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Sandpoint women's clothing retailer Coldwater Creek did an interesting thing on Wednesday. It appointed a woman as the next CEO.
The women's apparel retailer said its co-founder and CEO Dennis Pence will retire at the end of 2012.
Jill Brown Dean, the current president and chief merchandise buyer, will take over as CEO on Jan. 1.
The company reported a smaller-than-expected third quarter loss, helped by higher comparable premium retail store sales and improved margins. In after hour trading Wednesday, the stock moved upward, approaching the $5 mark for the first time in a long while.
Normal Wednesday trading closed at $4.87 on the Nasdaq.
Coldwater Creek has been posting losses for more than two years. It has been losing out to larger rivals such as Chico's FAS and Ann Taylor Stores Corp.
Sandpoint clothing retailer Coldwater Creek lowered its earlier estimate of losing 13 to 21 cents per share for the fourth quarter. It now expects losses in the 18 to 24 cents per share range.
During fourth quarter of 2010 the company saw a loss of 40 cents per share.
In an an update to its fourth-quarter guidance, Coldwater CEO Dennis Pence said the women’s apparel retailer saw softer than expected sales in late December including post-Christmas sales.
The company’s fiscal year and quarter ends Jan. 28. It reports year-end results on March 7.
Pence said sales at the Creek's premium stores during the last nine months of 2011 were 26 percent lower than the same period a year before.
But citing what he sees as a turnaround, Pence noted the fourth quarter’s 9 percent comparable decline in sales is a step in the right direction and reflects better management of inventory and expenses. The company said it expects to reduce expenses for the fiscal year by $20 million to $25 million.
Sandpoint clothing retailer Coldwater Creek announced Monday Jill Brown Dean will take over as the company's chief merchandising officer.
She'll take over the job held by Georgia Shonk Simmons, who had announced plans to retire. Dean will start on Feb. 14 — Valentine's Day. Simmons has worked with the company for more than a dozen years.
Dean has more than 25 years experience in retail and merchandising. Most recently she's been president of the Limited Too division of Tween Brands. She also worked 18 years with Limited Brands as executive vice president, general manager for Victoria's Secret flagship stores, as well as CEO and president of Lane Bryant.
Coldwater Creek also said Jerome Jessup, currently executive vice president, creative director, is being promoted to president and chief creative officer.
Both execs will report to Dennis Pence, co-founder and CEO of Coldwater Creek.