Dunkin’ Brands to Expand Within Other Retailers
Pawtucket, R.I., Dunkin’ Brands Inc. said the company plans to rely on multiple formats to rapidly expand to nearly 15,000 U.S. locations by 2020, up from about 5,000 today, according to The Boston Globe. The expansion will include Dunkin’ stores inside supermarkets and other retailers. The move to go nationwide is part of an effort to keep up with rivals Starbucks and McDonald’s.
Joseph A. Bank Profit Falls in 1Q
New York City, Joseph A. Bank Clothiers Inc. on Wednesday posted weaker profit in its fiscal first-quarter, as higher costs offset revenue growth. Net income fell to $5.9 million for the quarter ended in April, from $6.7 million in the year-earlier quarter. Sales rose 18% to $113.7 million from $96.6 million a year ago on stronger revenue from both sales and direct marketing. Same-store sales rose 4.7% during the quarter.
Amazon Rumored to be Eyeing Movie Gallery Purchase
Chicago, Reuters has reported rumors that Web retailer Amazon may be considering an acquisition of movie-rental chain Movie Gallery. The speculation sent shares of Movie Gallery, Inc., up as much as 26%.
Amazon spokeswoman Patty Smith declined to comment, saying that the company does not confirm or deny rumors or speculation. Movie Gallery has not yet been reached for comment.
Last February, Movie Gallery stock spiked 20% on rumors that the company was considering taking itself private or being bought out. In March, shares dropped to their lowest level since 2001 on concerns over Movie Gallery’s financial future.