Target and Toys R Us posted overall sales declines during the holidays.
Harry and David has hired Steven J. Heyer as chairman and CEO to replace long time employee and CEO Bill Williams.
Harry and David Holdings Inc. is shaking up the executive suite.
Harry and David, No. 78 in the Internet Retailer Top 500 Guide (a PDF version of the company’s financial and operating profile can be ordered by clicking on its name), has named Steven J. Heyer as its next chairman and CEO to replace president and CEO Bill Williams who has left the company.
Heyer joins Harry and David, which owns and operates HarryandDavid.com, Wolfermans.com and HoneyBell.com, from Avra Kehdabra Animation LLC, a computer animation studio. Prior to co-founding Avra Kehdabra, Heyer also served as chief executive officer of Starwood Hotels & Resorts Worldwide Inc. and as president and chief operating officer of Turner Broadcasting System Inc.
Williams had worked at Harry and David since 1989. Harry and David has yet to reveal the details of Heyer’s executive compensation. But in fiscal 2009, Harry and David paid Williams a total package of $1.57 million with a base salary of $553,802, according to the company’s latest proxy statement filed with the U.S. Securities and Exchange Commission.
Harry and David’s new CEO will be charged with helping Harry and David shape up its financial performance.
For the period ended Dec. 26, Harry and David reported:
- Total Q2 2010 sales decreased year over year 10.5% to $131.2 million from $146.6 million. Harry and David doesn’t break out quarterly web sales.
- Net income for the second quarter of fiscal 2010 increased 4.4% to $31.7 million from $30.3 million in the prior year.
- Sales for the first six months decreased year over year 13.0% to $313.3 million from $360.3 million.
- Net income for the first six months decreased 32.9% to $10 million from $14.9 million.