Joseph A. Bank Profit Falls in 1Q
New York City, Joseph A. Bank Clothiers Inc. on Wednesday posted weaker profit in its fiscal first-quarter, as higher costs offset revenue growth. Net income fell to $5.9 million for the quarter ended in April, from $6.7 million in the year-earlier quarter. Sales rose 18% to $113.7 million from $96.6 million a year ago on stronger revenue from both sales and direct marketing. Same-store sales rose 4.7% during the quarter.
Amazon Rumored to be Eyeing Movie Gallery Purchase
Chicago, Reuters has reported rumors that Web retailer Amazon may be considering an acquisition of movie-rental chain Movie Gallery. The speculation sent shares of Movie Gallery, Inc., up as much as 26%.
Amazon spokeswoman Patty Smith declined to comment, saying that the company does not confirm or deny rumors or speculation. Movie Gallery has not yet been reached for comment.
Last February, Movie Gallery stock spiked 20% on rumors that the company was considering taking itself private or being bought out. In March, shares dropped to their lowest level since 2001 on concerns over Movie Gallery’s financial future.
Kroger To Roll Out Ethanol-based Fuel
Houston, The Kroger Co. is scheduled to open the first fuel station in Houston to offer ethanol-based E85 fuel as an environmentally-conscious alternative fuel on Monday, according to a report in The Houston Business Journal. The station is the first of 18 planned Kroger fuel stations that will offer the fuel throughout Dallas and Houston.
The addition of E85 fuel pumps at Kroger gas stations is being done in collaboration with the state of Texas, General Motors Corp. and Abengoa BioEnergy.