FTD Ends Year on High Note
Downers Grove, Ill. Floral retailer FTD Group reported Monday that its revenues for the 2008 fiscal year were 5.4% above the previous year, topping $646 million this year vs. $613 million in fiscal 2007.
However, these results were influenced by the fact that the company’s 2007 fiscal year included only 11 months for its international segment, due to its acquisition of Interflora U.K. on July 31, 2006.
Additionally, international sales were a key driver to overall performance. Revenues at FTD’s international segment, comprised primarily of the Interflora UK business, were up 24.3% in 2008, $178.3 million vs. $143.4 million in 2007.
Conversely, revenues in the domestic consumer segment declined slightly in 2008, falling from $287.6 million in 2007 to $286.4 million. Revenues also slipped in the company’s domestic florist segment, declining from $182 million in 2007 to $181.5 million in fiscal 2008.
In related news, the company also announced earlier on Monday that its stockholders approved a planned merger of FTD with United Online, Inc. (Additional coverage was posted Monday on www.chainstoreage.com.)
S&B Holdings to acquire Steve & Barry’s
PORT WASHINGTON Steve & Barry’s LLC announced that BHY S&B Holdings LLC, a newly formed affiliate of investment firms Bay Harbour Management and York Capital Management, has received Court approval to acquire to acquire substantially all assets of Steve & Barry’s. The acquisition is scheduled to be completed on Aug. 25.
Under the terms of the $163 million purchase agreement, the majority of Steve & Barry’s 276 stores will continue to serve customers nationwide. BHY S&B Holdings has made no decisions concerning which Steve & Barry’s stores will close or when, although an announcement is anticipated in the next week, the company reported.
In addition to acquiring merchandise inventories and transfer rights to Steve & Barry’s store leases, BHY S&B Holdings will acquire all Steve & Barry’s intellectual property rights, including its celebrity and brand licenses, and the company’s key facilities, including its Port Washington, New York headquarters, Columbus, Ohio distribution center, and certain overseas offices.
AAFES commander Thurgood promoted to Major General
DALLAS AAFES commander Brigadier General Keith Thurgood was promoted to Maj. Gen. on Thursday, Aug. 14 in the boardroom at AAFES headquarters.
In his civilian occupation, General Thurgood serves as the director of strategy and innovation for PepsiCo, INC in financial, supply chain, logistics and systems development roles. He is responsible for the development of supply chain and logistics strategies across a 30 billion dollar enterprise.