Buckle Q4 profit up 13%
Kearney, Neb. — The Buckle Inc. said Thursday its fiscal fourth-quarter net income rose a better-than-expected 13% to $56.1 million amid higher same-store sales and growing online demand.
Revenue rose 11% to $337.1 million from $303.1 million. Same-store sales increased 8%. Online sales, which are not included in that total surged 31% to $27.6 million.
Buckle, which also sells tops, shoes and other clothing, caters to teens.
For the fiscal year 2011, Buckle earned $151.5 million, up from $134.7 million in 2010. Revenue rose to $1.06 billion, from $949.8 million.
Abercrombie & Fitch to face class-action suit on gift cards
New York City — Abercrombie & Fitch Co. was ordered by U.S. District Judge Gary Feinerman in Chicago to answer a class-action lawsuit by shoppers who claimed the retailer voided holiday gift cards that said they had "no expiration date," Reuters reported.
In December 2009, Abercrombie ran a promotion in which it issued nearly 200,000 gift cards valued at $25 each to shoppers who spent at least $100 on a single purchase.
According to court papers, Abercrombie voided the cards around Jan. 30, 2010, explaining that the cards were enclosed in sleeves containing that expiration date, the report said.
In court papers, retailer insisted that the cardholders be forced to sue separately because they were too different from one another to sue as a group. Among other things, the retailer said some people got their cards in stores and others online, and some with the sleeve and others without.
But the judge said it was fair to certify a class of plaintiffs who still hold the cards, and plaintiffs who threw out their cards after being told they had expired or were void.
"The class in this case consists primarily of individuals holding an Abercrombie promotional gift card whose value was voided on or around January 30, 2010. That criterion is as objective as they come," Feinerman wrote.
Men’s Wearhouse narrows Q4 loss
Houston — The Men’s Wearhouse reported a net loss of $3.8 million for the quarter that ended Jan. 28, compared with a net loss of $14.1 million a year earlier, as it cut costs and increased prices.
The results beat forecasts, and the company said it expects 2012 income to be higher than expectations.
Revenue was $562.2 million, up from $542.1 million.