Dick’s Q4 income jumps 30%; 34 stores on tap for 2011
Pittsburgh — Dick’s Sporting Goods said Tuesday its net income increased 30% in the fourth quarter on improving revenue.
The sporting goods retailer reported net income of $87.5 million in the quarter ended Jan. 29, from $67.4 million last year.
Revenue rose 14% to $1.52 billion from $1.34 billion last year. Analysts expected revenue of $1.45 billion, on average. Same-store sales rose 9.4%. Sporting goods stores were hit hard during the recession as people cut back on bigger ticket items, but sales have improved. The quarter marks Dick’s sixth consecutive quarter of higher revenue in stores open at least one year.
For the year, net income rose 35% to $182.1 million. Revenue rose 10% to $4.87 billion.
Dick’s plans to open approximately 34 namesake stores and remodel 13 existing units in its current fiscal year. It also plans to open roughly three Golf Galaxy stores.
Skechers sues Sears
New York City — Skechers USA has sued Sears Holdings Corp, alleging that the chain was selling footwear that infringed on some of Skechers brands, including its toning Shape-ups line, Reuters reported.
"While we value our relationship with Sears, their actions are causing us tremendous damage, and we simply cannot let any company, let alone a company the size of Sears, infringe on our most valuable intellectual property," Philip Paccione, general counsel of Skechers, said.
The suit, filed in the United States District Court for the Central District of California, seeks damages, as well as relief for the alleged infringements and unfair competition.
Urban Oufitters to debut bridal-shop concept in fall
New York City — Urban Outfitters will debut its newest brand, a bridal-shop concept called Bhldn, in early fall, in Houston. The company launched the brand online in February.
Urban Outfitters will open 50 to 55 stores in its current fiscal year, with the emphasis on growing its Free People brand and expansion of its namesake division and Anthropologie in Europe.