Wet Seal profit edges up in Q2
Foothill Ranch, Calif. — The Wet Seal reported Thursday that net income for the quarter ended July 30 rose to $2.2 million from $1.6 million.
Sales rose to $148.8 million, compared with $131.5 million a year earlier. Same-store sales increased 6%, the strongest second-quarter comps since 2005, according to the company.
Looking ahead, Wet Seal said it plans to spend $17 million to $18 million in fiscal 2011 on construction of new stores or remodeling of existing stores upon lease renewals and/or store relocations.
New president named at True Religion
VERNON, Calif. — True Religion Apparel has announced that Lynne Koplin has been named president of the company effective immediately.
Koplin joined the company in January 2010 as COO. Prior to joining the company, and since July 2005, she was the president women’s division, of Tommy Bahama, a subsidiary of Oxford Industries, and before that worked for a number of apparel and retail companies.
“Lynne has made significant contributions to the improvements in our business over the past 18 months,” stated Jeffrey Lubell, chairman, CEO and chief merchant of True Religion Apparel Inc. “We are pleased to announce her appointment as President, a role in which she will have an even greater influence on the direction and success of our business,” he added.
Koplin succeeds Mike Egeck, who has resigned from the company to pursue other opportunities.
Winn-Dixie to discontinue SaveRite banner
Jacksonville, Fla. — Winn-Dixie Stores announced Thursday that it would convert all of its SaveRite-branded grocery stores to Winn-Dixie brands, discontinuing the SaveRite banner permanently.
“By aligning all 484 stores under one Winn-Dixie banner, we will be able to ensure a more consistent shopping experience for all of our guests – regardless of the type of neighborhood in which we operate,” said Peter Lynch, Winn-Dixie’s chairman, CEO, and president.
Six SaveRite locations in two states will convert to the Winn-Dixie store format over a four-month period.