USA: M&S's Brooks Brothers Profits Up 134 Per Cent
Brooks Brothers reported operating profits of $29.8m, up 134.6 per cent from $12.7m for the prior year. Total sales volume increased 3.2 per cent to $661.1m from $640.3m reported for 2000. Comparable US store sales increased 1.8 per cent.
Joseph R. Gromek, president and CEO of Brooks Brothers said: “The past year set new milestones in earnings for Brooks Brothers, marking our most profitable year under the Marks & Spencer ownership. We saw strong growth in the men's sportswear and women's areas of the business. By providing current, yet classic merchandise, and our high level of customer service, we are appealing to a new generation of customers who seek and appreciate the fine style, quality, and value of Brooks Brothers.”
During the 2000/01 year, Brooks Brothers opened five new stores in the United States, including two airport locations, and entered into a partnership with The Della Valle Group to open stores in Italy, Austria and Switzerland.
Brooks Brothers was founded in 1818 in New York City. The company currently operates 83 retail and 75 factory stores, a direct mail catalogue and e-commerce site in the United States and over 90 locations in Japan, Hong Kong, Taiwan and Italy.
Companies: Marks & Spencer Group Plc
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