HYPERION SOFTWARE DRIVES INNOVATIVE RETAILING AT BELK
Business Performance Management Turns Store Managers Into Expense Champions to Maximize Performance
SUNNYVALE, Ca., July 29, 2003 Belk, the largest privately owned department store in the U.S., is using Hyperion (Nasdaq: HYSL) Business Performance Management software to centrally manage financial data throughout the organization. The software enables Belk to quickly and easily create monthly and year-to-date financial statements that can be used enterprisewide to drive performance. The information gives store managers greater insight into store performance, while corporate planners use the information to analyze and evaluate merchandising plans and sales results.
Belk was so impressed with the power of Hyperion Essbase after using it several years ago to consolidate financial data for an SEC filing, the company`s management decided to use Hyperion again when it replaced its multiple general ledgers with a single system. When Belk selected Hyperion partner Lawson Software as their new general ledger, they integrated the Lawson Financials with an expanded set of Hyperion reporting and analysis tools. The combined solution enables Belk to analyze inventory levels and sales opportunities across its more than 200 stores.
"Hyperion software provides great flexibility," said David Palmer, vice president of financial services for Belk. "It allows us to extract data, and slice and dice it whatever way we want for analysis. The software provides our users with amazing financial functionality that ultimately helps us maximize performance in our stores."
Although Belk has traditionally operated as a decentralized company, it initiated "Expense Champions," a program to manage expenses centrally and improve the flow of information. It uses the Hyperion-Lawson solution to create a series of reports that show actual expenses versus budget in dollars as well as a percentage of sales. The program enables Belk to react to feedback from the field and apply it to its budgeting and sales plans. The software has also been instrumental in merchandise reporting. By looking at key drivers, such as sales, margins, markdowns, inventory levels and inventory receipts, the company can identify how to adjust plans in order to meet sales goals.
"Belk store managers gain the insight to improve performance in their stores," said Nazhin Zarghamee, chief marketing officer for Hyperion. "The software enables Belk to fully leverage the information from different stores` transactional systems. By analyzing the data, managers and corporate executives discover new and meaningful trends that help them make the best business decisions to maximize sales."
About Hyperion
Hyperion is the global leader in Business Performance Management software that enables companies to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. More than 6,000 customers worldwide use Hyperion`s Business Performance Management family of packaged and tailored applications and its leading business intelligence platform. Hyperion has a network of more than 330 partners to provide innovative and specialized Business Performance Management solutions and services.
Headquartered in Sunnyvale, California, Hyperion generated annual revenues of $510 million in fiscal 2003. The company employs more than 2,100 people in 20 countries and is represented in 16 additional countries through distributor relationships. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www. hyperion.com, www.hyperion.com/contactus or call 800 286 8000 (U.S. only).
Safe Harbor Statement
Statements in this press release other than statements of historical fact are forward-looking statements, including, but not limited to, statements concerning the potential success of anticipated product features, the anticipated product offerings and the potential market opportunities for business performance management software. Such statements constitute anticipated outcomes and do not assure results. Actual results may differ materially from those anticipated by the forward-looking statements due to a variety of factors, including, but not limited to the company`s ability to retain and attract key employees, the successful and timely development of new products, the impact of competitive products and pricing, customer demand, and technological shifts. For a more detailed discussion of factors that could affect the company`s performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review the company`s filings with the Securities and Exchange Commission, including the Report on Form 10-K filed on September 25, 2002 and the Report on Form 10-Q filed on May 14, 2003. The company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
Hyperion is a registered trademark of Hyperion Solutions Corporation. All other trademarks and company names mentioned are the property of their respective owners.
Media Contact:
Melinda Marks
Hyperion
408 220 8419
Melinda_Marks@Hyperion.com
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