Cabela’s Q1 profit up on strong sales
Sidney, Neb. — Cabela’s said Thursday that stronger revenue helped its fiscal first-quarter profit more than double from results weighed down by a hefty charge a year ago.
The reported net income of $17.8 million in the three months ended April 2, up from $8.1 million a year earlier.
The year-ago period included an $11.9 million charge related to a 2009 FDIC compliance examination.
Revenue increased 5% to $586.7 million, from $559.6 million. Same-store sales rose 8.9%.
In a statement, CEO Tommy Millner sales rose at each of the company’s 29 stores open at least a year — the first time this has happened at the company.
CoStar to acquire LoopNet
Washington, D.C. — Commercial real estate information company CoStar Group has signed a definitive agreement to acquire LoopNet, the leading online commercial real estate marketplace.
“CoStar revolutionized how the industry researches commercial real estate and LoopNet revolutionized the way the industry markets commercial real estate," said Andrew C. Florance, president and CEO, CoStar. "We expect the combination of our companies to give the $11 trillion commercial real estate market the full benefit of the Internet."
Zale’s Canadian division signs agreement with Alliance Data
Dallas — Alliance Data Systems Corp., a provider of loyalty and marketing solutions derived from transaction-rich data, and Zale Corp., announced a national agreement between Alliance Data’s Canadian coalition loyalty business and Zale Canada. The agreement provides for Zale’s Canadian brands, Peoples Jewellers and Mappins Jewellers, to participate as the exclusive sponsors in the fine jewelry category in the Canadian Air Miles Reward Program.
Peoples Jewellers and Mappins Jewellers will begin issuing reward miles in Ontario by mid-May and will roll-out its participation in the coalition loyalty program throughout Canada in August.