Olympian to design new shoe line for Target
Minneapolis Target is poised to gain from snowboarder Shaun White’s success at the 2010 Winter Olympics, as the retailer announced the launch of an exclusive new line of shoes from White, which will debut nationwide in early fall.
During the winter months, White may be more well known for his snowboarding. However, the versatile athlete is also a talented skateboarder, and the new line of shoes for Target reflects that aspect of his life. The collection of shoes will be designed by White in collaboration with his brother, Jesse.
“It’s been a lot of fun working with Target for the past few years on my clothing line,” said Shaun. “I’m excited to have the opportunity to bring some authentic skate shoes into the mix.”
Shaun White Shoes will be available in stores and online at Target.com.
Jo-Ann celebrates craft month with in-store events
HUDSON, Ohio Jo-Ann Fabric and Craft Stores announced that it is celebrating national craft month this March with special in-store demonstrations and new projects.
“This year, Jo-Ann Fabric and Craft Stores is encouraging people to take time to craft a memory,” notes Brent Beebe, VP crafts. “With 63 million households crafting each year, we feel this theme reminds people what crafting can be—a memorable gathering of family or friends, or an individual artistic endeavor. It’s about the process as well as the project.”
The demonstrations will include wedding favors, papercrafting and Easter foam projects.
Pier 1 Imports reports 4Q sales growth
FORT WORTH, Texas Pier 1 Imports reported that total sales for the fourth quarter were $396 million compared with $389 million for the same period last year. Comparable-store sales for the fourth quarter increased 6.5%. Total sales for the fiscal year were $1.29 billion compared with $1.32 billion last year. Comparable-store sales for the year increased 1.5%.
For the fourth quarter, Pier 1 said it anticipates that reported merchandise margins will be better than expected at approximately 55.7%, compared to 44.3% reported last year. Reported earnings per share are expected to be at least 29 cents per share compared with a loss of 33 cents last year.
Alex Smith, president and CEO, stated, “We are proud of our fourth quarter performance, which began with an extremely successful holiday selling season. We knew that the strength of December sales, the resulting seasonal sell-through, and the lower level of markdown inventory would shorten the Pier 1 sale. However, we were able to more than offset the pressure on sales in January with a very strong merchandise margin improvement. Our quarter ended with strong sales and margin in February, despite the extreme weather conditions experienced in many parts of the country. The increase in margin rate during the quarter is attributable not only to less clearance merchandise but also to our initial markups which remained strong.”