Lands' End loss surprises Wall Street: Saks, Gap, Kmart report better results

Article Abstract:

Dodgeville, Wi-based catalog firm Lands' End Inc. reported a disappointing $61,000 second-quarter loss. The earnings decline came despite an 8.8% increase in sales. The company blamed its poor performance on weak sales from its core catalog, which accounts for almost 60% of the company's business. David Ricci, analyst for William Blair and Co. described the catalog as lacking flair. The company ended the quarter with inventories 47% higher than for the same period on 1997.

Comment:

Reported a disappointing $61,000 second-quarter loss

Sales, profits & dividends, Mail Order Houses, Electronic Shopping and Mail-Order Houses, Mail order business, Lands' End Inc.

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Proffitt's to acquire Saks Holdings Inc

Article Abstract:

Profitt's Inc. has reached an agreement to purchase Saks Fifth Avenue for $2.14 billion. Saks Fifth is one of the most famous names in the retail business. Profitt's acquired the retail chain through its purchase of Saks Holdings Inc., Saks Fifth's holding company. The chain is the most recent addition to Profitt's rapidly-growing series of chains. Profitt's purchase of Carson Pirie Scott in 1998 made the company the fourth-largest department store chain in the US.

Comment:

Profitt's Inc. reaches agreement to purchase Saks Fifth Avenue for $2.14 billion

Department Stores, Department Store Chains, Saks Holdings Inc., Profitt's Inc.

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Safeway to acquire Dominick's for $1.2 billion

Article Abstract:

Pleasanton, CA-based Safeway Inc. continues its acquisition frenzy with the purchase of Dominick's Supermarkets Inc. for $1.2 billion. The present acquisition marks Safeway's third in the past year and a half. The move will help Safeway compete with rivals Albertson's Inc. and Kroger Co. The deal will also strenghten Safeway's presence in the Chicago area, where its presence is currently nonexistant.

Comment:

Continues its acquisition frenzy with the purchase of Dominick's Supermarkets Inc. for $1.2 bil

Grocery Stores, Supermarkets and Other Grocery (except Convenience) Stores, Safeway Inc., Dominick's Supermarkets Inc.

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