Tuesday Morning’s profit falls 8% in Q2
Dallas — Tuesday Morning Corp. reported Monday that net income for the quarter ended Dec. 31 fell 8% to $15.9 million.
Revenue for the quarter dipped 2.2% to $273.1 million.
Investors were prepared for the news because the company previously reported the lower revenue figures earlier this month.
Kohl’s to open Dallas DC to support e-commerce growth
Menomonee Falls, Wis. — Kohl’s Department Stores said Tuesday it will build a new e-commerce distribution center in DeSoto, Texas, outside Dallas.
The 951,000-sq.-ft. DC, which is slated to open in summer 2012, will fulfill Kohls.com purchases. Kohl’s said it will close on the agreement once the building process is complete.
“This new facility will ensure that Kohl’s is able to accommodate the tremendous growth of our Kohls.com business,” said Ken Bonning, Kohl’s executive VP of store planning and logistics. “We currently operate 84 stores in Texas, and are pleased to expand our presence with this new facility. We anticipate creating approximately 400 jobs for the community in a phased approach over the next 3 years.”
Kohl’s has experienced more than a 50% e-commerce sales increase in 2010, and said it expects sales on Kohls.com to reach $1 billion this fiscal year.
Upon the opening of the newest facility, Kohl’s will operate a total of 13 distribution centers across the country. This is the company’s fourth distribution center dedicated to serving Kohls.com customers.
Macy’s sues Martha Stewart Living for breach of contract
New York City — A New York state Supreme Court filing on Monday disclosed that Macy’s Inc. is suing Martha Stewart Living Omnimedia Inc. for breach of contract after Martha Stewart set up a new deal last December with J.C. Penney to sell products at its stores.
According to Macy’s, Martha Stewart Living granted it product exclusivity under a 2006 agreement. J.C. Penney, which acquired a 16.6% stake in the company in December, plans to open Martha Stewart Living in-store shops, beginning in 2013, which violates that exclusivity, said Macy’s.
Macy’s is seeking a preliminary injunction stopping Martha Stewart from violating the contract. It claims that a renewed contract with Martha Stewart extended its exclusivity until January 2018.