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Men’s Wearhouse profit up 31%, but outlook disappoints
Houston -- Men's Wearhouse said Tuesday that higher sales lifted its third-quarter profit by 31%, but its forecast for the fourth quarter missed Wall Street's expectations.
Net income rose to $25.3 million in the three months ended Oct. 30, from $19.3 million a year earlier. Revenue increased 19% to $550.1 million, from $462 million in the previous year. Tuxedo rental revenue rose 13% and accounted for more than 20% of the company's quarterly total. Other clothing sales climbed 22% in the quarter.
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Ikea gives workers a free bike
New York City -- Ikea US sent a holiday ‘thank you’ to each of its 12,400 associates with a free bike, the retailer said Tuesday.
The gifts were part of Ikea’s “strong commitment to good health and being environmentally conscious,” while rewarding employees for a good year, the company said.