New Home for American Eagle
Warrendale, Pa., American Eagle Outfitters, Inc. will relocate its Warrendale corporate headquarters to a new urban development in Pittsburgh. American Eagle has signed an agreement to purchase an existing 186,000-sq.-ft. building and adjacent land in the SouthSide Works, pending approval by the Urban Redevelopment Authority and subject to customary conditions. The building and land purchase price is approximately $21 million, not including additional construction and interior finishing costs.
“After several years of successful growth and expansion, we have simply outgrown our current facility,” said Jim O’Donnell, Chief Executive Officer of American Eagle Outfitters. “Additionally, our distribution and headquarters needs will increase as we pursue future growth initiatives, which include continued expansion of the AE brand, as well as the creation and launch of new retail concepts, including our new brand, Martin + Osa.”
Thursday Morning Earnings Roundup
• Tractor Supply Co. posted a 140.8% improvement in net income to $18.3 million in the third quarter. The heady growth was supported by a 12.5% increase in net sales to $479.6 million and same-store sales growth of 1.8%.
• Linens ‘n Things Inc. reported net earnings of $1 million in the third quarter, down from $17.2 million in the year-ago period. The downturn came on a 3.8% decline in net sales to 3.8% for the quarter and comps shrinkage of 10.2%.
•Build-A-Bear Workshop grew its net income by half to $5.3 million in the third quarter on 1.3% comps growth and a 25.7% jump in net sales to $83.2 million.
Trans World Names Litwak President
Albany, N.Y., Trans World Entertainment Corp. named James A. Litwak as president and COO. He was most recently senior VP of Columbia House.
This will be Litwak’s second stint at Trans World. Between 1996 and 2000, he served the entertainment retailer as executive VP of merchandising and marketing. He also spent 14 years with Federated Department Stores as president of Macy’s West.