Limited Brands to create Canadian unit, expand in Middle East
Columbus, Ohio Limited Brands is creating a separate unit, to be called Limited Brands Canada, for its Canadian operations.
The new unit will be based in Montreal, and support all Limited Brands retail stores, including its Canadian lingerie chain La Senza, as well as Canadian expansion of its Bath & Body Works stores, Victoria’s Secret standalone Pink stores and Victoria’s Secret stores.
La Senza president Joanne Nemeroff has been named president of the unit.
As part of the change, the company is shifting creative and merchant functions of La Senza to Columbus, Ohio. Financial, legal, human resources, distribution, technology and other operations will remain in Canada.
Separately, the company said it is partnering with M.H. Alshaya Co. to operate stores in the Middle East, beginning with a Bath & Body Works store to open later this year.
Talbots improves quarterly earnings
HINGHAM, Mass. Talbots reported that adjusted fourth quarter income from continuing operations increased to $7.4 million, or 13 cents per diluted share, compared with last year’s adjusted loss from continuing operations of $123.4 million, or $2.30 per share.
On a reported (GAAP) basis, fourth quarter loss from continuing operations was $1.5 million, or 3 cents per share, compared with last year’s loss from continuing operations of $131.3 million, or $2.45 per share.
“We delivered a strong fourth quarter, capping off a successful year of tremendous change and innovation. Our strategic transformation – re-energizing our brand, modernizing our merchandise, streamlining our organization and improving our business processes – firmly positions us for future growth and profitability,” said Trudy Sullivan, Talbots president and CEO.
Total sales from continuing operations decreased 3.7% to $315.9 million, compared with $327.9 million last year. Comparable-store sales declined 7.2% in the quarter.
Adjusted full year loss from continuing operations was $5.5 million, or 10 cents per share, compared to last year’s adjusted loss from continuing operations of $118.9 million, or $2.25 per share, the company reported.
On a reported (GAAP) basis, fiscal year 2009 loss from continuing operations was $25.3 million, or 47 cents per share, compared with last year’s loss from continuing operations of $139.5 million, or $2.63 per share.
Total net sales from continuing operations were $1.2 billion for the fifty-two week period, compared with $1.5 billion last year. Comparable-store sales declined 19.3% for the fifty-two week period.
For the full year 2010, the company anticipates a top-line sales increase in the range of approximately 3% to 5% compared with the prior year period. Adjusted operating income, excluding restructuring, impairment and merger costs, is anticipated to be in the range of approximately 5% to 6% of sales.
For the first quarter 2010, the company anticipates a top line sales increase in the range of 4% to 5% compared with the prior-year period. Adjusted operating income, excluding restructuring, impairment and merger costs, is anticipated to be in the range of approximately 4.5% to 6% of sales.
Stater Bros. CEO honored by Congressional Medal of Honor Society
SAN BERNARDINO, Calif. Stater Bros. Markets announced that its chairman and CEO, Jack Brown, has been honored by the Congressional Medal of Honor Society for his years of contributions to the Congressional Medal of Honor Society and for his dedication to promoting and perpetuating the principles upon which our nation was founded: “Courage, Sacrifice and Selfless Service.”
The award was presented on March 1, 2010, by five Medal of Honor Recipients: John F. Baker Jr., Harvey C. Barnum Jr., Ronald E. Ray, James A. Taylor, and Jay R. Vargas, who have all known Brown personally for many years.
Brown stated, “I have been honored in my career by receiving several special awards but none were presented by five Medal of Honor Recipients and from an organization that I so respect and admire…the Congressional Medal of Honor Society. Those who wear the … ‘Medal of Honor’ …are truly America’s finest.”
Brown is a Navy Veteran, having served with the Pacific Fleet during the Vietnam era. He has been at the helm of Stater Bros. Markets for the past 29 years.