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.
Whole Foods offers Starbucks Evolution products
Seattle — Starbucks Coffee Company is making its Evolution Fresh juice and Evolution Harvest premium brands available at Whole Foods Market stores across the United States. This expansion advances Evolution Fresh growth plans to be in approximately 8,000 Starbucks and grocery locations by the end of the year.
Whole Foods Market will debut 12 juices and two exclusive juices, Organic Ruby Roots and Organic Sweet Burn, in addition to three Evolution Harvest snack bars. Following an initial debut in Whole Foods Market, Starbucks will launch Evolution Harvest snacks in all Starbucks stores in the U.S. this fall. Starbucks acquired Evolution Fresh in 2011.
“We’ve received enthusiastic customer support in every market where we’ve introduced Evolution Fresh juice, and have been working toward our goal of national distribution since the acquisition,” said Chris Bruzzo, senior VP, channel brand management and general manager, Evolution Fresh. “We are excited to offer not only 12 of our most popular juices to Whole Foods Market customers across the country, but also two exclusive juices and an entirely new line of wholesome snacks with the launch of Evolution Harvest.”