American Eagle Outfitters Q3 profit up 59%
Pittsburgh — American Eagle Outfitters Inc. reported that its third-quarter net income increased 59%, helped by a year-ago charge. The chain posted fourth-quarter guidance that was above Wall Street expectations.
For the August-October quarter, the company said net income was $52.4 million, compared with $33 million in the same period last year. Analysts expected 26 cents per share.
Revenue rose 11% to $831.8 million, from $751.5 million last year. Analysts expected $820.3 million. Same-store sales rose 5%, as did online revenue.
“I am encouraged by our progress in the third quarter and the continued momentum into the holiday season,” said Jim O’Connell, CEO.
Merchandise margins fell due to higher costs for cotton and markdowns, and expenses rose as the company opened new stores and ramped up advertising.
Trans World Entertainment names new CFO
ALBANY, N.Y. — Trans World Entertainment has named Tom Seaver CFO, effective immediately. Seaver, a Certified Public Accountant, brings more than 20 years of experience with Albany International, a global company that develops and manufactures advanced textiles and materials. Most recently, he held the position of VP strategic planning and previously held the position of VP finance Global PMC.
"We are very pleased to welcome Tom to the Trans World Entertainment team," Trans World Entertainment president and COO Mike Honeyman said. "Tom’s successful track record of financial and strategic expertise with demonstrated operational excellence and process improvement, uniquely qualifies him to help drive continued improvement in our financial results."
Sears.com offering free Christmas tree delivery
HOFFMAN ESTATES, Ill. — Sears announced that it is offering free delivery of fresh cut Christmas trees to customers when they order them via Sears.com. Through Dec. 15, customers can go to Sears.com to order their own Fraser fir from the North Carolina Blue Ridge Mountains and have it delivered for free directly to their home, apartment or office.
"This holiday season, we wanted to offer our customers an easy solution to finding the perfect Christmas tree," said James Alt , VP seasonal and outdoor living for Sears Holdings. "At Sears, we understand that this time of year can be busy, but with a convenient, home-delivered tree, families can dedicate more time to enjoying the magic of the holiday season."
All fresh-cut Christmas trees are hand-picked and thoroughly inspected, according to the company. The Fraser fir Christmas trees can range from 4.5- to nine-feet tall and are available with free shipping at Sears.com.
The freshly harvested Christmas tree will ship within 24 hours of cutting to help ensure freshness and longevity, the company said. The holiday team also prunes, shakes and packages the tree in a sturdy, moisture-resistant carton for optimal protection. Additionally, customers will receive a complimentary tree removal bag along with the delivery that can serve as a bag for a tidy and easy disposal or recycling following the holidays.