Five Below more than doubles Q2 profit; on track to open 60 stores
Philadelphia — Five Below saw net income surge to $4.1 million for the quarter ended August 3, up from $1.2 million in the year-ago period. Sales climbed 34.9% to $117.1 million from $86.8 million, and same-store sales increased 6.6%. The company had, by the quarter’s end, opened 32 of its previously announced 60 new stores on tap for 2013.
"We are extremely pleased with our top and bottom line performance in the second quarter which once again illustrates the strong fundamentals of our business,” said Thomas Vellios, president and CEO.
Vellios said that Five Below made its Texas debut during the second quarter with four new stores, and will open 11 in Dallas on Sept. 12. The company is on track to open 24 stores during the third quarter and reach its annual goal to open 60 in fiscal 2013.
Tuesday Morning adds retail veteran to executive team
DALLAS — Leading closeout retailer Tuesday Morning has appointed retail industry veteran Jeffrey Boyer as the company’s EVP, chief administrative officer and CFO.
Boyer will fill the existing chief administrative officer vacancy and will replace Stephanie Bowman as CFO. Bowman, who served as the company’s CFO since April 2008, has decided to pursue other professional interests but will remain with Tuesday Morning in a consultative capacity to facilitate a smooth transition.
Boyer has more than 30 years of retail, finance and accounting experience. Since June 2012, he served as EVP and chief operating officer of 24 Hour Fitness Worldwide, one of the world’s largest privately owned and operated fitness center chains. From April 2008 until June 2012, he was EVP and CFO at 24 Hour Fitness Worldwide. Previously, he served as president and CFO of Michaels Stores, from July 2007 until April 2008 and co-president and CFO from March 2006 to July 2007. Boyer also held the position of EVP and CFO of Michaels Stores from Jan. 2003 to March 2006.
Prior to joining Michaels, Boyer served as the EVP and CFO of Kmart and held multiple positions with Sears, Roebuck & Company, advancing to the post of SVP and CFO. Earlier in his career, he served in senior capacities with the Pillsbury Company and Kraft General Foods. Boyer began his career as an accountant with PricewaterhouseCoopers in 1980.
"Having worked with Jeff at Michaels, I can attest to his wealth of retail experience and ability to help transform organizations. We’re delighted he has joined the team and look forward to benefiting from his expertise and insight," said Michael Rouleau, CEO.
"I am very pleased to join the Tuesday Morning team, and am eager to work again with Michael to help ensure the Company realizes its potential as a leading value retailer," said Boyer.
"On behalf of the entire Tuesday Morning team, I also want to thank Stephanie for her tireless commitment to Tuesday Morning, particularly amid significant organizational change," added Rouleau. "We wish her well in her future professional endeavors, and know she has a bright future."
Tuesday Morning also announced that board members Starlette Johnson and David Green will not stand for re-election to the company’s board of directors at the 2013 annual meeting.
"On behalf of Tuesday Morning, I want to thank Starlette and David for their contributions to the Tuesday Morning board," said Steven R. Becker, chairman. "They have played important roles in the company’s transformation, and their service is deeply appreciated."
Tuesday Morning operates 820 stores in 43 states and specializes in selling deeply discounted, upscale decorative home accessories, housewares, seasonal goods and famous-maker gifts.
Shopko supports breast cancer research with select ladies merchandise
GREEN BAY, Wis. — Shopko has teamed up with the Breast Cancer Research Foundation and apparel company West Coast Novelty Group, one of the organization’s corporate sponsors, to offer an expanded line of Support the Cure merchandise at all Shopko stores.
The Breast Cancer Research Foundation is a nonprofit organization that focuses exclusively on providing necessary funding for doctors and scientists to continue their research toward finding a cure for breast cancer. When customers purchase Support the Cure merchandise at Shopko they will support a donation of $100,000 to the Breast Cancer Research Foundation which is being made by West Coast Novelty Group.
Shopko stores will feature Support the Cure-branded apparel for ladies, including graphic short-sleeve and long-sleeve tees as well as socks, hats, bags, drinkware, hoodies and fleece tops, all with the familiar pink ribbon logo. Prices on Shopko’s Support the Cure-branded merchandise range from $3.99 to $24.99.
Support the Cure merchandise will be available from Sept. 15 through Nov. 2 at all Shopko and Shopko Hometown stores and on the company’s e-commerce site.
Shopko operates more than 325 stores in 21 states throughout the Midwest, Mountain, North Central and Pacific Northwest regions. Retail formats include 134 Shopko stores, 176 Shopko Hometown locations, 5 Shopko Express Rx stores and 18 Shopko Pharmacy locations.