DSW Q2 income up 15%
Columbus, Ohio — DSW Inc. improved upon its results from the second quarter of fiscal 2012 in the second quarter of this fiscal year, reporting increases in net income, sales and same-store sales. The company had net income of $33.7 million, including net after-tax losses and charges, a 15% boost from reported net income of $29.3 million a year earlier.
In addition, net sales rose 9.7% to $562 million. Same-store sales increased 4.4%.
Mike MacDonald, president and CEO of DSW, credited assortment, value and convenience for driving DSW’s strong second quarter performance.
“Second quarter sales rebounded nicely after a difficult start to the year,” said MacDonald. “This sales bounce, coupled with excellent inventory management and prudent expense discipline, resulted in solid quarterly profit results. Moreover, in a volatile sales environment, DSW was able to post a solid 20% earnings growth for the first half of the fiscal year."
Barnes & Noble retail chief sells off shares
New York — Mitchell Klipper, CEO of Barnes & Noble’s retail group., sold off two-thirds of his stock holdings in Barnes & Noble between Aug. 22 and Aug. 26 of this year. An SEC filing indicates that Klipper sold 400,000 of roughly 600,000 shares he held in the company, grossing more than $5.5 million.
Klipper’s sale follows the release of disappointing first quarter financial results for Barnes & Noble last week, including a worse-than-expected net loss of $87 million for the first quarter and falling revenues for the entire chain as well as for its struggling Nook e-reader. In addition, Barnes & Noble founder, chairman and largest shareholder, Leonard Riggio, called off his offer to buy the company’s retail business.
According to the Wall Street Journal, senior management of Barnes & Noble had been prohibited from selling company stock during a strategic review period that ended when first quarter earnings were publicly released.
Report: College students loosely budget $450 for back-to-school
Oberlin, Ohio – College students budgeted an average of $447.75 for back-to-college shopping, not including textbooks. However, a recent student panel survey conducted by OnCampus Research, the research arm of indiCo, a division of the National Association of College Stores, shows that despite considering price the most important factor in back-to-school purchases, college students do not always follow or even create a budget.
When asked, 38.6% of college students indicated they set a budget, yet don’t always stick to it, 34.3% do not set a budget, and 27.1% say they both set a budget and stick to it. The majority (55.8%) of college students do most of their back-to-school shopping a few weeks before classes start. Only 2.2% wait until the day of classes to shop.