Men’s Wearhouse Q1 profit doubles, beats Street
Houston — Men’s Wearhouse reported Wednesday that its net income more than doubled in the first quarter, rising to $27.2 million from $13.6 million in the year-ago period. The company cited its expansion into the corporate uniform market for its improved performance.
Results topped both Wall Street and internal company forecasts.
Revenue rose nearly 23% to $580 million from $473 million. The retailer sold nearly $60 million in corporate apparel and other uniforms, up from $3.7 million in the same period a year ago.
Same-store sales rose at each of Men’s Wearhouse brands as customers spent more at each visit and traffic increased at its Moores and K&G stores.
Major Barnes & Noble shareholder reduces stake
New York City — According to a Wednesday filing with the SEC, major Barnes & Noble shareholder, Aletheia Research & Management, has cut its stake in the bookseller from 10.6% to 8.65%.
Aletheia was accused by Barnes & Noble of teaming with activist investor billionaire Ron Burkle during a proxy fight last year.
The reduction comes about two weeks after Liberty Media made a $1 billion offer for Barnes & Noble.
Even with the private equity firm’s reduction, Aletheia still has the third largest stake outside of Burkle’s The Yucaipa Cos., which holds a nearly 20% stake, and Chairman Leonard Riggio and his family, who hold nearly 30% of the shares.
Village Super Market profit plummets in Q3 on charge
Springfield, N.J. — Village Super Market reported Thursday that net income for the third quarter dropped 68% to $1.7 million, primarily due to a $4.2 million charge for the withdrawal liability from a multi-employer pension plan.
Sales grew 5.2% to $316.2 million. Same-store sales increased 4.8%.