Charges Push Office Depot to 3Q Loss
Delray Beach, Fla., Office Depot Inc. reported a loss of $47.9 million in the third quarter, as compared to an $89.3 million profit in the year-ago period. The retailer attributed the downturn to asset-impairment costs, exit costs and options expensing. Without these, the retailer’s earnings were $115 million in the quarter. Revenues increased 5% to $3.49 billion in the quarter.
Hilfiger Plans New Chain
New York City, Tommy Hilfiger Corp. is reinventing its H Hilfiger label as a high-end lifestyle brand with the goal of becoming a 200-store chain, according to a report in Women’s Wear Daily. The first repositioned H Hilfiger store will open in Tysons Corner, Vienna, Va., in February 2006, followed by units in Dallas and Chicago. The stores will carry both women’s and men’s apparel and accessories.
Wal-Mart Establishes Minority-Business Equity Fund
Bentonville, Ark., Wal-Mart Stores Inc. announced it would invest $25 million to establish a private-equity fund to invest in businesses controlled by women and minorities.
The co-investment management fund will have an allocation life of five years. It will be managed by Dallas-based Aldus Equity.