Zale Corp. Q2 profit more than quadruples on improved sales
Dallas — Zale Corp. said Thursday that net income for the quarter ended Jan. 31 surged to $27.2 million, compared with $6.7 million a year earlier.
Zale, which has struggled to regain profitability as the economy improves, posted net income of $27.2 million compared with $6.7 million, or 21 cents per share a year ago. Sales rose to $626.4 million for the quarter, from $582.3 million. Same-store sale rose 7.9%, compared with a decrease of 11.2% during the comparable period in the prior year.
The results included interest expenses and a $6 million income tax expense. In the comparable quarter a year ago, Zale posted a $12 million tax benefit.
Zale said the quarter marked a turning point because same-store sales turned positive.
"Our financial performance for the critical second quarter reflects the collaborative efforts of our total organization focusing on one objective — delivering a successful holiday," CEO Theo Killion said in a statement. "In doing so, we’ve taken an important step toward our goal of returning to profitability."
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Kohl’s 4Q income up 14%
MENOMONEE FALLS, Wis. — Kohl’s reported that net income for the fourth quarterincreased 14% to $493 million, or $1.66 per diluted share, compared with $431 million, or $1.40 per diluted share, a year ago. Net sales were $6 billion, an increase of 6.3% for the quarter. Comparable-store sales for the quarter increased 4.3%.
For the year, net income was $1.1 billion, or $3.65 per diluted share, compared with $991 million, or $3.23 per diluted share, for fiscal 2009. Net sales increased 7.1% to $18.4 billion. Comparable-store sales increased 4.4% over the prior year.
Kevin Mansell, Kohl’s chairman, president and chief executive officer, said, “We clearly outperformed our direct competition for the year, achieving the highest total sales increase for the year, leading to the largest market share gain. We improved our merchandise margins significantly through strong inventory management and successful private and exclusive brand strategies. Expenses were well managed while improving the store experience for our customers. I am very proud of our 130,000 associates and the role they played in these results and want to thank them for their hard work, loyalty and dedication in delivering on our promise to ‘expect great things’ from Kohl’s."
Kohl’s ended the year with 1,089 stores in 49 states.
Based on assumptions of a total sales increase of 4% to 6% and a comparable-store sales increase of 2% to 4% for fiscal 2011. The company expects earnings per diluted share of $4.05 to $4.25 for the year. For the first fiscal quarter, the company expects earnings per diluted share of 68 cents to 73 cents based on assumptions of a total sales increase of 4% to 6% and a comparable-store sales increase of 2% to 4%.
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Urban Outfitters teams with MID Retail for store allocation solution
Indianapolis — MID Retail said Wednesday that Philadelphia-based Urban Outfitters has selected its Advanced Allocation Software to forecast and distribute merchandise for all store locations across its Urban Outfitters, Anthropologie, and Free People brands.
MID Retail provides software solutions primarily for Merchandise Planning, Store Planning and Allocation, Fashion Replenishment and Assortment Planning applications for large retailers and national chains.
According to MID, its Advanced Allocation Software was designed to help multi-store, multi-sku retailers increase accuracy, efficiency and profitability. The system includes both pack and size optimization modules for accurate sku-level allocation and replenishment.
The solution is designed to enable Urban Outfitters to significantly refine allocation decisions across all brands at all locations right down to the style, color and size levels.
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