FINANCE

GameStop profit rises 10% in Q4, to open and close 200 stores

BY CSA STAFF

Grapevine, Texas — GameStop Corp. reported Thursday that net earnings for the quarter ended Jan. 29 rose 10.1% to $237.8 million, compared with $215.9 million in the year-ago period.

Total sales increased 4.8% to $3.69 billion, from $3.52 billion. Same-store sales increased 2.6%.

For the year, total sales increased 4.3% to an all-time high of $9.47 billion, in comparison to $9.08 billion in fiscal 2009. Same-store sales increased 1.1%. Net earnings increased 8.1% to a record $408 million.

For 2011, in the United States, GameStop said it expects to open approximately 200 new stores, focusing on underserviced markets. The company also expects to close 200 stores, primarily those overlapping store locations due to past acquisitions with expiring leases.

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FINANCE

Nordstrom completes acquisition of HauteLook

BY CSA STAFF

Seattle – Nordstrom said Thursday it has completed its acquisition of online private sale marketplace HauteLook, effective March 23.

Nordstrom said the acquisition will enable it to participate in the fast-growing private sale marketplace and provide a platform to increase innovation and speed in the way it serves customers in all channels.

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OPERATIONS

L.L. Bean to offer free shipping on a permanent basis

BY CSA STAFF

Freeport, Maine — L.L. Bean announced it will implements free standard shipping to all United States and Canadian addresses effective March 25.

“We tested free shipping offers with no minimum purchase for several months and the customer response was overwhelming,” said Chris McCormick, president and CEO, L.L. Bean, Freeport, Maine. “It’s our opportunity to offer free shipping for all U.S. and Canadian customers with no minimum purchase, no end date, no conditions — guaranteed.”

With the implementation of free shipping to all U.S. and Canadian customers, L.L. Bean increased the benefits for its Visa Card members by doubling rewards on everyday purchases made with L.L. Bean Visa Cards. L.L. Bean Visa Card members will earn 1% everywhere Visa is accepted and 3% on L.L. Bean purchases in addition to additional member benefits such as free monogramming and free returns.

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