Kohl’s has flat Q2; plans four new stores
Menomonee Falls, Wis. – Kohl’s Corp. had a relatively flat second quarter of fiscal 2014 compared to the same period the previous year. Net income slightly rose to $232 million from $231 million, while sales fell 1% to $4.24 billion from $4.28 billion.
Same-store sales dropped 1.1%, although Kohl’s said they turned positive in July. Kohl’s plans to open four new stores in fall 2014, including one store which was temporarily closed in the first quarter for a complete re-build.
Ace Hardware net income soars in Q2
Oak Brook, Ill. – Net income at Ace Hardware Corp. rose 57% to $66.5 million, from $24.2 million. Revenues climbed 13% to $1.33 billion, from $1.17 billion.
The opening of 44 new stores and improved cash discounts and vendor income fueled the strong net income growth. In addition, sales increases were noted in virtually every department with the paint, electrical, and lawn and garden categories showing the largest increases. Ace has remodeled and re-equipped over 3,300 stores as part of the new Paint Studio initiative, which contributed meaningfully to second quarter wholesale revenues and record retail sales in May.
Southern Bullion closure widens DGSE net loss
Dallas – Net loss at specialty jewelry retailer DSGE Inc. roughly tripled to $4.45 million in the second quarter of fiscal 2014 from $1.12 million in the same period a year earlier. Writeoffs related to the closure of DSGE’s Southern Bullion banner drove the net loss increase.
Declining gold prices helped produce a 26% reduction in revenues, which dropped to $17.5 million from $23.8 million. Strong jewelry sales partially offset the drop in gold value. DSGE also added two new independent directors, Bruce Quinnell and Dennis McGill, to its board. Both men are senior retail executives with decades of experience.