Dick’s to open 40 stores in 2013 and debut Field & Stream format
Pittsburgh — Dick’s Sporting Goods Inc. on Monday forecast a full-year profit for the current fiscal year that was less than expected, and also revealed it will debut a new retail concept in fiscal 2013 under the Field & Stream banner.
In 2013, the company said it will open two Field & Stream stores, 40 Dick’s Sporting Goods stores, one Golf Galaxy store and two True Runner locations. The chain also plans partial remodels of 75 existing Dick’s stores.
Dick’s said that its fourth quarter profit rose to $129.7 million from $111.1 million a year earlier. Sales for the quarter increased 12% to $1.8 billion, with a 1.2% increase in same store sales.
The company said that its growth investments in 2013 include:
- Strengthening its omni-channel platform, including investments in advanced mobile capabilities, the piloting of pick-up in-store, and growth of the e-commerce team;
- Remodeling existing stores;
- Implementing new systems, and
- Developing new concepts.
Net sales for the 53 weeks ended February 2, 2013 increased 12.0% from last year’s 52-week period to $5.8 billion, with a 4.3% increase in consolidated same-store sales.
GE names ex-SEC head to board
The board of directors of the General Electric Company nominated former Securities and Exchange Commission chairman Mary Schapiro to serve on its board.
Schapiro will stand for election at GE’s annual meeting on April 24, the company said.
"Mary Schapiro will bring valuable expertise to GE, particularly with her experience overseeing U.S. financial markets," said GE chairman and CEO Jeff Immelt. "Her understanding of corporate governance and financial regulation will be of great benefit to GE and its shareowners. I am pleased that we have nominated Mary to our board."
Schapiro served as chairman of the SEC from January 2009 through December 2012. Prior to becoming SEC chairman, Schapiro served as chief executive officer of the Financial Industry Regulatory Authority (FINRA) from 2007 through 2008. She joined FINRA in 1996, serving as president of the National Association of Securities Dealers (NASD) Regulation from 1996 to 2002 and as vice chairman from 2002 to 2006, when she was named chairman.
Schapiro served as a commissioner of the SEC from December 1988 to October 1994, and left the SEC when appointed chairman of the CFTC, where she served until 1996.
Prior to her 2009 SEC appointment, Schapiro also served as a director and chair of the audit committee at Duke Energy, and as lead director and chair of the nominating and governance committee at Kraft Foods.
New Target collection feeds need for fashion and hunger relief
MINNEAPOLIS —Target has partnered with FEED Projects, a social business founded by Lauren Bush Lauren, to create the FEED USA + Target collection. The limited-time-only collection will include more than 50 stylish products and benefit Feeding America, the nation’s leading domestic hunger-relief charity. The products will be available beginning June 30 at Target stores and on Target.com.
“As the founder of FEED, I am passionate about the fight against hunger and am thrilled to partner with Target to create our first ever co-branded lifestyle collection,” said Lauren Bush Lauren. “Through product sales, we hope to provide 10 million meals to Americans in need, which would make it the largest U.S. initiative in FEED’s history. I am proud that we will be able to empower guests to make a measurable impact through the purchase of the FEED USA + Target collection.”
Featuring an Americana aesthetic, the collection includes products spanning home, sporting goods, stationery, and apparel and accessories, with prices ranging from $3.00 to $400.00. Each product displays the number of meals that will be donated to children and families through Feeding America as a result of the purchase. The collection, with its modern, casual and hand-crafted feel, was co-designed by Lauren Bush Lauren.
“Establishing meaningful partnerships is part of Target’s brand legacy, from innovative design collaborations to long-term community programs,” said Stacia Andersen, senior vice president, merchandising, Target. “Through our partnership with FEED, we are offering our guests an exclusive, stylish collection that also supports an important cause.”
FEED began in 2006 when Lauren Bush Lauren designed a bag to benefit the United Nations World Food Programme’s School Feeding program. Followed by that success, Lauren founded FEED Projects LLC in 2007 with the mission to create good products that help feed the world. Best known for its iconic burlap bags, FEED’s projects to date have raised enough funds to provide nearly 60 million school meals to children around the world.