February 28, 2005,
Sears, Kmart Shareholders To Vote
Sears and Kmart will hold back-to-back shareholder meetings at Sears' headquarters on March 24 to vote on the retailers' proposed merger.
Kohl's to Restate Financials Since 1998
After receiving a clarification from the Securities and Exchange Commission about how to account for lease practices, Kohl's said it will restate its financials beginning with fiscal 1998.
SG&A expense for the affected fiscal years will increase, as will pre-opening expenses and depreciation expenses, the company said.
The impact on net income for the fourth quarter in the recently completed fiscal year is expected to be about $2 million. The impact on full-year EPS is expected to be about 3 cents.
The adjustments are not expected to affect historical or future cash flows, nor the timing of payments under the leases at issue, the company reported.
Macy's Launches Site For Juniors
Macy's is targeting the juniors crowd with a new Web site, www.thisit.com, that the retail touts as the “insider's view to everything 'IT' in fashion, music and more.”
Garden Ridge Increases Comp Sales
Garden Ridge Corporation logged a 6.8 percent increase in comp sales comparing the 5-week month with the same time period last year. The retailer, which filed for bankruptcy a year ago, reported a 5.3 point increase in product gross margin in January due in large part to strong after-Christmas sales and a growing assortment of fresh, fashion-oriented merchandise.
“Our sales momentum continued with increases posted in many departments,” said Steve Higgins, president.
Garden Ridge recently submitted its proposed reorganization plan and expects to emerge from Chapter 11 later this year.