Cato income up in Q4, full year
Charlotte, N.C. — Cato Corp.’s fiscal fourth-quarter net income climbed 8% as revenue improved. The company earned $7.9 million, compared with $7.3 million a year earlier.
Sales for the quarter ended January 29, 2011 were $224.3 million, a 3% increase over sales of $217.7 in the year-ago period. Same-store sales increased 1%.
Full year 2010 net income was a record $57.7 million, compared with $45.8 million last year. Sales for the full year were $913.9 million, an increase of 5% over 2009 sales of $872.1 million. Same -store sales increased 3%.
Cato said that it expects economic uncertainty to continue to impact its results in 2011 and that increasing raw material and freight costs will weigh on its performance mostly during the second half of the year.
Build-A-Bear Workshop to open store in children’s hospital
St. Louis — Build-A-Bear Workshop is teaming up with Cook Children’s Medical Center in Fort Worth, TX to open a store on March 25. It will be the first Build-A-Bear Workshop store located inside a hospital.
“We are very excited about our relationship with Cook Children’s and to bring Build-A-Bear Workshop to the medical center,” said Maxine Clark founder and CEO of Build-A-Bear Workshop. “When kids are sick or injured, making a new furry friend is a great way to take their mind off of their treatment and a teddy bear hug can help them feel so much better.”
Hasbro names VP global publishing
PAWTUCKET, R.I. — Hasbro announced that it has appointed Margie Chan-Yip to serve as VP global publishing. In her new role, Chan-Yip will be responsible for creating new and innovative ways to bring Hasbro brand stories to consumers worldwide, from traditional print to e-book formats.
Prior to joining Hasbro’s global brand licensing and publishing team, Chan-Yip was VP global licensing for the Walt Disney Company where she launched and drove the English Language Learning retail business first in China, then expanding to other countries, in addition to running the Walt Disney Publishing business for all worldwide English language territories. Prior to Disney, Chan-Yip was VP brand management at Penguin-Putnam Children’s Publishing where she directed domestic brand management for Beatrix Potter and other properties. Before that, Chan-Yip was VP business development at Golden Books, where she managed relationships with licensors such as Disney, Mattel, Sesame Street, and DC Comics.