American Eagle Q4 profit nearly doubles, but warns of weaker sales ahead
Pittsburgh — American Eagle Outfitters Inc. reported Wednesday that profit for the quarter ended Feb. 2 soared to $94.8 million from $51.3 million in the year-ago period, aided by few markdowns.
However, the retailer warned that sales will be weak in the first quarter due to economic restrictions and unfavorable weather.
Sales in the fourth quarter rose to $1.12 billion from $1.03 billion, and same-store sales rose 4%. For the full year, operating income increased 49% to $437 million, and revenue rose 11% to $3.48 billion, a record high for the company. Same-store sales rose 9%.
American Eagle also authorized a 20 million share repurchase program and raised its quarterly dividend 14%.
Overstock.com opens Kentucky warehouse
Salt Lake City — Overstock.com said Wednesday it has opened a distribution and returns facility in Hebron, Ky., outside Cincinnati.
The facility, the company’s second, will receive product returns and handle outbound shipments. Overstock.com officials say this additional distribution facility will reduce the time for resolution and refunds for customer returns.
The company’s primary warehouse will remain in Salt Lake City.
Men’s Wearhouse names CFO
Houston — Men’s Wearhouse announced Wednesday it has named Jon W. Kimmins as EVP and CFO, effective April 4.
Kimmins most recently was EVP – finance and operations at LF-USA, a division of Li & Fung Limited, a multi-billion dollar wholesaler of apparel, footwear and fashion accessories. Prior to that, he was EVP of Toys “R” Us, where he was responsible for worldwide corporate finance, raising billions in debt and equity financing transactions.