CFO Tudor Resigns From Ingles Markets
Asheville, N.C., Ingles Markets Inc. today announced the resignation of Brenda S. Tudor, CFO and VP of finance, effective March 18. Ingles has begun to hunt for a new CFO, though Tudor will stay on part-time until a replacement is chosen. Tudor served 20 years with Ingles, eight of which she spent as CFO. She will not run for re-election for the board of the supermarket chain.
Thursday Afternoon Earnings Roundup
Columbus, Ohio, Limited Brands recorded preliminary net income of $415.8 million in the fourth quarter, up 7.3% from the year-ago period. Sales grew 3% to $3.33 billion on a 2% comps gain. For the year, Limited’s preliminary net income is $738.7 million, 3% higher than its net income from the previous year. Sales were up 5% to $9.41 billion on a same-store sales improvement of 5%.
In other earnings news:
• Staples Inc. reported a 19% gain in net income to $251 million in the fourth quarter, supported by a 13% sales improvement to $4.1 billion and North American comps growth of 4%. For the full year, Staples posted net income of $708 million, up 28% from 2003. The retailer’s sales rose 11% to $14.4 billion for the year on same-store sales growth of 4%.
• TJX Cos. said its income declined in the fourth quarter ended Jan. 29 to $176.9 million, down 25.9% from $238.7 million in the same quarter last year. Comp-store sales in the quarter increased 4% as total sales increased 5%. For the full year, the company earned $664.1 million, up slightly from $658.4 million in the prior year. Comp-store sales for the full year increased 5%.
• Trans World Entertainment Corp. reported net income of $34.7 million in its recently completed fourth quarter, roughly unchanged from the $34.8 million it recorded before extraordinary gains. Total sales decreased 5% to $513.5 million, due in part to the company operating 85 fewer stores in the fourth quarter of 2004 vs. the previous year. Same-store sales increased 1% in the quarter. For the year, Trans World’s net income was 81% higher at $41.8 million, partly due to an income-tax benefit of $10.5 million. Sales grew 3% to $1.37 billion for the year, aided by a 1% improvement in same-store sales.
• O’Reilly Automotive Inc. recorded fourth-quarter net income of $28.5 million, up 19.2% from the year-ago period. Sales rose 16.5% to $427.6 million, and same-store sales increased by 8.5%. For the fiscal year, O’Reilly’s net income rose 24.1% to $124.2 million, supported by a 13.9% sales gain to $1.72 billion and a comps improvement of 6.8%.
Nash Finch Invests in DCs
Minneapolis, Nash Finch Co. plans to buy two distribution centers and two Ohio retail stores from Roundy’s. The cost of the deal is estimated at about $225 million. Nash Finch said it hopes to add about $32 million to operating income over the next year. The DCs are located in Westville, Ind., and Lima, Ohio.