Blue Nile has fine Q1
Seattle – Blue Nile Inc. reported increases in net income and sales during the first quarter of 2014, compared to the same period in the prior year. Net income rose 30% to $1.07 billion, from $832 million.
Net sales increased 6.8% to $103.7 million, compared to $97.1 million. Looking ahead, Blue Nile expects net sales between $108 and $113 million during the second quarter of fiscal 2014 and net sales between $485 and $510 million for fiscal 2014.
"As we announce our financial performance, we remain steadfast in our execution of three key initiatives in 2014," said Harvey Kanter, president and CEO. "These include enhancing the user experience; developing our product lines in bridal and diamond jewelry, as well as fashion pieces through The Designer Collective; and expanding internationally by building our presence in China and growing our established markets. Through these initiatives, we continue on our quest to be nothing less than the worldwide leading retailer of bridal and fine jewelry."
Pier 1 amends credit agreement; closes $200 million loan
Fort Worth, Texas – Pier 1 Imports (U.S.) Inc., a subsidiary of Pier 1 Imports Inc., has completed the amendment of its $350 million senior secured revolving credit facility and syndicated and closed a previously announced $200 million seven-year senior secured term loan B.
Proceeds from the $200 million term loan are intended to be used for general corporate purposes, including, among other things, working capital needs, capital expenditures, cash dividends and repurchases of the company’s common stock.
Pier 1 Imports (U.S.), Inc., amended its $350 million secured, asset-based revolving credit facility to allow borrowings under a new term loan facility. As of April 30, 2014, Pier 1 had no cash borrowings under the revolving credit facility and $43.0 million in outstanding letters of credit.
Pier 1 Imports (U.S.) Inc. also entered into a new $200 million senior secured term loan B facility with Bank of America N.A., as administrative and collateral agent, Merrill Lynch, Pierce, Fenner & Smith Inc. and Wells Fargo Securities LLC, as joint lead arrangers and joint lead bookrunners, and various other agents. The term loan facility matures on April 30, 2021, and does not require the company to comply with any financial maintenance covenants, but contains certain customary representations and warranties, affirmative and negative covenants, and provisions relating to events of default.
GNC launches omni-channel fitness campaign
Pittsburgh – GNC Holdings Inc. is launching a month-long fundraising and awareness campaign for Run With Us at more than 5,000 GNC stores and online at GNC.com. Run With Us is a curriculum-based health-=and-wellness program that brings elite track & field athletes and aspiring Olympians into the classroom to demonstrate how exercise and nutrition go hand-in-hand with goal setting and self-esteem.
"GNC’s fundraising campaign for Run With Us is a natural fit with our corporate support for other non-profit organizations that provide health & wellness programs that benefit both individuals and communities," said Joseph Fortunato, chairman, president and CEO of GNC. "GNC employees and customers have given generously to many fitness-focused campaigns in the past, and we anticipate strong support during our month-long campaign for the Run With Us program."