FINANCE

Dick’s Sporting Goods profit slips in Q2, on track to open 38 stores in 2012

BY Katherine Boccaccio

Pittsburgh — Dick’s Sporting Goods reported Tuesday that net income for the quarter ended July 28 slid to $53.7 million, from $73.8 million in the same quarter a year ago. The sporting goods retailer blamed the lackluster profit performance partly on weakness from newly acquired JJB Sports and adverse weather in the first quarter.

Sales climbed 10% to $1.4 billion, meeting Wall Street expectations. Same-store sales rose 3.8%, consisting of a 2.9% increase at Dick’s stores, a 4.4% rise at Golf Galaxy, and a 34.6% increase in its e-commerce business.

“We are on track to post strong full-year performance for 2012,” said Edward Stack, Dick’s Sporting Goods chairman and CEO. The retailer raised its full-year profit guidance, and said it is on track to open 21 new Dick’s Sporting Goods stores in the third quarter and a total of 38 Dick’s stores for the year.

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FINANCE

Wal-Mart gains approval to proceed with China e-commerce expansion

BY Staff Writer

Bentonville, Ark. — Wal-Mart Stores Inc. indicated Tuesday it has received the OK from Chinese regulators to move forward with its majority stake in e-commerce company Yihaodian.

According to a report by Wall Street Journal, which cited a Wal-Mart spokesperson in Beijing, the approval will allow Wal-Mart to expand its online presence in China. Under the deal, Wal-Mart will increase its stake in Yihaodian from 18% to 51%.

Financial terms of the transaction have not been disclosed.

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FINANCE

Saks loss widens in Q2

BY Katherine Boccaccio

New York — Saks Inc. reported Tuesday a loss of $12.3 million for the second quarter, widened from a loss of $8.4 million in the year-ago period.

Revenue climbed 5.1% to $704.1 million, widely missing the $762.6 million projected by Wall Street. Same-store sales increased 4.7% in the quarter.

Saks CEO Stephen Sadove reminded investors that revenue has risen for the last four quarters, increasing 3.8% in the first quarter, 6.8% in the fourth quarter of the last fiscal year and climbing 5.1% in the third quarter of the last fiscal year. As well, Saks’ loss in the latest quarter follows profits in the previous three quarters.

The company also announced Tuesday it no longer will be reporting monthly sales.

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