March 2007 to President and Chief Operating Officer. He has been responsible for the Company's sales, marketing and national retail store expansion, as well as all distribution center and customer contact center operations. Prior to joining Coldwater Creek, Mr. Griesemer held leadership positions for Gap Inc. and Federated Department Stores, Inc.
For the third Q, CWTR forecasts a loss of 11 cents to 13 cents a share. Analysts on average were expecting a profit of 13 cents a share, according to Reuters Estimates. It forecast sales of $260 million to $265 million. For the fourth quarter, it expects to break even, on sales of $360 million to $365 million. Analysts expect earnings of 20 cents a share, on revenue of $425.3 million. Coldwater Creek expects a loss of 10 cents to 12 cents a share, on sales of $620 million to $630 million, for the second half.
I think that Dan Greismer is just following the footstep of many new CEOs in doing an accelerated write off of company's expenses during the initial period of a new dynasty, so next year's operation will exceed the general expectation, and therefore earning a credit of improved executive performances. I strongly recommend accumulate the stock under $8.
pcyhuang |
