7-Eleven Japan Raises Stakes
Tokyo, Seven-Eleven Japan Co. announced today that it has upped its offer for the remaining stake in 7-Eleven, Inc. of the United States by $5/share to $37.50.
The Japanese company is seeking to acquire the approximately 27% of its U.S. affiliate that it does not already own. The offer expires at midnight on Nov. 8.
Thursday Morning Earnings Roundup
• Tractor Supply Co. posted a 140.8% improvement in net income to $18.3 million in the third quarter. The heady growth was supported by a 12.5% increase in net sales to $479.6 million and same-store sales growth of 1.8%.
• Linens ‘n Things Inc. reported net earnings of $1 million in the third quarter, down from $17.2 million in the year-ago period. The downturn came on a 3.8% decline in net sales to 3.8% for the quarter and comps shrinkage of 10.2%.
•Build-A-Bear Workshop grew its net income by half to $5.3 million in the third quarter on 1.3% comps growth and a 25.7% jump in net sales to $83.2 million.
Trans World Names Litwak President
Albany, N.Y., Trans World Entertainment Corp. named James A. Litwak as president and COO. He was most recently senior VP of Columbia House.
This will be Litwak’s second stint at Trans World. Between 1996 and 2000, he served the entertainment retailer as executive VP of merchandising and marketing. He also spent 14 years with Federated Department Stores as president of Macy’s West.