Wet Seal 1Q Profit Jumps 18%
Foothill Ranch, Calif. Wet Seal Inc. said its first-quarter profit jumped 18% as sales at newer stores and lower expenses helped offset a decline in same-store sales.
For the quarter ended May 3, net income climbed to $8.9 million from $7.6 million in the prior-year quarter.
Selling, general and administrative expenses fell slightly and the company reported a smaller provision for income taxes. Wet Seal said its new store pre-opening expenses were $100,000, compared with $1 million in the year-ago period.
Revenue rose 3% to $142.4 million from $138 million in the first quarter of 2007. Meanwhile, same-store sales fell 7.5%.
Target promotes Francis to chief marketer
MINNEAPOLIS Target has promoted Michael Francis, evp of marketing to evp and chief marketing officer.
As evp and chief marketing officer, Francis is responsible for all marketing functions, as well as strategy and research, community relations and Target.com.
Kohl’s expands Casa Cristina collection with three new bedding lines
LOS ANGELES and MENOMONEE FALLS, Wis. Cristina Saralegui’s Casa Cristina line at Kohl’s will expand to include a new line of three bedding collections for the fall, available in stores and on Kohls.com.
The Tesoro, Talavera Blue and Paz collections in stores now, are the latest additions to the Casa Cristina line of home furnishings at Kohl’s, which includes tableware, home accents, kitchen textiles and bath collections.