FINANCE

JoS. A. Bank profit nosedives in Q2

BY Katherine Boccaccio

Hampstead, Md. — JoS. A. Bank Clothiers reported that net income for the second quarter dropped 38% to $14.2 million, compared with $23.2 million in the same period last year, amid weaker sales.

Total sales fell 10.7% to $232.5 million. Same-store sales plummeted 15.9%; direct marketing sales decreased 1.9%.

“Customers did not respond as well to some of our highly promotional marketing campaigns as they did in the prior year, causing the disappointing sales decline in the quarter,” said R. Neal Black, president and CEO. “At the same time, day to day sales on the non-promotional portion of our business in stores increased during the quarter and have the potential to represent a larger portion of our business going forward.”

The company announced it has brought former Bon-Ton CEO Bud Bergren on as a member of the board of directors. Bergren is credited with successfully steering a turnaround and with leading the acquisition of Saks’ northern division.

Bergren’s appointment is effective immediately.

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J.Shaughness says:
Sep-06-2013 11:23 am

Phoney pricing
Could it be that consumers have finally figured out Bank's phoney pricing scheme. Seriously, do they ever sell anything at "regular price"?

J.Shaughness says:
Sep-06-2013 11:23 am

Could it be that consumers have finally figured out Bank's phoney pricing scheme. Seriously, do they ever sell anything at "regular price"?

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FINANCE

Conn’s Q2 net income skyrockets; plans 10-12 new stores

BY Dan Berthiaume

The Woodlands, Texas – Conn’s, Inc. reported net income of $19.2 million, up $7.6 million, or 65.1%, from the prior-year period during the second quarter of fiscal 2013.

Consolidated revenues totaled $270.7 million, an increase of 30.5% from last year.

Same-store sales grew 18.4%. Sales increased significantly in product categories including home appliance, laundry, refrigeration, cooking, furniture, mattresses, TVs, tablets and computers.

“August net sales increased 51% over the prior-year period,” said Theodore M. Wright, chairman and CEO of Conn’s. “Same store sales in August rose 31%. Phoenix market store openings have been successful with three stores now open. We plan to open four more Phoenix area locations over the next several quarters.”

Looking ahead, Conn’s expects to open 10-12 new stores for the full fiscal year and to increase same-store sales by 15%-20%.

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FINANCE

Safeway reaches $600K settlement with EPA

BY Dan Berthiaume

Pleasanton, Calif. — Safeway, Inc. has reached a $600,000 settlement with the Environmental Protection Agency (EPA) and Department of Justice (DOJ) in regard to violations of the Clean Air Act. The government alleges that Safeway neglected to repair leaks of heat-trapping gas HCFC-22 from its refrigerators in a timely manner or keep proper records of refrigerator maintenance.

Under terms of the settlement, Safeway does not have to admit any liability. However, in addition to the fine, the retailer will spend an estimated $4.1 million to upgrade equipment in order to reduce its average refrigeration leak rate from 25% to 18% or less by 2015.

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