Stein Mart, Inc. announced that it has instituted cost reductions expected to total savings of approximately $10 million (pre-tax) in 2018 including the elimination of approximately 10 percent of its corporate office headcount. These actions are part of the Company's ongoing efforts to control costs and simplify its business processes in this highly competitive retail environment. Most of the other cost reductions are also at the corporate headquarters. Today's announcement is in addition to tight expense controls and other steps the Company has taken this year to strengthen its financial position, including: •Lowering inventories by 15 percent •Reducing capital expenditures by $22 million over the prior year •Suspending the quarterly dividend ($14 million annual savings). Click Read More below for additional information.
Ulta Beauty [NASDAQ: ULTA] today announced that the Company will implement a holding company reorganization on January 29, 2017, the beginning of the Company’s new fiscal year. The primary purpose of the reorganization is to create a more efficient corporate structure. Business operations for the Company will not change as a result of the reorganization.
Pursuant to this holding company reorganization, Ulta Beauty, Inc. will replace Ulta Salon, Cosmetics & Fragrance, Inc. as the publicly-traded entity. All outstanding shares of common stock of Ulta Salon, Cosmetics & Fragrance, Inc. will automatically convert into the same number of shares of common stock of Ulta Beauty, Inc. with all of the same rights, powers and preferences, and qualifications, limitations and restrictions. The common stock of the Company will continue to trade on The NASDAQ Global Select Market under the symbol “ULTA.” There is no change to the directors and executive officers of the Company as a result of the creation of the holding company.