In Brief: Kohl’s May Sales … East Heads West … Dress Barn Case
KOHL'S MAY SALES: Kohl's Corp. said Tuesday that sales for the four-week period ended May 28 rose 10.2 percent compared with the same four-week period a year ago. On a same-store basis, sales inched up just 0.2 percent. The retailer...
KOHL'S MAY SALES: Kohl's Corp. said Tuesday that sales for the four-week period ended May 28 rose 10.2 percent compared with the same four-week period a year ago. On a same-store basis, sales inched up just 0.2 percent. The retailer said sales were disclosed earlier than usual because of an upcoming company presentation at an analyst conference. Larry Montgomery, Kohl's chairman and chief executive, said in a statement, "May's sales performance was in line with our expectations. We continue to expect a comparable store sales increase for the second quarter of 4 percent to 5 percent and remain comfortable with our previous earnings guidance of 49 [cents] to 52 [cents] a diluted share for the second quarter."
EAST HEADS WEST: Japanese designer Yohji Yamamoto said Tuesday that he plans to open a New York showroom later this month at 134 Spring Street in a bid to build wholesale volume in the U.S. Also, as expected, Yamamoto said he would introduce a line of tailored men's wear at Pitti Uomo in Florence June 22-25 for spring-summer 2006 retailing. The moves are part of a strategy by Yamamoto chief executive Keizo Tamoto to expand the label into new niches and build volume by making collections more accessible to retailers.
DRESS BARN CASE: Dress Barn Inc. said Tuesday that the Connecticut Supreme Court reversed a $32 million judgment against the company. The 2003 judgment stemmed from an alleged breach of contract related to a failed negotiation for an acquisition. "We have always believed that this lawsuit was without merit, and we are gratified that the highest court in the State of Connecticut has reversed the judgment," said David R. Jaffe, president and chief executive officer of Suffern, N.Y.-based Dress Barn, in a statement. Dress Barn is to release its fiscal third-quarter financial results today.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)