Retailer Pier 1 (PIR) Imports said its board of directors has “mutually agreed” with President and CEO Alex Smith that he will resign effective Dec. 31.
Fabric supplier Culp Inc. (CFI) said sales edged up 0.6% to $80.7 million in the quarter ended July 31, but net income jumped 13%.
Bedding retailer Mattress Firm (MFRM) said its acquisition by South African retail giant Steinhoff International Holdings N.V. (SNH) should be closed by the end of the third quarter following receipt of an early termination notice of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act.
While high student debt is often cited as a key factor in keeping Millennials out of the housing market, the simple lack of sufficient income also plays a role.
Discount retailer Big Lots (BIG) said second-quarter sales were essentially even with last year's second quarter, but net income jumped more than 28% on improved gross margins and better inventory management.
Retailer Williams-Sonoma (WSM) said second-quarter revenues edged up 2.8% to $1.16 billion, but net income fell 3.5% amid what the company described as a softening retail environment.
La-Z-Boy Incorporated (LZB), a global residential furniture company reported sales were flat in the quarter ended July 30, but net income rose about 1% to $13.8 million, or 28 cents per share.