Dollar Tree Stores Shows Weak Quarter
Chesapeake, Va., Dollar Tree Stores posted a 12% decline in third-quarter net income. Same-store sales increased 0.7%, as total sales reached $724 million, up from $665.2 million.
Record fuel prices hurt the top line, said Bob Sasser, president and CEO. “Later-than-planned new-store openings put pressure on third-quarter sales and earnings,” he said. “These stores are now open, and we have achieved this year’s plan of 20% square footage growth. While record-high fuel prices continue to burden the consumer, our merchandise assortment and value are better than ever, and our stores are ready for business as we enter the holiday shopping season.”
Brooks Bros. Opens Second Store in Italy
Florence, Italy, Apparel retailer Brooks Bros. has opened a new flagship store in Florence, Italy, at Via della Vigna Nuova, an upscale shopping center. The company already operates a store in Milan, which opened in fall 2003. Brooks Bros. also operates international stores in Hong Kong, Japan and Taiwan.
Wet Seal President Resigns
Foothill Ranch, Calif., Allan D. Haims quit his job at The Wet Seal. His resignation from the post of president of Wet Seal stores is effective immediately.
Earlier this month, Peter Whitford resigned from his job as CEO and chairman of the youth-oriented retailer. Joseph Decko, who has experience in finance and operations at retailers Disney Stores and Victoria’s Secret, currently serves as Wet Seal’s interim CEO.