OPERATIONS

Tech veteran joins board of Restoration Hardware

BY Staff Writer

Orte Madera, Calif. — Restoration Hardware Holdings announced the appointment of Katie Mitic to its board of directors, effective immediately. Mitic, who will also serve on the board’s audit committee, is a veteran technology leader and entrepreneur with nearly 20 years of strategic product, marketing and business development experience.

Mitic is currently the co-founder and CEO of Three Koi Labs, a mobile services start-up aimed at connecting consumers to the relevant people, places, and things around them. Previously, she led platform marketing for Facebook, where she advanced the growth of ground-breaking products for the developers and businesses that engage with Facebook’s community worldwide.

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News

Tuesday Morning comp-store sales rise in Q1

BY CSA STAFF

Closeout retailer Tuesday Morning reported a comparable-store increase of 9.1% for the first quarter ended Sept. 30, compared to the year-ago quarter. The comparable-store sales growth was fueled by a 13.4% increase in customer transactions and a 4.3% decrease in average ticket.

The company reported a net sales increase of 6.3% to $183.7 million, compared to $172.8 million in the year-ago quarter.

"While this is a year of significant transition for Tuesday Morning, I believe our first quarter results reflect early positive customer response to the initial changes we are making. Though we’ve made great progress thus far, there is much work yet to be done in the coming quarters," said CEO Michael Rouleau.

Tuesday Morning operates 820 stores in 42 states.

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FINANCE

Starbucks Q4 profit up 34%; 1,500 net new stores on tap

BY Marianne Wilson

Seattle — Starbucks Coffee Company on Wednesday reported a better-then-expected 34% rise in its fiscal fourth-quarter and raised its quarterly dividend 24%. The company earned $481.1 million, up from $359 million a year ago.

Total net revenues increased 13% to $3.8 billion, just short of expectations.

Global same-store sales increased 7%, driven by a 5% increase in traffic. Same-store sales were up 8% in the United States and the Americas and 8% in China/Asia Pacific region.

Capping off a strong year of international expansion, the company opened 558 net new stores in the quarter, including the 1,000th store in both China and Japan.

“The fourth quarter of fiscal 2013 capped off by far the best year in Starbucks 42-year-history,” said Howard Schultz, chairman, president and CEO of Starbucks Coffee Company. “Our results were driven by disciplined, ongoing efforts to elevate the value and relevance of the Starbucks brand, continued innovation and the success of our efforts to deepen our connection to customers and communities around the world.”

For the year, Starbucks’ total net revenues increased 12% to $14.9 billion. Global comp-store sales grew 7%, driven by a 5% increase in traffic. Same-store sales rose 7% in the Americas.

Starbucks opened 1,701 net new stores in the year, ending fiscal 2013 with 19,767 stores globally.

Looking ahead, the company said it expects 1,500 net new stores in fiscal 2014, including some 600 in the Americas.

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