Island Pacific, a division of SVI Solutions, Inc. (AMEX: SVI), announced today that it has signed an agreement with The Walking Company, a specialty retailer of footwear, to implement Trends, Island Pacific's replenishment system running on the IBM iSeries.
“We have been an Island Pacific customer since 1994,” said Greg Milne, Chief Executive Officer of The Walking Company. “Their Merchandise Management System has served us well and continues to evolve to meet our changing needs.”
Milne added, “Last year we successfully completed a major upgrade of the system and enhanced our planning and forecasting capabilities. These changes helped us address an out-of-stock problem that was costing us about $600,000 per month in sales. Within a few months of the upgrade, we recorded a 50% reduction in lost revenue opportunities. Trends should solve the balance of the out-of-stock issues that are common when managing shoe sizes.”
“The Walking Company is a perfect testimonial for Island Pacific’s ability to meet our customers needs as they grow,” said Steve Beck, president of Island Pacific. “We started with them when they had under 20 stores. Today they have more than 90 stores across 31 states, and growing. We have and will continue to offer the solutions they need to be successful.”
Island Pacific’s Trends calculates selling history profiles when it evaluates and weighs weekly history to formulate Average Weekly Sales (AWS). Using these profiles, Trends’ dynamic forecasting tools determine replenishment levels and identify merchandise need with pinpoint accuracy. The result is a reduction in lost sales and an increased stock turn by ensuring the appropriate quantity of merchandise will be available when customers want it.
About the Walking Co. It began as a vision in 1991, when footwear veterans Steve Adler and Jim Argyropolous decided to create the ultimate resource for high quality walking gear. Since then, The Walking Company has been dedicated to bringing their customers the finest the world has to offer in technically-advanced men's and women's comfort footwear, apparel, equipment and accessories. They create, believe in and provide "Total Walking Comfort" for their consumers, emphasizing quality, function and fashion. With stores in 31 states, and a state-of-the-art web site (www.thewalkingco.com), they are the nation's leading retailer of luxury comfort footwear and world-renowned walking products. Their stores feature a full product range of high quality footwear from technical comfort to dress and casual comfort shoes, as well as a full line of accessories such as handbags, hats and other walking gear to enhance the walking experience. Each product in their collection is designed with the most advanced comfort features and carries their guarantee of uncompromising quality.
About Island Pacific Island Pacific provides retailers with a fully integrated suite of software to manage the spectrum of merchandising activities and create success for single and multi-channel businesses. Partnering with our customers, our products deliver the tools retailers need to effectively increase revenues and profits – assuring merchandise desired by customers is in retailers' stores priced competitively. To complement the spectrum of success provided by our software products, we also offer a breadth of professional services including consulting, implementation, technical and project management. Headquartered in Irvine, California, Island Pacific has offices in the United States and the United Kingdom. Its worldwide customer base includes major retailers such as American Eagle Outfitters, Timberland, Chick’s Sporting Goods, The Limited, Nike, Signet, and Vans, Inc. More information about Island Pacific can be obtained on their website at www.islandpacific.com
About SVI Headquartered in Carlsbad, CA, SVI provides multi-channel technology solutions to retailers. The company’s suite of offerings includes store systems as well as enterprise management, merchandising and direct-to-consumer solutions sold under the Island Pacific brand. Complementing these offerings, the Company provides an expansive menu of professional services including consulting and implementation services, as well as technical and project management services. SVI maintains offices in the United States and the United Kingdom. SVI’s subsidiary, SVI Training Products, is a leading provider of state-of-the-art PC courseware, customization tools and skills assessment software for educational institutions and government entities. More information about SVI can be obtained on their website at www.svisolutions.com.
Certain statements contained in this news release regarding matters that are not historical facts are forward-looking statements. These statements relate to future events or the Company’s future performance. These statements are only predictions. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors listed in the Company’s Form 10-K (as amended) for the fiscal year ended March 31, 2002 and other risk factors identified from time to time in the Company’s filings with the Securities and Exchange Commission. SVI undertakes no obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events.
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