REAL ESTATE

Callison partners with Abercrombie & Fitch, Urban Outfitters for international expansion

BY CSA STAFF

Seattle — Callison has teamed with parent companies Abercrombie & Fitch and Urban Outfitters to internationally expand the Hollister Co./Gilly Hicks and Urban Outfitters/Anthropologie brands, respectively.

Abercrombie & Fitch has retained Callison as its architect of record to implement its expansion for Hollister in the United Kingdom and Germany. A total of five stores have opened under Callison’s direction with approximately 10 more locations planned.

Execution of the first international Gilly Hicks intimates store is well underway in London and is expected to be completed before year-end 2010.

Callison is also the architect of record for Urban Outfitters’ expansion of the Urban Outfitters brand and is working on store locations in Brighton, U.K., and Berlin, Germany.

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FINANCE

Costco Q1 profit up on improved sales

BY CSA STAFF

Issaquah, Wash. — Costco Wholesale Corp.’s profit climbed 18% in its first fiscal quarter, buoyed by sales from its consolidated Mexican operations and improved sales and traffic at its U.S. stores. Net income rose to $312 million for the period ended Nov. 21, up from $266 million a year earlier.

The results topped analysts’ average forecasts.

Revenue rose 11% to $19.24 billion from $17.3 billion, also beating Wall Street’s expectation.

The company said same-store sales were up 7%, with international results up 14% and U.S. results rising 5%.

Removing the impact of gasoline sales and strengthening foreign currencies, same-store sales rose 5%. The same figure climbed 10% internationally and 4% in the United States.

Costco does not issue quarterly earnings guidance. The company currently has 582 warehouses, with 425 in the United States and Puerto Rico; 80 in Canada; 22 in the United Kingdom; seven in Korea;, six in Taiwan; nine in Japan; one in Australia; and 32 in Mexico.

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FINANCE

Men’s Wearhouse profit up 31%, but outlook disappoints

BY CSA STAFF

Houston — Men’s Wearhouse said Tuesday that higher sales lifted its third-quarter profit by 31%, but its forecast for the fourth quarter missed Wall Street’s expectations.

Net income rose to $25.3 million in the three months ended Oct. 30, from $19.3 million a year earlier. Revenue increased 19% to $550.1 million, from $462 million in the previous year. Tuxedo rental revenue rose 13% and accounted for more than 20% of the company’s quarterly total. Other clothing sales climbed 22% in the quarter.

The quarterly results easily surpassed the average estimates of analysts surveyed by Thomson Reuters. However, the company forecast an adjusted loss of 19 cents to 22 cents a share for its fiscal fourth quarter, saying that it expects to book higher costs for both employee bonuses and medical benefits due to a higher level of submitted claims.

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