Casual Male Q4 profit up 49.9%, adding 10 to 14 DXL superstores
Canton, Mass. — Casual Male Retail Group reported net income of $5.3 million for its fourth quarter, up from $3.6 million in the year ago period. The retailer also said it will expand its superstore format, Destination XL, with 10 to 14 new stores due to open this year.
Sales for the quarter ended Jan. 29 were up 0.7% to $111.5 million, from $110.7 million a year ago. Same-store sales rose 2.9%.
In a statement, David Levin, president and CEO, said the company was pursuing expansion of its superstore format based on “the strong initial performance of the DXL test stores in 2010, and overwhelming positive customer feedback.”
For the full year, Casual Male’s net income more than doubled to $15.4 million from $6.1 million last year.
Jo-Ann shareholders approve merger
New York City — Shareholders of Jo-Ann Stores on Friday approved a $1.6 billion merger with an affiliate of Leonard Green & Partners.
Of all the shares that were voted, more than 99% were in favor of the agreement. Those in favor of the pact represented 82 of outstanding shares. The company expects the deal to close Friday.
The company will be delisted from the New York Stock Exchange.
Los Angeles’ Leonard Green & Partners also has investments in Neiman Marcus Group, The Container Store, Tourneau, David’s Bridal Whole Foods Market and Sports Authority. In November, J.Crew Group agreed to be purchased for $3 billion in a deal that also involves Leonard Green & Partners, along with private equity firm TPG Capital.
Jo-Ann Stores, which operates 751 stores in 48 states, announced the proposed sale in December.
Jack Rogers opens its first-ever store
New York City — Jack Rogers, the brand best known for its Navajo-inspired sandals, has opened its first retail store, on Madison Avenue in Manhattan.
The 1,200-sq.-ft. shop features the company’s expanding merchandise lineup, which includes a variety of women’s footwear, accessories, and even some apparel.
The store, designed by New York City-based a+i design, has a nearly all-white interior, with black-oak flooring.