Tween Brands 4Q Net Income Rises
New Albany, Ohio, Tween Brands said Wednesday its fiscal fourth-quarter net income grew 4%, aided by sales at established Justice stores. Earnings for the period ended Feb. 3 totaled $28.2 million from $27.1 million during the same period a year before. Revenue grew 16% to $272.3 million, from $235.1 million.
There was an extra week in the latest quarter, which boosted sales by $11.6 million. Comp-store sales rose 2% in the quarter. At its Justice stores, comp-store sales jumped 21% and at Limited Too stores, they were flat.
For the year, net income grew 19% to $64.8 million from $54.5 million in 2005. Revenue grew 17% to $883.7 million, from $757.9 million last year.
Winn-Dixie Posts Loss Post-Bankruptcy
Jacksonville, Fla., Winn-Dixie Stores Inc. said Tuesday it recorded a loss of almost $10 million in the eight weeks since it emerged from bankruptcy. The company said it posted a loss of $9.9 million after emerging from bankruptcy protection on Nov. 21. In the 8 weeks before the company ended its bankruptcy protection, it earned a profit of $296.7 million.
For the full quarter, Winn-Dixie said its profit rose 21% to $286.8 million from $237.5 million in the prior year’s quarter.
The company said its results for the full quarter were boosted by a gain of $188.2 million for the discharge of liabilities associated with the company’s exit from Chapter 11 and a $144.8 million gain related to the revaluation of assets and liabilities.
Sales rose 9% to $1.16 billion from $1.07 billion in the second quarter of 2006. The company said comp-store sales fell 0.5% in the quarter because of difficult comparisons with the prior year in areas affected by Hurricanes Katrina and Wilma.
Last year, many residents were offered government and private assistance and more competitor stores are now open in that area, Winn-Dixie said.
Kohl’s Announces Exclusive Debut of Chaps Home
Menomonee Falls, Wis., Kohl’s Corp. announced an agreement with the Polo Ralph Lauren Corp. to introduce the Chaps Home collection in May 2007. The Chaps Home collection will be available exclusively in all Kohl’s stores and online at Kohls.com.
The Chaps Home collection will be designed and developed by Polo Ralph Lauren and manufactured by Kohl’s. With the launch of the home collection, Chaps will become the first national brand that Kohl’s carries in every one of its major departments. The brand was introduced with a men’s sportswear collection in early 2005.