- WET SEAL PICKS CEO: Wet Seal Inc. has tapped Edmond Thomas to lead its turnaround effort. The teen retailer, based in Foothill Ranch, Calif., said Thursday that Thomas, 54, president and chief operating officer of Wet Seal from 1992 to 2000 and current co-chief executive officer and president of surf specialty chain Tilly's Inc., will assume the ceo post next month. He replaces Joel Waller, who said he would step down from the chairman and ceo positions. As of Sept. 1, Wet Seal operated 467 stores, including 375 Wet Seal units and Arden B. units, in 47 states, the District of Columbia and Puerto Rico. In the year ended Feb. 3, Wet Seal reported slightly more than $15 million in operating profits after two fiscal years of operating losses. Sales in the second quarter of this year climbed to $143.3 million from $129.5 million in the same period a year ago.

- MOVADO NET TICKS UP: Watchmaker Movado Group Inc. reported an 8 percent rise in second-quarter earnings, bolstered by international business and expansion of licensed brands. For the three months ended July 31, earnings climbed to $12.3 million, or 45 cents a diluted share, from $11.3 million, or 43 cents, in the year-ago period. Sales for the quarter jumped 10 percent to $139.5 million from $126.6 million, while total same-store sales fell 2.3 percent. For the six-month period, earnings increased slightly to $14.7 million, or 54 cents a diluted share, from $14.2 million, or 54 cents, on sales that swelled 7.4 percent to $240.8 million from $224.3 million.

To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus