Home Accents Today's retail briefs
Info about Kirkland’s, Federated, Bombay, Laura Ashley
-- Home Accents Today, 4/9/2007 7:10:00 AM
* Jackson, Tenn-based Kirkland's, Inc. announced plans to close 40 of its mall stores and replace them with 40 off-mall stores during fiscal 2007, part of an initiative that, since 2005, has resulted in the retailer’s opening of 108 new off-mall stores and closing more than 90 other locations. The retailer currently has close to 350 stores in 37 states and is considering new locations in high growth residential markets primarily in the Southeast and Southwest. Kirkland's also announced that Jeff Ostler joined the company as vp, director of stores, effective March 26, reporting to Cathy David, Kirkland's Home president and coo. Ostler served as vp of store operations for both Hastings Entertainment and Denninghouse and spent 13 years with Dollar General, where he was division manager of retail operations.
* Federated Department Stores’ board of directors will ask shareholders to approve a corporate name change to Macy's Inc. (instead of Macy's Group Inc., as the company previously announced) at Federated's annual meeting on May 18. Federated also announced it will begin trading under the ticker symbol “M” on the NYSE, effective June 1. Terry Lundgren, Federated's chairman, president and ceo said Macy’s represents about 90% of the corporation’s revenue and the name and ticker symbol changes reinforce the recent expansion of the Macy’s brand.
* Ft. Worth, Texas-based Bombay Company reported fourth quarter sales rose 0.7 percent to $188.17 million, from $186.85 million during the same period a year ago, with catalog and Internet sales for the quarter climbing 52% to $13.4 million from $8.8 million. Although revenue decreased five percent to $536.3 million for fiscal 2006, the company reported a net loss of $1.68 million compared to a net loss of $25.06 million last year. The company plans to close 75 stores in 2007 as part of a restructuring effort.
* Overseas, Laura Ashley Holdings Plc, reported a near doubling of annual profits after sales of home furnishings increased in Britain. Net income rose to $15.7 million for the year ended Jan. 27. CEO Lillian Tan is credited with cutting costs, closing unprofitable stores and opening others in more competitive areas. Laura Ashley opened 20 stores in the U.K. and Ireland and plans to open more this year.
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