Wet Seal Cuts Management, Corporate Jobs
Foothill Ranch, Calif. Wet Seal Inc. said Wednesday it has eliminated 41 management and corporate jobs beginning in fiscal 2009. The company expects the move to save about $3.3 million a year before taxes.
Wet Seal said 37 positions were eliminated in its corporate office, and four operations-management positions held by associates outside the corporate office.
Affected employees received severance packages, Wet Seal said, and the company expects to report a related charge of $200,000 to $300,000 in its fiscal fourth quarter of 2008.
The company reported this month that its same-store sales fell 12.5% during December, as its Arden B chain dragged down results.
Best Buy to reduce headquarters staff
MINNEAPOLIS Best Buy will lay off an unspecified number of headquarters employees on Feb. 19. The move is on top of the 500 voluntary layoff workers agreed upon earlier this month. The move reduces the corporate headcount to 3,500.
According to reports, average non-managerial employees will receive six months of severance pay.
Tractor Supply posts 1.3% comps gain in Q4
BRENTWOOD, Tenn. Tractor Supply Company announced that net sales for the fourth quarter increased 10.5% to $799.5 million from $723.3 million in the prior year’s fourth quarter. Same-store sales increased 1.3% compared with a 3.8% gain in the prior year’s fourth quarter.
Net income for the quarter was $24.7 million, or 67 cents per diluted share, compared to net income of $30 million, or 77 cents per diluted share, in the fourth quarter of the prior year.
For fiscal 2008, net sales increased 11.3% to $3.01 billion from $2.70 billion and same-store sales increased 1.4% compared to 3.4% for fiscal 2007.
Net income for fiscal 2008 was $81.9 million, or $2.19 per diluted share, compared to net income of $96.2 million, or $2.40 per diluted share, for fiscal 2007.
During fiscal 2008, the company opened 91 new stores and relocated one store. This compares to 89 new store openings, 12 relocations, and selling its only Del’s store located in Canada in fiscal 2007.