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Kohl’s chief merchandising officer resigns
New York -- Kohl’s Corp.’s chief merchandising officer, Donald A. Brennan, resigned his position, effective as of April 1, 2014. Kohl's disclosed Brennan's departure in a filing this week with securities regulators.
Under a separation agreement with the department-store operator, Brennan will receive a one-time severance payment equal to 2.9 times his annual salary plus the average of the three most-recent annual incentive compensation plan payments paid to him, according to a regulatory filing.
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Five Below Q4 tops estimates; 62 stores planned for current year
Philadelphia -- Five Below on Tuesday reported better-than-expected results for its fiscal fourth quarter, ended Feb.1. The tween/teen retailer also said it is on track to open 62 stores in 2014
The company posted net profits of $24.8 million, slightly higher than estimates of $24.6 million, up from $19.2 million in the year-ago period.
Sales jumped 22.1% to $212 million, beating analysts' expectations for $207.78 million in sales. Same-store sales increased by 0.3%.