Big Dog Holdings, Inc. Reports 4Q and Year-End Sales
Santa Barbara, Calif., Big Dog Holdings, Inc. on Wednesday reported its fourth-quarter and year-end sale results.
Consolidated net sales for 2005 totaled $179.1 million, an 11% increase from the previous year. Consolidated net sales for the fourth quarter were $59.4 million, up about 6.6% compared to the same quarter in 2004.
The company attributed the rise in net sales to the new stores that opened during the period and a 23% increase in mail order/Internet revenue.
In related news, a subsidiary of Big Dog Holdings, The Walking Co. announced that it has closed its acquisition of substantially all assets of Steve’s Shoes, Inc. for approximately $4.2 million. Steve’s Shoes operates 45 stores in 22 states, operating under the Steve’s Shoes, Overland Trading Co., and Sole Outdoors logos. The stores acquired will largely be converted to The Walking Co. format.
Ex-Wal-Mart Exec Pleads Guilty to Fraud
Fort Smith, Ark., Tom Coughlin, former vice chairman of Wal-Mart Stores, pleaded guilty to fraud and tax charges on Tuesday, admitting that he stole money, gift cards and merchandise from the world’s largest retailer.
Coughlin, 57, faces a maximum of 28 years in prison after pleading guilty to five counts of wire fraud and one count of filing a false tax return. He also could be fined $1.35 million. The judge ordered a presentencing report that will take up to 14 weeks to prepare. In documents filed with the court, Coughlin specifically admitted defrauding the company to pay for the care of his hunting dogs, lease a private hunting area, upgrade his pickup truck, buy liquor and a cooler, and receive $3,100 in cash.
The former executive said his guilty plea was in the best interest of his family, friends and community.
Boscov’s Inc. Chairman, President Announce Retirement
New York City, Boscov’s Inc. chairman Edwin Lakin and president Albert Boscov announced their retirements Monday from the $1.1 billion retail company. Boscov, 76, is the son of Solomon Boscov, a Russian immigrant who founded the chain in 1911 by selling goods from a horse-drawn wagon.
Ken Lakin, the son of Edwin Lakin and nephew of Albert Boscov, who has been running the department stores as CEO, was named chairman and CEO of the corporation, the holding company for the department stores.