Kirkland’s kicks up income, sales in Q1
Nashville, Tenn. – Kirkland’s Inc. reported positive results for the first quarter of fiscal 2014. On a year-over-year basis, net income grew 17% to $2.1 million from $1.8 million.
Net sales increased 6.9% to $108.3 million compared with $101.2 million, and same-store sales grew 5%. The company was able to shake off the effects of bad weather in the early part of the quarter.
“We are pleased with the sales momentum during the quarter in our stores and online after the slower start related to adverse weather events,” said Robert Alderson, president and CEO of Kirkland’s. “Despite a somewhat more promotional environment late in the quarter, sales remained strong leading to earnings performance at the high end of our guidance. The year thus far is proceeding according to our plan, and we continue to expect benefits for the balance of the year from our investments in store growth, merchandise systems, e-commerce and branding initiatives.”
Men’s Wearhouse extends Jos. A. Bank offer to June 5
Fremont, Calif. – The Men’s Wearhouse has extended its all-cash tender offer for $65 per share for all of the currently outstanding shares of common stock of Jos. A. Bank to June 5, unless further extended. The tender offer was previously set to expire on May 21.
As of May 21, approximately 21.8 million shares of Jos. A. Bank common stock have been validly tendered in, and not withdrawn from the tender offer. BofA Merrill Lynch and J.P. Morgan Securities LLC are serving as financial advisors to Men’s Wearhouse, and Willkie Farr & Gallagher LLP is serving as legal advisor.
Toys ‘R’ Us names managing director for Australia unit
Wayne, N.J. — Toys “R” Us announced the appointment of Campbell Lennox as managing director, Toys “R” Us, Australia, effective May 26.
Lennox will oversee all operations and business activities for the company’s 34 store locations and e-commerce site, as well as provide leadership for the more than 1,700 employees throughout the country. His responsibilities will include marketing, merchandising, store operations and customer service excellence.
Lennox joins the company with over 20 years of retail and management experience, including a series of roles of increasing responsibility in operations and merchandising. He most recently served as general manager, merchandise operations for Harvey Norman, an omnichannel retailer, incorporating an integrated retail, franchise, property and digital platform.