CLEARANCE DOWN, PROFITS UP: ShopKo Stores Inc. said fewer clearance sales and bigger volume in higher-margin items contributed to an 83.6 percent increase in fourth-quarter profits. ShopKo posted double-digit same-store sales gains in sleepwear, infants, women's accessories, activewear and career wear, Lawrence J. Clark, vice president, finance, said. Same-store sales of jewelry and watches advanced a little over 30 percent. Clark said men's wear was one of the softer areas in the fourth quarter. As a remedy, ShopKo will focus on building its men's casual business. In the quarter ended Feb. 25, earnings soared to $18.8 million, or 59 cents a share, from $10.2 million, or 32 cents in the year-ago quarter. The earnings came in above Wall Street's estimate of 42 cents a share. Sales at the Green Bay, Wis.-based retailer rose 5 percent to $485.8 million from $462.6 million. Gross margin rose to 27.2 percent of sales, from 24.3 percent in the year-ago quarter. In the year, earnings jumped 17.6 percent to $37.8 million, or $1.18, from $32.1 million, or $1. Sales rose 6.6 percent to $1.9 billion from $1.7 billion, with same-store sales up 0.7 percent.
TAKING BETTER ACCOUNT: Kmart Corp. has implemented a new inventory accounting system that will provide more accurate information for quarterly earnings reports. The new system, which was put in place at the beginning of 1995, will provide better information on departmental inventory within the stores. It will not affect annual results, which are based on physical inventories.
BRADLEES' NEW DESIGNER: Bradlees Inc. has named George Bruce senior vice president, store design and visual presentation, a new post. Bruce, who has 30 years retail experience, most recently was vice president, sales promotion for Venture Stores, a discounter based in O'Fallon, Mo. He has held visual merchandising positions at Joseph Magnin and Mervyn's. At Bradlees, Bruce reports to Mark A. Cohen, chairman and chief executive officer.
A SECURITY VENTURE: Venture Stores Inc. expects to install a radio frequency-based security system at 48 more stores by July 1. The discounter already has 67 stores equipped with the electronic article surveillance system made by Checkpoint Systems Inc. Checkpoint's chainwide installation includes detection sensors positioned at store exits and entrances, radio frequency labels affixed to merchandise and deactivation pads placed at checkout to turn off the labels. Target also is going chainwide with the radio frequency system this year, Checkpoint said.SEARS BUILDING PLANS: Sears Merchandise Group will construct a two-level, 197,000-square-foot store at the Marley Station Shopping Center, Glen Burnie, Md. Planned opening date is fall 1996, Sears said. Sears joins anchors Macy's, Hecht's and J.C. Penney at the center, which also includes 130 specialty stores. Sears said the Marley Station store is part of its multi-year, $4 billion capital expenditure program for opening new department stores and freestanding specialty stores, and for remodeling existing units. Sears operates 800 retail stores, including 18 in the Baltimore area.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye