Best Buy to make holiday price-matching permanent year round
New York — Best Buy Co. is making its holiday price-matching guarantee a year-round program. Taking aim against the increasingly popular practice of “showrooming,” the consumer electronics chain will match online prices starting March 3.
Best Buy’s permanent price match has been expanded to cover almost all categories of merchandise. It does not cover phones purchased under contract.
Best Buy will also decrease its merchandise return policy from 30 days to 15 days
Build-A-Bear Workshop widens Q4 loss; reports annual loss of $49 million
St. Louis — Build-A-Bear Workshop, which is in the midst of a major turnaround initiative, reported a net loss of $36.5 million for its fourth quarter ended Dec. 29, compared with a net loss of $9 million during the prior-year quarter.
Total revenue for the quarter was $118.2 million, down 1% from the prior-year quarter.
For the full year, Build-A-Bear Workshop reported a net loss of $49.3 million in fiscal 2012, compared with a net loss of $17.1 million in fiscal 2011. The 2012 loss included a $33.7 million goodwill impairment in the fourth quarter.
The company reported total revenue of $380.9 million in 2012, down 3% from the previous year.
Founder and CEO Maxine Clark, who announced her retirement Jan. 31, said that the company was “disappointed” with its overall results. But she noted that in the fourth quarter the company increased same-store store sales in North America to show a marked improvement from the third quarter.”
“This increase was driven by the initial benefit of our brand building marketing campaigns, particularly in the U.S., and a return to traditional holiday product offerings,” Clark stated. “The U.K. remained challenging, which drove down our consolidated comparable store sales.
Clark also said: “We are in the midst of a multi-year turnaround initiative that includes closing an additional 50 to 60 stores by the end of 2014, updating our experience with a new design that builds our destination appeal and refocusing on brand messaging in our marketing programs.”
PGA Tour Superstore to open in Irvine, Calif.
Roswell, Ga. — PGA Tour Superstore will open its second store on the West Coast, a 50,000-sq.ft, location in Irvine, Calif., later this year.
"We are excited to be expanding into Southern California, which encompasses one of the nation’s most renowned golf areas in the country," said PGA Tour Superstore president and CEO Dick Sullivan.
With the addition of this store, the number of PGA Tour Superstores will increase nationwide to 17.
As the PGA Tour’s exclusive off-course/off-airport retail partner, PGA Tour Superstores are staffed with teaching professionals and have multiple state-of-the-art swing simulators, practice hitting bays and a putting green. There is also an in-house club making and repair facility. Many stores are equipped with a full-size tennis court and a tennis professional on staff for lessons and clinics. Along with equipment and accessories, PGA Tour features men’s, women’s and juniors’ apparel and footwear for golf and tennis.
PGA Tour Superstore is operated by Golf & Tennis Pro Shop, Inc., headquartered in Roswell, GA, and is a majority-controlled subsidiary of AMB Group, LLC.