Burberry Appoints New Chief Executive
London, Luxury-goods retailer Burberry named Angela Ahrendts as its new chief executive. Ahrendts, currently executive VP at Liz Claiborne, will begin her new role on July 1, 2006. She will replace Rose Maria Bravo, who will become vice chairwoman.
The company said last week that Bravo would step down once Burberry completed its de-merger from British retail group GUS, a 66% shareholder.
Goody’s Family Clothing Announces Buyout
Knoxville, Tenn., Goody’s Family Clothing has reached a definitive agreement to be acquired by an affiliate of private-investment firm Sun Capital Partners Inc. in a deal worth nearly $273 million. Chairman and CEO Robert M. Goodfriend and his family, who together own 42% of Goody’s shares, previously agreed to the Sun Capital terms. Goodfriend, son of the company’s founder, will leave the chain.
Goody’s operates 368 moderately-priced clothing stores in 20 states in the South and Midwest.
Strong 4Q for Dress Barn
Suffern, N.Y., The Dress Barn Inc. posted fiscal fourth-quarter net income of $33.6 million, or $1.08 a share, compared with $13.8 million, or 45 cents a share, in the year-ago period. Net sales for the 13-week period, ended July 30, 2005, increased 48% to $307.1 million compared to the prior year’s level of $208 million. The increase was driven by the inclusion of results from Maurices, which the chain acquired in January 2005, and a same-store sales increase of 6% for the quarter.
Net sales for 52-week period ended July 30 increased 33% to $1 billion compared to $754.9 million reported for the year-ago period. Same-store sales rose 5% for the fiscal year.