Men's Wearhouse and Jos. A. Bank may be inching closer to a deal. Men’s Wearhouse announced that it had reached a nondisclosure agreement with its rival, setting up talks that could lead to a merger of the two retailers.
Jos. A. Bank has officially rejected Men’s Wearhouse’s latest $1.78 billion buyout offer. But in yet another twist to the long-running saga between the two companies, in open letter to Men’s Wearhouse president and CEO Douglas S. Ewert, Jos. A. Bank said it is willing to meet with its rival.
Adverse weather in many of Pier 1 Imports’ major markets has continued to plague the home furnishings retailer, prompting president and CEO Alex W. Smith to update fourth-quarter and full-year expectations.
A little more than a week after Signet Jewelers said it plans to acquire all of the issued and outstanding stock of Zale for $21 per share in cash consideration, Zale reported net earnings of $51 million in the second quarter, a 10% increase from $41 million in the prior-year period.
WTI expects March 2014 to trend similar in temperature to last year and below normal for the U.S. as a whole. The month starts out with cold, possibly record-breaking, in the North along with some potentially snowy and/or icy weather as a storm system moves through.
Kohl’s reported a profit of $334 million, or $1.56 per share, for the fourth quarter ended Feb. 1, down from $378 million, or $1.66 a share, a year earlier. The retailer attributed the dip to an increase in e-commerce shipping costs and holiday season markdowns.
Best Buy saw revenues slip in the fourth quarter and fiscal 2013, thanks in part to declining retail traffic fueled by a shorter holiday shopping season and severe winter weather. But all was not bad news for the retailer, which was able to profit from its Renew Blue cost reduction program.