GameStop Q4 profit plummets 27%, plans fewer stores in 2012
Grapevine, Texas — Video-game retailer GameStop Corp. reported Thursday that profit for the quarter ended Jan. 28 dropped 27% to $174.7 million, from $237.8 million in the year-ago period. Adjusted profit, however, matched predictions, as results included $64.6 million in asset impairment and restructuring charges.
Revenue fell 3.1% to $3.58 billion from $3.69 billion, missing Wall Street’s expected $3.69 billion in revenue. Same-store sales slipped 3.6%.
For the full year 2011, GameStop earned $339.9 million, down from $408 million in 2010. Revenue rose to $9.55 billion from $9.47 billion.
The retailer said it expects to open about 100 new stores in the United States during 2012, offset by the closing of about 150 domestic stores.
Urban Outfitters CFO moves over to REI
Seattle — REI revealed on Thursday that Urban Outfitters CFO Eric Artz has been named finance chief for the outdoor retailer, effective May 2012.
Urban Outfitters announced Artz’s departure earlier on Thursday.
"REI is very fortunate to attract a CFO with Eric’s breadth and depth of experiences,” said Sally Jewell, REI president and CEO. “In addition to his financial expertise, Eric has a deep understanding of multichannel retail, plus operations experience in supply chain, product development, sourcing and international.”
First enclosed mall to open in six years officially debuts in Utah
Bloomfield Hills, Mich. — Taubman Centers on Thursday announced the opening of City Creek Center in Salt Lake City, Utah. Thousands of visitors attended the grand opening of the only regional shopping center to open in the United States this year.
According to the International Council of Shopping Centers, City Creek Center is the first enclosed regional shopping center to open in the United States in six years.
City Creek Center is the retail component of City Creek, the 23-acre, mixed-use development on three blocks in the heart of downtown Salt Lake City.
The 700,000-sq.-ft. shopping center features a retractable roof, a 140-ft. skybridge over Main Street, a 1,200-ft.-long re-creation of the historic City Creek, two 18-foot waterfalls and three fountains from the creators of the famed Bellagio fountains in Las Vegas.
The center is anchored by Nordstrom and Macy’s and, of the 100 stores and restaurants, one-third are unique to the Salt Lake City market or the state, including Tiffany & Co., Michael Kors, Coach, Tumi and Brooks Brothers/Brooks Brothers Women.