Matthews, N.C., Family Dollar announced the promotions of Barry Sullivan to senior VP, store operations, and Michael Vickers to VP, store operations. The company said that Bruce Barkus, current executive VP, store operations, has accepted a CEO position with another company.
Saks Closes Stores in Illinois
New York, Two Saks stores in Skokie, Ill., will close at the end of July, announced Saks, Inc. today. One 72,000-sq.-ft. Saks and a 33,000-sq.-ft. Off 5th outlet in the Old Orchard Shopping Center in Skokie will close due to low productivity.
Together, the two stores employ 120 people. Saks said the workers will either be offered a chance to transfer or will receive a severance package.
The company will continue to operate its metropolitan Chicago Saks Fifth Avenue stores on Michigan Avenue and in Highland Park.
Earnings News Nuggets
Issaquah, Wash., Costco profits for the third-quarter rose 6% to $209.8 million, or 43? per share, from $198.7 million, or 42? a share, in the year-ago period. Sales, which include membership fees for the wholesale club, totaled $12 billion, up from $10.9 billion a year earlier. Comp-store sales increased 7% for the three months May 8.
• Fred’s Inc. posted a 7% decline in profits for the first quarter, to $6.7 million, or 17? per share, compared with $7.2 million, or 18? a share, in the year-ago period. Net sales for the discount retailer were $382.7 million, a 12% increase over $341.5 million a year earlier. Comps rose 3% for the quarter.
• Dollar General Corp. said that first-quarter profits fell to $64.9 million, or 20? a share, compared with $67.8 million, or 20? per share, a year earlier. As reported earlier this month, sales for the quarter ended April 29 rose 13.2% to $1.98 billion, and comp-store sales rose 4.9%. Discount retailers have been hit especially hard by rising gas prices that leave low-income shoppers with less disposable income.