MOBILITY

Borderfree adds 120 markets

BY Dan Berthiaume

New York – Borderfree, provider of international cross-border e-commerce solutions, has expanded its platform to reach more than 220 countries and territories. This expansion of scope includes an additional 120 countries and 15 currencies.

Key emerging luxury markets Borderfree will now sell to include Nigeria and Kazakhstan. Both markets offer opportunities for e-commerce expansion due to increasing smartphone saturation and discretionary spending.

The additional countries will be available to Borderfree customers starting this June.

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REAL ESTATE

Eddie Bauer comes to Legacy Place center in Massachusetts

BY Dan Berthiaume

Dedham, Mass. – The Legacy Place shopping center is opening an Eddie Bauer location on July 2. The Legacy Place store will feature outerwear, apparel, footwear, gear, and accessories for men and women.

“Eddie Bauer not only enhances the overall merchandise mix of the center, it also adds another reason to make Legacy Place your first choice shopping destination” said Beth Winbourne, general manager, Legacy Place.

Eddie Bauer is the newest retail brand to join recently opened Uniqlo, Ann Taylor, Madewell, and Neiman Marcus Last Call Studio. The addition of these retailers adds to the already diverse mix of more than 75 retail shops, restaurants and entertainment venues.

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News

Pier 1 Imports CEO: Growth plans still on track

BY CSA STAFF

Pier 1 Imports reported same store sales growth for the first quarter, which the company’s CEO credited to the completion of an omnichannel transformation.

“With our omnichannel transformation now complete, we are rebuilding our profitability levels through measured sales and margin growth, along with expense leverage,” said Alex W. Smith, president and CEO. “We are pleased to deliver earnings per share in line with our expectations, reflecting revenue growth of 3%, as well as careful attention to expense control. E-commerce continues to perform exceptionally well, generating strong improvement across all performance metrics, and accounting for nearly 17% of total sales in the quarter.”

For the first quarter ended May 30, the company reported net income of $6.9 million, or 8 cents per share, compared to last year’s first quarter net income of $15.1 million, or 16 cents per share. Total sales for the first quarter increased 3.1% to $432.0 million, compared to $419.1 million in the same period last year. Same store sales increased 2%.

“From a top-line perspective, we exited the quarter with May company comparable sales growth of 4%. March was nearly as strong, while we experienced some slower weeks during the month of April, similar to what many others in the industry have observed. Now that we are into June and at the leading edge of our summer clearance event, company comparable sales are trending in excess of May results,” Smith added.

The company reiterated the following guidance for full-year fiscal 2016: EBITDA margins comparable to fiscal 2015; depreciation of approximately $50 million to $55 million; operating income, as a percentage of sales, comparable to fiscal 2015; AND earnings per share in the range of 83 to 87 cents.

“For the near term, we are resolutely focused on continuing to execute on the top line and demonstrating greater expense control. With our omni-channel transformation now complete, we are confident that we can begin to rebuild our profitability levels through measured sales and margin growth, along with expense leverage,” Smith concluded.

Texas-based Pier 1 Imports operates about 990 stores in 49 US states and another 80 locations across Canada.

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