FINANCE

J. Crew Profit Up in 3Q

BY CSA STAFF

New York City, J.Crew Group reported that its third-quarter net income rose to $26.8 million, compared to $26 million in the same quarter of the year before.

Revenue for the quarter increased 21% to $332.7 million, while total sales increased 16% to $233.6 million. Same-store sales increased 8%.

The company also reported that its operating income increased 44% to $47.7 million compared to $33.2 million in the third quarter of the year before.

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Dress Barn reports 3% 1Q comps decline

BY CSA STAFF

SUFFERN, N.Y. Dress Barn Tuesday reported that total net sales for the first quarter of fiscal year 2008 were $363.7 million, an increase of 1.5% over $358.4 million for the same quarter a year ago. According to the company, the increase in net sales resulted from the opening of new stores, partially offset by a same-store sales decline of 3%.

Net earnings for the first fiscal quarter decreased to $19.6 million from $27.4 million for the same period of the prior year. Diluted earnings per share for the first quarter were 30 cents versus 40 cents per share in the same period of fiscal 2007.

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Hy-Vee teams up with Crown Poly

BY CSA STAFF

DES MOINES, Ia. Grocery retailer Hy-Vee is making environmentally conscious decisions by reducing plastic bag use.

According to reports, the company has partnered with California-based Crown Poly to offer the Hippo Sak front-end bagging system.

Hippo Sak is a patented, reinforced, bottom seal T-shirt bag, which can carry over 26 one-pound cans without breaking or tearing holes at the bottom. The bags can hold 10-12 items per bag compared to the current national average of 3.4 items, and can replace upward to three current plastic bags.

Hippo Sak achieved an annualized reduction in bag use of over 25%.

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