REAL ESTATE

Stride Rite to open in China

BY CSA STAFF

Topeka, Kan. — Collective Brands, parent company to Payless ShoeSource and Stride Rite, said Tuesday it is planning to take its Stride Rite children’s shoe brand to mainland China next year.

According to Bloomberg, the company is teaming up with Li & Fung Retailing and will also open stores in Hong Kong, Malaysia and Singapore starting in December, according to Matthew Rubel, CEO of Collective Brands.

The retailer is entering China with a “prestige” brand to meet demand from a growing middle class, according to Rubel.

The company has not identified number of stores at this time.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
FINANCE

Saks profit surges in Q3

BY CSA STAFF

New York City — Saks reported Tuesday that its net income rose to $36.3 million for the quarter ended Oct. 30, up from $6.3 million in the year-ago period. Third-quarter 2010 results were helped by a surge in luxury spending and a $26.7 million gain related to income tax reversals.

Revenues rose to $658.8 million for the quarter, compared with $631.4 million the prior year. Same-store sales increased 5.7%.

“We feel much better about the overall tone of business and the way our customers are responding to our initiatives," said Steve Sadove, CEO, in a statement, while acknowledging the economic recovery remains tentative.

Saks’ flagship store on Manhattan’s Fifth Avenue, which accounts for about 10% of chainwide sales, produced strong results in the third quarter, boosted by spending by tourists and Wall Streeters.

The company currently operates 47 Saks Fifth Avenue stores, 58 Off 5th stores, and saks.com.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
FINANCE

Sales and profits up at TJX

BY CSA STAFF

Framingham, Mass. — The TJX Cos.’ fiscal third-quarter earnings rose 7%, topping its own forecasts, as the discount retailer’s sales improved.

The company reported a better-than-expected profit of $372.3 million, up from $347.8 million in the year-ago period. Net sales rose 5% to $5.53 billion, from $5.24 billion. Same-store sales increased 1%.

"We were able to sustain last year’s significant increase in profit margin by continuing to run our business with lean inventories, which has led to additional improvement in merchandise margins," said president and CEO Carol Meyrowitz said. "Customer traffic continued to be up over large increases last year despite warm weather in September and October, which dampened demand for cold weather apparel."

TJX operates 919 T.J. Maxx, 832 Marshalls, 336 HomeGoods, and 161 A.J. Wright stores in the United States. In Canada, the company operates 212 Winners, 82 HomeSense and 3 Stylesense stores, and in Europe, 304 T.K. Maxx and 24 HomeSense stores.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...