News

New Counsel for Dress Barn

BY CSA STAFF

Suffern, N.Y., The Dress Barn appointed Gene L. Wexler as senior VP and general counsel, effective immediately. He will report to David R. Jaffe, president and CEO.

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FINANCE

Michaels 2Q Profit Jumps

BY CSA STAFF

Irving, Texas, Michaels Stores Inc. posted a 15% gain in second-quarter profit. Net income rose to $30.8 million, or 22? a share, from $26.7 million, or 19? a share, a year ago. Sales rose 9% to $745.5 million from $682.9 million a year ago.

Same-store sales increased 4.2% in the quarter, driven by a 2.4% rise in the average ticket and a 1.4% gain in transactions. The best-selling departments were jewelry and beading, paper-crafting, foam and yarn.

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FINANCE

The Finish Line Lowers 2Q Earnings Guidance

BY CSA STAFF

Indianapolis, The Finish Line Inc. reported net sales of $341.6 million in the second quarter, up 9% year-over-year, despite a 2% dip in same-store sales. The retailer also lowered its guidance on second-quarter diluted earnings to the range of 37?-to-39? per share. The retailer had previously projected the figure would come in between 48? and 50? per share.

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