Men’s Wearhouse narrows loss in Q4
Houston — The Men’s Wearhouse reported Wednesday a loss of $14.1 million for the quarter ended Jan. 29, narrowed from a loss of $18.8 million in the year-ago period.
The retailer, which sells suits and rents tuxedos, offered a 2011 forecast of adjusted profit that would beat Wall Street projections.
Revenue increased 18.6% to $542.1 million. Same-store sales rose 4.3% on strong tuxedo-rental revenue.
Stein Mart delivers 4Q profits, but sales slide
JACKSONVILLE, Fla. — Stein Mart announced that net incomefor the fourth quarter was $18.8 million or 42 cents per diluted share compared with net income of $2.7 million or 6 cents per diluted share in 2009. Excluding the impact of a favorably tax benefit, fourth-quarter net income increased to $14.6 million or 32 cents per diluted share compared with $8.7 million or 19 cents per diluted share in 2009.
For the year, net income was $48.8 million or $1.08 per diluted share compared to net income of $23.6 million or 54 cents per diluted share in 2009.
“We are pleased to have delivered strong fourth-quarter and full-year profitability,” said David H. Stovall, Jr., president and chief executive officer of Stein Mart. “The higher operating income and operating margins for the quarter and year reflect the benefits of our streamlined cost structure and enhanced inventory management. I would like to thank our associates for their continuing dedication to serving our customers and their contribution to achieving these results.”
Sales for the fourth quarter were $336.7 million, a decrease of 1.5% from $341.8 million in 2009. Comparable-store sales decreased 1.2% for the fourth quarter 2010. For the year, sales were $1.2 billion, a decrease of 3.1% from $1.21 billion in 2009. Comparable-store sales decreased 1.8% for the fiscal year 2010.
Stein Mart said it plans to open three to five stores, close three to five stores and relocate approximately five stores to better locations in their respective markets in 2011.
Jobless claims in U.S. increase a more-than-expected 397,000 last week
Washington, D.C. — A report released Thursday by the U.S. Labor Department showed that jobless claims in the United States rose by 26,000 for the week ended March 5, to 397,000.
Economists expected claims would climb to 376,000, according to a Bloomberg News survey. The total number of people receiving benefits in the prior week fell to the lowest since October 2008.
A Labor Department official told Bloomberg that claims generally rise the week after a federal holiday and some New England states reported more claims due to school holidays. Presidents’ Day was Feb. 21.