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Nike puts Cole Haan on the selling block
New York -- Nike Inc. is trimming its portfolio. The company announced it will sell its Cole Haan and Umbro brands to cut costs and focus on its core namesake brand.
Nike acquired Cole Haan, which specializes in casual and dress shoes, handbags and accessories, in 1988 for $80 million, plus the assumption of $15 million in debt. Cole Haan operates more than 180 stores throughout the United States, Canada, the Middle East and Asia.
Nike bought the soccer gear and apparel company Umbro in 2008 for $565 million.
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J. Crew Q1 profits nearly double; same-store sales jump 16%
New York -- J. Crew Group recorded a boost in first-quarter net income on strong sales. Profits nearly doubled to $30.7 million in the quarter ended April 28, from $16.2 million in the year-ago period.
Revenue grew 23% to $503.5 million, with same-store sales increasing 16%. Store sales were up 26% to $354 million, while direct sales grew 19% to $143.4 million.