Rue21 Q2 profit soars 20%
Warrendale, Pa. — Rue21 reported Wednesday that net income for the quarter ended July 30 rose 20% to $7.7 million, from $6.4 million a year earlier. Revenue surged 21% to $172.8 million, topping Wall Street expectations.
Same-store sales for the period for flat, and the teen retailer said it faced dwindling inventory on summer merchandise, which it plans to remedy in the 2012 summer shopping season.
During the second quarter, Rue21 opened 34 stores, closed one and converted 14 to the larger rue21 etc! format.
Big Lots Q2 profit slips 8%
Columbus, Ohio — Big Lots reported Thursday that net income for the quarter ended July 30 declined 8% to $35.7 million, compared with $38.9 million a year earlier. The company cited same-store sales declines and a charge related to its new Canadian stores for the performance slip.
Revenue rose 3% to $1.17 billion from $1.14 billion. Same-store sales fell 1.5%.
Big Lots acquired Liquidation World in July as part of a strategy to expand into Canada.
Guess profit falls 9.1% on charge
San Francisco — Guess reported Wednesday that profit for the second quarter dipped 9.1% on a hefty settlement charge.
The retailer said that net income fell to $60.7 million from $66.8 million, as it was hit by a $19.5 million settlement charge.
Revenue for the quarter rose 17% to $677.2 million from $577.1 million, beating analysts’ estimates.