Five Below to enter Tennessee
Philadelphia — Five Below will enter the state of Tennessee, with plans to open up to five new stores in the market by spring of this year. With this new market, Five Below will operate stores in 20 states.
Five Below’s 600,000-sq.-ft. distribution center in Olive Branch, Miss., which opened in spring 2013 and currently supports the company’s southern and Midwestern stores, will service the new Tennessee market. The company will provide further details on its 2014 store growth plans when it releases its fiscal 2013 fourth quarter earnings results in March 2014.
"After successfully opening 60 net new stores in 2013, including entering the new markets of Austin and Dallas, we are excited to begin our 2014 store opening program with this expansion into the Tennessee market," said Tom Vellios, co-founder and CEO of Five Below. "We see significant opportunities to continue to expand our reach in new and existing markets with our class of 2014 stores, drawing new customers to our concept while providing the brand name and trend-right merchandise that our loyal customers have come to expect from Five Below."
Holidays fuel strong Q3 for Michael Kors
Hong Kong – Global luxury retailer Michael Kors increased net income during the third quarter of fiscal 2014 77% to $229.6 million from $130 million in the third quarter of fiscal 2013. Retail net sales grew 51.3% to $503.4 million, driven by a 27.8% increase in same-store sales and 98 net new store openings since the end of the third quarter of fiscal 2013.
John D. Idol, chairman and CEO of Michael Kors, cited holiday performance and the retailer’s luxury store environment, as well as brand awareness, in driving the impressive quarterly results.
“Michael Kors enjoyed an outstanding holiday season, as global brand awareness continued to drive strong demand for our luxury product,” said Idol. “Same-store sales increased 28%, which exceeded our expectation and represents our 31st consecutive quarter of growth. We believe that our consistently strong performance is attributable to the creative vision of Michael Kors and his talented design team as well as the distinctive jet-set in-store experience that we provide in both our retail stores and our shop-in-shops. We remain very excited about our future growth prospects as Michael Kors continues to gain momentum as a global luxury lifestyle brand.”
For the fourth quarter of fiscal 2014, Michael Kors expects total revenue to be in the range of $790 million to $800 million. This assumes a same-store sales increase in the range of 15% to 20%. For fiscal 2014, the company now expects total revenue to be in the range of $3.18 billion to $3.19 billion. This assumes a comparable store sales increase of approximately 25%.
President and CEO of Susser Holdings’ retail division to leave company
Corpus Christi, Texas – Steve DeSutter, president and CEO of Susser Holdings’ retail segment, is leaving the company, effective Feb. 28, 2014, to accept an opportunity to lead a significant company outside the convenience store industry. That segment will now report directly to Sam L. Susser, chairman and CEO of Susser Holdings, on an interim basis.
"I want to thank Steve for his leadership and service to all of the Stripes stakeholders," said. Susser. "He has been dedicated to helping us grow our business while helping to build one of the most committed management teams in the industry. We are grateful for the many new ideas and business processes that our retail team has implemented during Steve’s five and a half years with us. We wish him all the best in his next endeavor."