Kohl’s Department Stores and Capital One announced a multi-year extension of their private label credit card program agreement. The contract extension with Kohl’s enables consumers to have expanded buying power and solidifies an already strong partnership. Kohl’s high product standards and the company’s focus on customer service extends through its private label credit card program which offers cardholders access to exclusive offers, guaranteed savings and online payment services. Capital One’s long-term partnership with Kohl’s reinforces the company’s commitment to grow its Credit Card Partnership business.
Kohl’s Department Stores has entered into a purchase agreement to build a new e-commerce distribution center in DeSoto, Texas. Kohl’s will close on the agreement once the building process is complete. As part of the company’s continued growth, the site was selected for its proximity which will enable the company to better serve Kohls.com’s Central and Midwest customer base. This is in response to Kohl’s having experienced more than a 50% e-commerce sales increase in 2010, and expects sales on Kohls.com to reach $1 billion this fiscal year.
First Data posted its 4Q/10 consolidated revenue of $2.7 billion, up 6% compared to a year ago, thanks mostly to increases in debit network fees and merchant related services from U.S. economic growth. Meanwhile, the net loss attributable to First Data was $179 million, an improvement of $189 million and retail and alliance services revenue was up 7% to $873 million since the year ago period thanks to a transaction growth of 9%. The International segment revenue was $440 million, down 3% compared to the prior year. For the full year 2010, consolidated revenue was up 11% to $10.4 billion thanks in large part to Bank of America Merchant Services alliance and increases in debit network fees; adjusted revenue increased 3% to $6.4 billion thanks to revenue growth in Retail and Alliance Services, which was up 8% to $3.3 billion. This growth was driven by 10% transaction growth while Financial Services segment revenue for the year hit $1.4 billion, down 2% compared to 2009.
NJ-based fuel analytics provider KSS and systems integrator consultant FuelLogix have teamed to
integrate POS data. Reports generated from FuelLogixâs
Agility solution with KSSâ PriceNet fuel price management solution will
create an enhanced fuel pricing system for convenience and grocery
retailers. “Agility’s” sophisticated, easy-to-use retail automation
platform captures data and daily reporting from the POS
through the auditing process, to the financial statements, providing
retailers a cost-effective and efficient solution all across a Web browser.
“PriceNet” pricing solution supports key tasks, including capturing
field-based intelligence at the site level, the generation of price
proposals via comprehensive pricing rules or price optimization and
WI-based retailer Kohl’s will implement Experian’s “VantageScore” to score its credit card approval processes. VantageScore, a credit score jointly developed by Experian, Equifax and TransUnion, simplifies the credit granting process for businesses by providing a service that applies one, consistent formula to data from all three of the credit bureaus. Kohl’s operates 914 stores in 47 states.
Over the past six months, the economic downturn has continued, but since last fall teens have increased their spending on apparel, shoes and accessories. Even though teens are spending more, their parents are continuing to spend money on their teenagers.