Tommy Bahama prepares to open Fifth Ave. flagship
New York — Tommy Bahama Group Inc. said Thursday its first Tommy Bahama global flagship store will open on Nov. 17 at 551 Fifth Avenue in Manhattan.
The 5,000-sq.-ft. store, coined “Manhattan Island,” is the largest Tommy Bahama retail location worldwide and features an expanded merchandise collection, a 1,300-sq.-ft. Marlin Bar – the only freestanding bar between the Empire State Building and Central Park – and a 6,700-sq.-ft. restaurant on the second floor. The restaurant opening has been delayed to December due to problems caused by Hurricane Sandy.
"It took us a long time to find the right space, but we are confident that this is the perfect location for us — New York’s Fifth Avenue is the epicenter of luxury, style and the heart of Mid-town Manhattan," said Terry Pillow, CEO, Tommy Bahama.
Located in the circa 1927 Fred F. French Building, the Tommy Bahama store was designed by Michael Neumann Architecture.
Limited’s Q3 profit dips, but beats view
Columbus, Ohio — Limited Brands Inc. reported Thursday that net income for the quarter ended Oct. 27 dropped to $73.4 million from $94.3 million in the same quarter last year. Results still managed to beat Wall Street expectations.
Limited, which also owns Victoria’s Secret and Bath & Body Works, saw sales slip 5.7% to $2.05 billion from $2.17 billion, but results matched analysts’ forecasts. Same-store sales climbed 5%.
Limited Brands also said Wednesday its board authorized the repurchase of up to $250 million in stock. The authorization includes $49.6 million remaining under the previous $500 million program.
Ross Stores profit rises 11% in Q3, sales miss
Pleasanton, Calif. — Ross Stores Inc. reported Thursday that net income rose 10.8% to $159.5 million in the third quarter, compared with $144 million a year earlier.
Revenue rose 10.6% to $2.26 billion, missing Wall Street’s expected $2.34 billion in revenue. Same-store sales climbed 5%.
The retailer has reaffirmed its guidance for the fourth quarter.