FINANCE

Guess Earnings Up 35% in May

BY CSA STAFF

Los Angeles Guess? Inc. reported net earnings of $47.8 million for the first quarter of fiscal 2009. This is an increase of 35% compared to net earnings of $35.5 million for the same quarter ended May 5, 2007.

Total net revenue for the first quarter of fiscal 2009 increased 29.4% to $489.2 million, up from $377.9 million in the prior-year quarter. The company’s retail stores in North America generated revenue of $211.9 million in the first quarter of fiscal 2009, an 18.1% increase from $179.5 million in the same period a year ago.

Same-store sales increased 7.0% for the first quarter compared to the same period a year ago. This represents its 21st consecutive quarter of same-store sales growth in North America.

Net revenue from the company’s wholesale segment, which includes the company’s Asian operations, increased 26.9% to $75.1 million in the first quarter of fiscal 2009, from $59.2 million in the prior-year period.

Net revenue from the company’s European segment increased 50.2% to $178.7 million in the first quarter, compared to $118.9 million in the prior-year period.

Licensing segment net revenue increased 15.7% to $23.5 million in the first quarter of fiscal 2009, from $20.3 million in the prior-year period.

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Staples to offer no-return DVD rentals

BY CSA STAFF

FRAMINGHAM, Mass. Staples, according to reports, is offering a new service that allows customers to rent DVDs at its stores without having to return them.

Starting in mid June, customers will be able to rent a limited selection of titles, which are on Flexplay DVDs that automatically erases the content after 48 hourse from opening the inner package. Customers can recycle the DVDs with other plastics.

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Linens ‘N Things approved for DIP financing

BY CSA STAFF

CLIFTON, N.J. Linens ‘N Things reported that the United States Bankruptcy Court for the District of Delaware entered a final order approving the company’s $700 million Debtor-in-Possession (DIP) financing by General Electric Capital. The approval, granted during a Wednesday, May 28 hearing before Judge Christopher Sontchi, provides LNT with access to the capital necessary to meet its ongoing obligations during the restructuring process.

We are pleased with the Courts approval of our financing as it is an important step in our restructuring efforts, said Michael Gries, chief restructuring officer and interim ceo. It reinforces our commitment to the vendor community and to providing our guests with the assortment of merchandise and quality of service they have come to expect from Linens ‘N Things. 

Linens ‘N Things filed to reorganize under Chapter 11 on May 2 in the United States Bankruptcy Court for the District of Delaware. Interim approval of the DIP financing was granted on the same day.

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