Claire’s Stores Shares Decline
New York City, Shares of accessories retailer Claire’s Stores Inc. dropped on Monday, after the New York Post said the company is having trouble finding a buyer. The report said that according to unnamed sources, several possible buyers have dropped out of an auction for the company.
Shares fell $2.55, or 7.3% to $32.42 during midday trading on the New York Stock Exchange. The stock has traded between $23.88 and $37.49 during the past 52 weeks.
In December, the company said it retained Goldman, Sachs & Co. as a financial adviser to aid in exploring the possible sale of the company.
Claire’s also said its January comp-store sales rose 3%.
Tween Brands 4Q Net Income Rises
New Albany, Ohio, Tween Brands said Wednesday its fiscal fourth-quarter net income grew 4%, aided by sales at established Justice stores. Earnings for the period ended Feb. 3 totaled $28.2 million from $27.1 million during the same period a year before. Revenue grew 16% to $272.3 million, from $235.1 million.
There was an extra week in the latest quarter, which boosted sales by $11.6 million. Comp-store sales rose 2% in the quarter. At its Justice stores, comp-store sales jumped 21% and at Limited Too stores, they were flat.
For the year, net income grew 19% to $64.8 million from $54.5 million in 2005. Revenue grew 17% to $883.7 million, from $757.9 million last year.
Kohl’s Announces Exclusive Debut of Chaps Home
Menomonee Falls, Wis., Kohl’s Corp. announced an agreement with the Polo Ralph Lauren Corp. to introduce the Chaps Home collection in May 2007. The Chaps Home collection will be available exclusively in all Kohl’s stores and online at Kohls.com.
The Chaps Home collection will be designed and developed by Polo Ralph Lauren and manufactured by Kohl’s. With the launch of the home collection, Chaps will become the first national brand that Kohl’s carries in every one of its major departments. The brand was introduced with a men’s sportswear collection in early 2005.