Nordstrom Adopts Majority Vote Standard
New York City, Nordstrom Inc. said Friday it is implementing a majority vote standard for board members in uncontested elections. The new voting standard replaces the plurality standard, under which candidates who receive the most votes win, regardless of whether they received a majority of votes, the company said in a filing with the Securities and Exchange Commission.
Directors who do not receive the majority of votes are expected to resign from the board. The company said it will still use the plurality standard if the number of nominees exceeds the number of directors to be elected.
The company also changed the size of the board from a fixed number of directors—it had been nine—to a range of nine to 12 directors.
Tween Brands 4Q Net Income Rises
New Albany, Ohio, Tween Brands said Wednesday its fiscal fourth-quarter net income grew 4%, aided by sales at established Justice stores. Earnings for the period ended Feb. 3 totaled $28.2 million from $27.1 million during the same period a year before. Revenue grew 16% to $272.3 million, from $235.1 million.
There was an extra week in the latest quarter, which boosted sales by $11.6 million. Comp-store sales rose 2% in the quarter. At its Justice stores, comp-store sales jumped 21% and at Limited Too stores, they were flat.
For the year, net income grew 19% to $64.8 million from $54.5 million in 2005. Revenue grew 17% to $883.7 million, from $757.9 million last year.
Kohl’s Announces Exclusive Debut of Chaps Home
Menomonee Falls, Wis., Kohl’s Corp. announced an agreement with the Polo Ralph Lauren Corp. to introduce the Chaps Home collection in May 2007. The Chaps Home collection will be available exclusively in all Kohl’s stores and online at Kohls.com.
The Chaps Home collection will be designed and developed by Polo Ralph Lauren and manufactured by Kohl’s. With the launch of the home collection, Chaps will become the first national brand that Kohl’s carries in every one of its major departments. The brand was introduced with a men’s sportswear collection in early 2005.