Jos. A. Bank Q4 income rises 8%
Hampstead, Md. — JoS A. Bank Clothiers Inc. said Wednesday that its fiscal fourth-quarter profit rose 8% amid improved sales. But the chain cautioned that softer-than-expected customer traffic and milder winter weather is pressuring its first-quarter performance.
Jos. A. Bank reported net income of $44.1 million for the period ended Jan. 28, up from $40.9 million a year earlier.
Revenue increased 9% to $346.3 million, from $318.3 million.
For the full year, JoS. A. Bank posted net income of $97.5 million, compared with earnings of $85.8 million in the previous year.
Annual revenue rose 14% to $979.9 million, from $858.1 million.
Same-store sales increased 7.6%. Direct marketing sales rose 14.7%.
Military retailer to name first civilian CEO
DALLAS — On orders of the U.S. Department of Defense, The Army and Air Force Exchange Service, will for the first time in its 116-year history, name a civilian to the role of CEO/director.
Until such a person is named, COO Mike Howard will take over as acting CEO/director as the organization’s board of directors seeks a permanent replacement.
The Army and Air Force Exchange Service will hold a "Change of Responsibility” ceremony in Dallas to mark the retirement ceremony for the Exchange’s current commander, Maj. Gen. Bruce Casella, after more than 36 years of service.
According to a spokesperson for AAFES, in March 2011, the Secretary of Defense issued a memorandum on “Track Four Efficiency Initiatives Decisions” that were “designed to reduce duplication, overhead, and excess, and instill a culture of savings and cost accountability across the Department of Defense.”
In accordance with this memo, the Exchange was directed to convert the Commanding General’s position from that of a Major General to a Senior Executive Service civilian in April 2012.
Because the top priority is to identify the best qualified person to fill the position, no deadline has been established to select a candidate, AAFES said.
Family Dollar tops estimates as Q2 profit jumps 10.7%; on track to open 450 to 500 stores
Matthews, N.C. — Family Dollar Stores Inc.’s second-quarter earnings rose 10.7% as increased customer traffic fueled higher sales. Its results topped analysts’ expectations.
The discounter said its net profit rose to $136.4 million for its fiscal second quarter ended Feb. 25, 2012, from $123.2 million a year earlier.
“I’m very pleased to report that we delivered our 16th consecutive quarter of double-digit earnings per share growth. Our investments to improve the shopping experience and broaden our customer appeal are gaining momentum and continue to drive higher returns for our shareholders,” said Howard Levine, chairman and CEO.
Sales rose 8.6% to $2.46 billion, in line with analyst estimates. Same-store sales rose 4.5%.
During the first half of fiscal 2012, Family Dollar opened 184 stores, closed 36 stores, and renovated, relocated or expanded 342 stores. The chain anticipates opening 450-500 stores for the full fiscal year.