Apparel

Plano, Texas – Deb Berman, chief marketing officer of The J.C. Penney Co. Inc., has left the company. In a statement, J.C. Penney said Berman left of her own accord.

Berman came to Penney from Kraft Foods Group in August 2013, as part of CEO Mike Ullman’s attempt to rebuild the retailer’s management team.  She served at Kraft as VP of marketing and engagement and also had prior experience working at advertising agencies.
 

Buoyed by impressive fourth quarter sales, Burlington Stores Inc. is accelerating its expansion strategy, with plans to open 25 new stores in 2015 and a long-term goal of 1,000 stores coast-to-coast.

The off-price retailer reported that total revenue for the fourth quarter ended Jan. 31 grew 10% to $1.5 billion from $1.34 billion. Same-store sales rose 6.7%.

Foothill Rach, Calif. – A winning bidder has reportedly emerged for the assets of The Wet Seal Inc., which declared bankruptcy in January 2015. According to the Wall Street Journal, Versa Capital Management LLC will take over at least 140 store leases and invest $10 million in the specialty apparel chain.

Columbus, Ohio – DSW Inc. exceeded Wall Street expectations with profit in the fourth quarter of fiscal 2014. The specialty footwear retailer reported net income of $30.8 million, up 10% from $28.1 million the same quarter a year earlier.

Cost of sales grew at a slower pace than actual sales, helping boost profits. DSW plans to open 35 stores in fiscal 2015, including eight to 10 small format stores. Sales rose 12$ to $640 million, from $572 million.

After opening its first stores in Alabama this month, tween and teen retailer Five Below is taking Kentucky off its expansion list next, with new stores there opening this week.

"Entering Louisville is an important next step as we continue to grow our footprint across the country," said Joel Anderson, CEO of Five Below. "We're excited to serve new customers in this dynamic city. Kids and parents looking for a fun place to shop for trend-right, high quality products at a great value will surely enjoy Five Below."

New York – Foot Locker Inc. is significantly raising its long-term financial objectives for 2020, including achieving sales of $10 billion. The retailer also seeks to achieve sales per gross square foot of $600, net income margin of 8.5%, EBIT margin of 12.5%, return on invested capital of 17%, and inventory turnover of three or more times.

On the heels of a very successful fiscal year, Foot Locker executives have announced a string of new and expanded strategic initiatives.

Richard Johnson, president and CEO of Foot Locker Inc. and other members of the company's senior management team announced an updated set of growth initiatives, and a revised strategic framework, intended to further elevate its long-term financial performance for the period 2015 through 2020.

Burlington, N.J. – Burlington Stores Inc. beat Wall Street expectations for earnings and sales in a strong fourth quarter of fiscal 2014. Reductions in store payroll and advertising helped drive a net income increase of 49% to $94.86 million, from $63.58 million.

Burlington Stores plans to open 25 net new stores in fiscal 2015.

Total revenue grew 10% to $1.5 billion from $1.34 billion. Same-store sales rose 6.7%