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The PLAYSKOOL baby care product line will debut this fall starting in CVS-owned stores
on the West Coast. All CVS stores will carry the PLAYSKOOL baby care product line by the
end of this year.
ABOUT CVS
CVS is America's largest retail pharmacy, operating more than 6,100 retail and specialty
pharmacy stores in 44 states and the District of Columbia. With more than 40 years of
dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest
pharmacy retailer for customers to use. CVS has created innovative approaches to serve the
healthcare needs of all customers through its CVS/pharmacy stores; its online pharmacy,
CVS.com; and its pharmacy benefit management, mail order and specialty pharmacy
subsidiary, PharmaCare. General information about CVS is available through the Investor
Relations portion of the Company's website, at http://investor.cvs.com, as well as through the
pressroom portion of the Company's website, at www.cvs.com/pressroom.
ABOUT THE HASBRO PROPERTIES GROUP
The Hasbro Properties Group (HPG), the intellectual property development arm of Hasbro,
Inc., (NYSE:HAS), translates one of the industry's richest portfolios of brands into a world of
fun and excitement for children and adults globally. Through a host of publishing, digital
media, lifestyle and entertainment platforms, HPG is able to surround fans worldwide with
consumer products that expand Hasbro's core brands, such as TRANSFORMERS,
LITTLEST PET SHOP, MY LITTLE PONY, MONOPOLY, G.I. JOE, TONKA and
PLAYSKOOL.
ABOUT HASBRO
Hasbro (NYSE: HAS) is a worldwide leader in children's and family leisure time
entertainment products and services, including the design, manufacture and marketing of
games and toys ranging from traditional to high-tech. Both internationally and in the U.S., its
PLAYSKOOL, TONKA, MILTON BRADLEY, PARKER BROTHERS, TIGER and
WIZARDS OF THE COAST brands and products provide the highest quality and most
recognizable play experiences in the world.
The new Forth & Towne stores -- 4 more will be opened in malls in the Chicago area
beginning next week, 5 more in 2006 and 20 in 2007 -- represent the first of several retail
spin-offs being developed by fashion companies to cater to older customers. Others include
an unnamed project from American Eagle Outfitters and the Ruehl stores of Abercrombie &
Fitch.
That trend is largely inspired by the success of Chico's, a rare example of a primarily mallbased retailer that has tapped into the boomer market, surpassing $1 billion in sales by
catering to mature women with loose, colorful, easy-to-match separates.
Although baby boomers came of age in the Gap jean jackets and khaki pants, which the chain
has sold since its founding in 1969, they have drifted away from the brand as they have aged.
Susan Benedetto, 47, of Middletown, N.Y., who was shopping at the mall for school supplies
at an Apple store for a son in college, said that she had bought only T-shirts from the Gap in
recent seasons. "Everything is geared toward younger women," she said.
Gary Muto, a 17-year veteran of Gap, who was named president of the Forth & Towne brand
in April, said in an interview that Gap holds 8 percent of the apparel market for shoppers
under 35, compared with 3 percent for shoppers over 35. "They have the highest mean
income and spend the most on apparel, and they are underserved," Mr. Muto said.
It is a generation that encompasses an expansive range of ages, body types and tastes, with
perhaps the only common characteristic being that they are not typically driven by the same
impulses as teenage consumers, the live-or-die pursuit of the latest trend. Forth & Towne is
described by Gap executives as a destination for all women over 35: working women, soccer
moms, grandmothers, suburbanites and city dwellers.
"These women come in all shapes and sizes," Mr. Muto said. "They want stylish clothes that
are age appropriate; they want an easy shopping experience"
When research showed Gap executives that women over 35 cannot be easily categorized
because of their eclectic tastes and lifestyles, the company came up with the idea of stocking
its stores with four different brands, one in each corner, that address different customer
profiles.
Career women who might shop at Ann Taylor or Banana Republic will find similar styles at
the front of the 8,000-square-foot Forth & Towne, under the label Allegory, including $48
purple and pink merino wool sweaters and structured jackets, skirts and coats. A second label,
Vocabulary, is more like Eileen Fisher and Chico's, with forgiving oversized knit sweaters
and a chunky knit flecked oatmeal cardigan at $128.
More casual looks hang in the back of the store, under the name Gap Edition, based on the
company's sportswear classics, including jeans and $98 cotton rain jackets in purple, pink and
khaki. Prize, the trendiest label, includes a pleated black satin skirt with a grosgrain ribbon
waistband, $78, several satin flounce skirts, an $88 plum velvet blazer and a range of lacetrimmed transparent tops.
Austyn Zung, senior vice president for design at Forth & Towne, who formerly worked for
Oscar de la Renta, said that her target customers were so varied that she designed for different
tastes, but with a common fit. Forth & Towne's biggest innovation is to scale its sizing based
on a fit model who is a size 10, rather than the industry standard of 8. Its sizes range from 2
to 20, whereas Gap stocks only to size 16.
Margaret Mager, a managing director of Goldman Sachs, who toured the prototype store
Tuesday during previews for retail analysts and the press, and is also a member of its target
audience, said she was pleased with the selections.
"It is like four stores in one," Ms. Mager said. "Instead of trying to target too narrow a
customer, what they've done is develop a store that has four different ideas that can work for
any one customer, because no one is that narrow in what their needs are. "
Banc of America Securities issued a research report describing the Forth & Towne concept as
novel, "but perhaps uneven."
"We think the collections are a little hit and miss and are likely to take a while to work out the
kinks," the report continued. "Also, with 90 percent of the price points under $100 -- in a
store that includes outerwear and blazers -- not everything may offer the quality the shopper
expects."
Analysts also said that because of the slow introduction of the Gap's latest brand -- in
addition to Gap stores, the company owns Banana Republic and Old Navy -- Forth & Towne
will have little impact on the company's stock, which has fallen about 7 percent this year.
And as an indication of the degree of skepticism that some members of its target audience
hold for the company's approach to mature consumers, a blogger in Chicago noted on April
21, the day Gap disclosed the name of its new chain, that Forth & Towne could be called
F.A.T. for short.
"Let people think what they think," Mr. Muto said. "We believe we have an exciting, unique
concept these women haven't seen before."
opportunity
Don Thompson, the Chief Executive of McDonalds sees huge growth opportunity in both the
coffee and breakfast business. Anyone that stops off to get a cup of coffee anywhere, thats
an opportunity, he said. The potential of coffee business is pretty strong.
Thompson realizes that coffee has the highest growth potential in the global drinks category.
Though several other chains are complaining of a slow moving economy which is affecting
their business growth, Starbucks and Dunkin happens to be those very few outlets witnessing
fair growth. It is quite evident from the 8% same store sales that Starbucks reported in the last
fiscal year. Dunkins sales figure also rose 3.3% in the first nine months of the year in
comparison to McDonalds which witnessed a growth of only 0.2%. Also growth in China,
one of the hot destinations of fast food giants, has slowed down after both Yum! and
McDonalds
suffered
from
the
chicken
supply
issue
last
December.
It is therefore essential for the fast food giant to include other items in the menu. McDonalds
is looking to become a bigger player in the coffee business. Undoubtedly McDonalds would
have to work pretty hard to match up to the level of Starbucks and Dunkin as coffee drinkers
hold better perception for these old coffee players than McDonalds, as per a finding of
YouGov. Globally McDonalds operates around 4,200 McCafes, which are either one section
of the restaurant, or operates as a standalone unit. The company aims to open 350 to 400
McCafes
next
year.
The worlds biggest hamburger chain is experimenting with the sale of McCafe bagged coffee
at supermarkets in 2014 in partnership with Kraft. While McDonalds is trying to diversify
and try coffee, both Starbucks and Dunkin are putting in effort to boost their fast food sales
and increase their afternoon footfall and evening hours as well. To increase sales in the
afternoon, Starbucks recently modified its sandwich and offered new salads and baked items
to attract people during lunch hours. Also the baked offering would attract those who are
conscious of putting on extra kilos and frightened of consuming high calorie burgers.
McDonalds is very hopeful about the coffee business and believes that it would pull up its
sales figure substantially. I believe there would definitely be an overall improvement in store
sales, but how sustainable it would be depends on how people receive McDonalds coffee in
comparison to other coffee makers.
In this environment growth is elusive for large brands in center of store categories. More
than 70% of the industrys growth will come from small- and mid-size brands. Challenger
brands are winning: they are winning with consumers, and they are winning with retailers. As
a result, traditional retailers are responding in a variety of ways with small format and
neighborhood stores, expanded shelf space for purpose-driven brands and private label
offerings and increased presence in e-commerce. Meanwhile, consumers continue to gravitate
toward value, demonstrated by the explosion of lower price retailers such as dollar stores.
There is an asymmetry in the food industry today with smaller, more nimble competitors
that fly under the radar unless youre paying close attention. And were paying very close
attention.
This attention has been demonstrated with the shifts in Campbell Soups portfolio targeted
with a move toward a stable of smaller purposedriven brands, exemplified by the recent
acquisitions, Ms. Morrison said.
Campbell Soup is taking steps toward "real
food" by shifting its existing portfolio.
With its heritage in soups and vegetable juices,
Campbell Soup brings unique strengths in
vegetable nutrition and a history of making
affordable food, Ms. Morrison said. She said these strengths position Campbell Soup to be a
leader in what she defined as real food:
Real food has roots. It should be made with recognizable, desirable ingredients from
plants or animals.
Real food is prepared with care. It should be responsibly crafted and ethically
sourced and sustainable in its practices that safeguard the natural resources we all share.
Real food should be accessible to all. It should always be delicious, safe and
available at a fair price, all three without compromise.
These are the principles that guide our real food philosophy and to be true to ourselves and
our beliefs we must strive to abide by all of these,
not just those that are convenient, Ms. Morrison
said.
Campbell Soup has committed to go to cagefree eggs by 2025 and has banned routine use of
antibiotics by the companys chicken suppliers.
Steps the company is taking in shifting its existing
portfolio toward real food, include commitments to go to cage-free eggs by 2025, and the
ban of routine use of antibiotics by the companys chicken suppliers.
The company also is introducing its yes, yes list, she said.
Its quite simple: yes to more vegetables and yes to more whole grains, she explained.
Today Campbell products provide more than 11 billion servings of vegetables and 4 billion
servings of whole grains per year to consumers and well continue to find ways to add more
servings across our entire portfolio.
Transparency is the new coin of the realm. We
get it and were doing it.
Two hundred of Campbell Soup's products
contain at least one full serving of vegetables
and 220 are a good source of fiber.
Ms. Morrison noted 200 of the companys
products contain at least one full serving of
vegetables and 220 are a good source of fiber.
A year ago, Campbell Soup launched the whatsinmyfood.com web site for consumers to learn
about the Campbell Soup food and ingredients. The web site was a good first step, Ms.
Morrison said, noting that since then the company became the first major food business to
support mandatory national labeling of food with bioengineered ingredients. She expressed
mixed feelings about legislation recently passed by Congress.
Were pleased to see the recent bipartisan
legislation, she said. Its not perfect, but
we believe its an important step forward. It
avoids the patchwork approach of different
state laws and establishes a national
mandatory labeling solution.
Campbell Soup was the first major food
business to support mandatory national
labeling of food with bioengineered
ingredients.
Additional steps Campbell Soup will take going forward will be the disclosure of supply
chain details for the companys largest ingredients tomatoes, carrots, poultry and wheat.
This means providing visibility throughout the supply chain, including the partners we work
with every day to grow and make our food, Ms. Morrison said. This is part of a longer
journey to engage our suppliers in full sustainability, complete traceability and consistently
ethical sourcing for these signature ingredients.
Lets face it. The truth is non-negotiable.
development as we have done with the acquisition of Garden Fresh Gourmet, he said. Year
to date we have not delivered the expected level of growth in C-Fresh as we faced declines in
our ingredient businesses and experienced a weather-related carrot yield issue in the third
quarter. We expect continued weakness in the fourth quarter due to the recently announced
recall of protein drinks as well as the impact of a major carrot customer moving to a dual
source arrangement
Despite those challenges we remain confident in the growth potential of this business and
expect to deliver improved performance going forward.
Also picking up on some of Ms. Morrisons themes was Mark Alexander, president of
Americas, Simple Meals and Beverages. For example, he elaborated on efforts form the
company to continue its portfolio shift over time.
Over the next three years we plan to invest approximately $50 million to drive this effort,
he said We will continue to evolve existing products and launch new varieties aligned to our
real food philosophy. And well be transparent about our efforts. Today we published the
Campbells real food index, which well use to track our progress.
Planned steps that will improve index scores in coming years include diminishing the use of
monosodium glutamate, removing artificial colors from formulations and B.P.A. from canline, as well as the phasing out of antibiotic-fed chicken.
He cited the newly unveiled soup line, Well Yes, as a challenger brand.
For people who want real food that will positively benefit their well-being, (Well Yes is) a
product that will score 100% on our real food index, he said.He also cited attractive
potential for Plum Organics,
acquired three years ago.
Campbell's new Well Yes
soup will score 100% on the
company's real food index.
During the past 12 months
the organic baby food
category generated $461
million in retail sales and
grew nearly 11%, he said.
Over the same period Plum
grew 25% and delivered $119 million in retail sales, solidifying its position as the leader in
the organic baby food category.
More recently, the company launched an organic infant formula under the Plum brand.
Organic brands are underrepresented in the formula category, he said. And given our
experience in the baby and tots markets we believe there is a great opportunity.
agent on a $325 million cash flow term loan credit facility for Genesis Healthcare. This
financing was used for Genesis to acquire Sun Healthcare Group.