Retail Ventures 1Q Profit Surges
Columbus, Ohio Retail Ventures Inc., which operates DSW shoe stores and Filene’s Basement clothing stores, said fiscal first-quarter profit surged from a year ago when discontinued operations and a higher tax bill cut into earnings.
Net income in the three months ended May 3 ballooned to $29.2 million, or 56 cents per share, from $2.7 million, or 5 cents per share, a year ago.
Profit from businesses that are still being operated more than doubled to $32.8 million, from $13.1 million a year earlier. Adjusted to exclude certain items, that result came in at a loss of $4.4 million.
Total sales edged up to $466.3 million from $465.8 million last year. Same-store sales fell 4.3%.
Filene’s basement saw sales slide to $100 million from $108.8 million. DSW boosted sales to $366.3 million from $357 million.
Accent S.A. names sales vp
MILAN, Italy and FREMONT, Calif. Accent S.A., a leading fabless ASIC provider offering highly differentiated design and turnkey services for state-of-the-art SoC silicon solutions, announced that Graeme Finlayson has joined Accent’s executive team as the new vp of WW sales.
Federico Arcelli, ceo of Accent, said. “I am . . . delighted that Graeme Finlayson has joined our team. Graeme brings 25 years of very relevant sales experience in the ASIC, IP and service industries.”
Movie Gallery names new retail ops head
DOTHAN, Ala. Movie Gallery has announced that Sherif Mityas has been appointed coo of the company and president of retail operations, effective June 16. Jeffrey Stubbs, who formerly served as president of retail operations, has resigned from the company.
“Sherif is a strong and capable leader with an extensive background in retail operations, store merchandising and supply chain management,” said C.J. “Gabe” Gabriel, ceo of Movie Gallery. “His knowledge and understanding of the retail industry will be invaluable as we continue to build on the strength of our store operations, merchandising and supply chain management to improve our operating metrics. I look forward to working closely with Sherif to enhance store operations and better integrate our brands and businesses.”
Most recently, Mityas was a partner at A.T. Kearney, where he was responsible for the firm’s business development, staff development and intellectual knowledge capture for all service and industry practice groups across North America.