A FEW TOO MANY: Too Inc. said Wednesday that a preliminary injunction has been issued by a federal district court in Ohio against The TJX Cos., barring the off-pricer from selling 31 styles of alleged Limited Too brand apparel. The lawsuit was filed earlier this year by Too charging that certain styles of apparel sold by T.J. Maxx and Marshalls were either unauthorized or counterfeit. Too said that it would suffer “irreparable harm” from TJX Cos.’ continued sales of unauthorized Limited Too apparel.
This story first appeared in the August 22, 2002 issue of WWD. Subscribe Today.
SAKS’ STOCK SURGE: Investors rewarded Saks Inc. for its stronger-than-expected results, reported Tuesday after the market closed, with a market-beating rally Wednesday. Shares of the firm swelled $1.41, or 15.8 percent, to close at $10.31 on the New York Stock Exchange. By contrast, the Standard & Poor’s Retail Index inched up 4.27 points, or 1.4 percent, to end the day at 302.49. Over the last 52 weeks, Saks’ stock has traded as low as $4.60 and as high as $15.75. As reported, Saks narrowed its second-quarter losses to $20.4 million, or 14 cents a share, while Wall Street was looking for steeper losses of 18 cents. The department store operator also stood by its guidance for the back half and sees same-store sales in the low- to mid-single-digit range with expanding gross margins.
MORE ITALIAN ZARAS: Inditex, parent of the hot Spanish chain Zara, and its Italian real estate partner Percassi are preparing to roll out three more Zara stores in the rich northern Italian towns of Monza, Turin and Bologna — further intruding onto Benetton’s home turf. Zara opened its first Italian store in April in Milan. The Monza and Turin stores will open this winter, but “we don’t know yet if it will be before Christmas or after Christmas,” said a spokeswoman, adding that Bologna will open “definitely next year.” She was not able to provide further information on store locations or investments, nor quantify sales at the bustling Milan store on Corso Vittorio Emanuele.