Home & Textiles Today Staff -- Home Textiles Today, June 19, 2006
Delia's Grows Sales, Cuts Loss
Delia's Inc., the apparel and home accessories retailer targeting the tweener market, parlayed stronger sales, wider margins and lower costs into a sharply narrowed first-quarter loss of $1.2 million, improving on a year-ago deficit of $12.5 million when the chain was awash in red ink spilled by discontinued operations. Sales were up 16.1%, to $51.9 million.
Federated Sells Strawbridge's Store
Federated Department Stores has sold the Strawbridge's at the Cherry Hill Mall in Cherry Hill, N.J., to Pennsylvania Real Estate Investment Trust. The 262,000-square-foot store, opened in 1961, is among 80 duplicate sites slated for sale as a result of the May Co. acquisition. Federated has now announced buyers for 56 of its 80 duplicate locations.
Burlington Coat Posts Solid Results
Burlington Coat Factory Warehouse Corp. reported fourth-quarter net sales of $829.4 million, up 9.6% from a year ago. In the fiscal year ending June 3, net sales were $3.449 billion, up 8.8%. Comp-store sales in May rose 0.4%, quarterlies were up 0.6%, full-year comps rose 4.3%. About 10% of the volume – more than $300 million – is in soft home.
Neiman Marcus Has Record Margins
Neiman Marcus Group reported third-quarter operating margins of 14.7% of sales, a record for the luxury retailer. Sales were $1.0 billion, up 6.8% from the same period a year ago. Store comps were up 5.7%. Jim Skinner, senior vp and cfo, said online sales were brisk, noting 67% of Bergdorf Goodman e-commerce came from outside metro New York, which “shows the power of the brand.”
Pier 1 Fights Slump with Newness
Pier 1 Imports reported a first-quarter net loss of $23.2 million or $0.27 per share, a year-to-year 3.6% drop in sales to $376.1 million, and a comp slump of 6.6%. Chairman and ceo Marvin Girouard said the 1,266-store specialty retailer's brand repositioning campaign, its new Modern Craftsman line, and Urban Spaces catalog will yield results. While costs climbed to 39.2% of sales, Girouard pointed to margins of 53.8%.
Retailer Comps Near June Target
Retailers reported comp sales up 3.0% in the second week of June, after a 3.3% gain during the first week, the Johnson Redbook Index reported. Month-to-date comps were up 3.1% vs. June 2005, just lagging the target of 3.2%. Comps were 1.8% over May, barely shy of the 1.9% target.
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