News

Space Ninety 8, a new concept from Urban Outfitters, has opened in the uber-hip Williamsburg section of Brooklyn, New York. Big and spacious, the multi-level space is located in a renovated warehouse. It has an industrial look, complete with exposed ceilings and brick wall, with lots of boho-chic accents.  

The basement level houses a pop-up, with Adidas originals serving as the inaugural tenant. The space is colorful, with bold, crazy prints (the work of a local artist) accenting the walls and displays.

Atlanta – Severe weather had a negative impact on financial performance at Aaron’s Inc. during the first quarter of fiscal 2014. Compared to the same period a year earlier, Aaron’s net earnings declined 25% to $38.3 million from $51 million.

Revenues dropped 1% to $585.4 million compared to $593.0 million for the first quarter in 2013. Same-store sales shrank 2.1%.

Top executives within Walmart’s international division have been assigned new responsibilities including a new role for the former head of Asian operations overseeing mergers and acquisitions.

Miami – Consolidated net income at Burger King Worldwide Inc. grew 68.7% year-over-year during the first quarter of fiscal 2014, rising to $60.4 million from $35.8 million. In the same period, total revenues fell 26.5% to $240.9 million from $327.7 million.

Systemwide same-store sales grew 2%. Burger King cited severe weather as negatively affecting North American sales, as well as the net refranchising of 327 company-owned stores during the quarter. The retailer attributed its net income growth to improvement in overseas EBITDA performance.

New York - Dynamic retail marketing agency TPN is hiring analytics industry veteran Taymour Matin as managing director, data and analytics, a newly created position. Previously, analytics folded into TPN's planning and perspectives team, but as part of TPN's growth strategy, the new department has been created to better capitalize on the agency's proprietary research and technology-driven retail analytical capabilities.

The Wet Seal is winding down its Arden B brand. Arden B currently operates 54 mall-based stores and an e-commerce site. In the fiscal year ended Feb. 1, the brand generated net sales of $60.4 million and represented 11% of consolidated net sales.

“This was a difficult decision that followed a comprehensive review of the business and market dynamics. We would like to thank all of our Arden B team members for their hard work and dedication to the brand, and also extend our gratitude to our loyal customers,” said CEO John D. Goodman.

Washington, D.C. - The Securities and Exchange Commission has charged a former executive with insider trading in advance of EBay’s acquisition of the e-commerce company GSI Commerce where he worked, by tipping friends and relatives with confidential information about the pending deal so they could attain more than $300,000 in illegal profits.

Restoration Hardware Holdings has appointed Dr. Leonard Schlesinger to its board of directors. He will also serve as the chairman of the board’s compensation committee.

Dr. Schlesinger has held executive leadership positions at various retail and consumer brands, including vice chairman and COO of Limited Brands from 1999 to 2007, and is an esteemed leader in academia having served for more than 20 years as a professor of business administration at Harvard Business School, and as the president of Babson College.