Abercrombie & Fitch is set to open a store in London. With this move, the New Albany-based clothing retailer will make its first foray into Europe. For the London store, the company has restored a building that is nearly 280 years old and located in a historic district. Abercrombie & Fitch began as a store-cum-factory selling camping and hunting gear in New York nearly 100 years ago. The company's clients have included Theodore Roosevelt, John F. Kennedy, and Ernest Hemingway. Over time, as it changed hands, it began selling clothes. The company, which reported $1.13 billion in sales last year, already has a presence in Canada and is planning to venture into Europe and Japan.
Kellwood reports profit
Kellwood Company posted a fourth-quarter increase in profits, as its total net sales reached $491.9 million. Sales for the same period last year totaled $446.5 million. The company, which is licensed to manufacture women's sportswear for Calvin Klein, also posted its net earnings from continuing operations during the fourth quarter. The figure stands at $6.5 million, compared to $4.1 million for the previous year.
A.C. Lighting, Inc., appoints new sales representatives
A.C. Lighting, Inc., has appointed Lori French and Keith Lewandowski as its Eastern U.S. and Western U.S. sales representatives, respectively. The move will help the company grow in the North American market. French and Lewandowski will provide both office and field support. Lewandowski, who was previously with Leprecon, LLC, brings with him nearly 15 years of technical and sales experience involving product training and territory management. French, who possesses nearly 20 years' experience in various industries, earlier worked for Creative Stage Lighting, where she gained industry experience while managing the company's key accounts. A.C. Lighting, Inc., has a distribution facility in Buffalo, NY. The Toronto-based company supplies lighting brands to clients across the U.S., Canada, and Mexico.
Music CD sales fall
Nielsen SoundScan's latest market report reveals that sales of music compact discs in the U.S. fell by 20% in the first two and a half months of 2007. Between January 1 and March 18, only 89 million CDs were sold, compared to 112 million during the same period in 2006. However, the market is witnessing more sales of individual songs in digital format on the Internet. Sales of singles reached 288 million, compared to 242 million last year during the same period. According to Michael McGuire of Gartner Research, consumers prefer to purchase singles rather than complete CDs because only certain songs on CD albums are worth purchasing. However, the increase in sales of digital music fails to compensate for the drop in sales of music CDs. CD sales have been slowly declining for the past five years. Other entertainment media, including online movie services and video games, have also affected the sales of music CDs.
Florida's sales tax to go up under revised GOP plan
Under a revamped House GOP plan, Florida voters will be asked to approve a constitutional amendment raising the state's sales tax by 1% in exchange for a cut in homestead property taxes. The plan has received mixed responses. Republican leaders have stated that even if all of the voters in every county in Florida chose to increase their sales tax by 2.5 cents, the net savings for property owners in Florida would be $6.7 billion. However, Democrats have criticized the plan, saying it places an additional undeserved burden on Floridians who don't possess homes because they will pay for the property-tax cuts. The major concern raised with regard to the increase in the sales tax is that the poor will pay larger percentages of their income toward it than their wealthier counterparts. The first part of the GOP reform plan is a bill (HB 7001) that does not require approval from voters.
