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FINANCE

  • Express swings to loss in Q1, but cost savings plan stays on track

    Despite a rough first fiscal quarter, Express remains committed to its ongoing plan to manage costs, optimize its store fleet and improve profitability.   For the quarter ended April 29, the specialty apparel retailer posted a net loss of $4.5 million, or $0.06 per share. This included a net negative $0.03 per share impact related to certain discrete tax items and the exit of Canada.   

  • Luxury retailer loses interim key executive

    The interim CFO of Neiman Marcus has resigned after seven months on the job.   Michael Fung will step down from his position as the luxury retailer’s interim CFO and COO, effective June 30. Fung temporarily left his retirement to join the company on an interim basis in November 2016.   

  • J.Jill’s comp sales soar in Q1

    Despite a challenging retail landscape, J.Jill’s same-store sales growth and profits not only climbed, but topped analyst expectations.   For the first quarter ended April 29, the mall-based women’s specialty chain’s overall revenue increased 12.5% to $166.1 million — a jump from $147.7 million in the first quarter of fiscal 2016. This also beat analyst estimates at $162 million.  

  • Michael Kors plans store closures as loss widens

    In effort to dig out of its sales funk and rebuild its brand, Michael Kors plans to shutter more than 100 full-price stores.  

  • It’s official: Pet supplies giant acquires fast-growing online rival

    PetSmart has been setting the stage to accelerate its digital offerings. Now it can.  

  • Gifting retailer sells luxury sweets line, but keeps brand connection

    1-800-Flowers.com has officially sold its premium chocolates business.   The gifting retailer closed on the sale of Fannie May Confections Brands — including its subsidiaries Fannie May Confections and Harry London Candies — to Ferrero International on Tuesday, May 30. The deal, which is valued at $115.0 million, entitles Ferrero to all operations of Fannie May, the confectioner’s manufacturing facility in Ohio, and two warehouse and distribution facilities, located in Ohio and Illinois.  

  • Bankrupt footwear retailer may close more stores

    Payless ShoeSource is seeking bankruptcy court approval to close more stores.   The chain, which filed for Chapter 11 bankruptcy protection at the beginning of April, may close up to 408 more stores, according to the Chicago Tribune. Payless had originally said it planned to shutter nearly 400 underperforming locations.   

  • Consumer confidence slips in May

    Wary about business conditions and jobs, consumer confidence dipped a bit further in May. But consumer still remain optimistic on the whole about the economy.     The Conference Board said Tuesday that its Consumer Confidence Index fell to 117.9 in May, from a revised 119.4 in April. The index hit 124.9 in March, its highest mark in 16 years.  
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