Genesco Q3 profit jumps 56%; raises 2013 outlook
Nashville, Tenn. — Genesco Inc. said Friday its third-quarter profit increased to $41 million, from $26.2 million in the year-ago period, better than Wall Street expected. The company also raised its fiscal 2013 outlook, even as it warned that November was off to a slow start.
“The fourth quarter got off to a slow start with November comparable store sales down 4%, compared with a 12% increase in November last year,” said Robert J. Dennis, chairman, president and CEO. “We estimate that Hurricane Sandy reduced November comparable store sales by approximately 1% to 2%.”
Sales in the quarter rose 7.8% to $664.5 million from $616.5 million. Same-store sales rose 4% for the company, with an 8% increase in the Journeys Group, a 5% decrease in the Lids Sports Group, a 9% increase in the Schuh Group, and a 6% increase in Johnston & Murphy Group.
Save the date: LPGA returns to NWA June 17-23
Walmart and Procter & Gamble have signed on as primary sponsors for LPGA’s tour event in Northwest Arkansas for the next three years.
The event has been a phenomenal success for the region and grown in significance each year by attracting top LPGA talent. Next year, the tournament known officially as the Walmart Northwest Arkansas Championship presented by P&G will be held June 17-23 at the Pinnacle Country Club in Rogers.
"We consider it very significant to not only announce that the LPGA is returning to Northwest Arkansas next year, but also that our two lead sponsors have committed to our event through the year 2015," said tournament director David Shoemaker. "This gives us an opportunity to continue to build and improve our event, and to add to the quality of life in Northwest Arkansas for years to come."
Walmart has steadily increased its support of the event as it favorably showcases the region which can be useful when it comes to employee recruitment and retention at the company’s home office.
"Walmart’s long-standing support of this event is consistent with the company’s overall commitment toward showcasing Northwest Arkansas as one of the best places in America to live and work," said Susan Chambers, EVP of Wal-Mart Stores Inc. and head of the company’s global people group.
The 2013 tournament will immediately precede the U.S. Women’s Open at Sebonack Golf Club in Southhampton, NY. As a lead-in to the U.S. Women’s Open and with one of the top purses on the LPGA tour at $2 million, the Northwest Arkansas event is expected to attract top talent and an international field.
"When you combine a terrific golf venue, a top-notch purse and that world famous ‘Arkansas hospitality,’ it’s no surprise that the Walmart NW Arkansas Championship has become a player favorite on the LPGA," LPGA Commissioner Michael Whan said. "Most importantly, the people of Walmart and P&G have become not only great business partners, but also great friends to our Tour."
Wealthy shoppers prefer Amazon, really?
It’s common to see BMWs, Mercedes and other luxury makes in Walmart parking lots, but a new study reported on by Ad Age reveals wealthier shoppers prefer Amazon.com
This should not come as a surprise anymore than the fact that wealthier shoppers prefer Nordstrom and Tiffany to the apparel racks and jewelry counter at Walmart. However, in the interest of presenting Walmart News Now readers a diversity of viewpoints, we figured why not provide access to the Ad Age article reporting on research conducted by a group called the Shullman Research Center. This despite comments by a reader in Seattle who commented, "How is this news? This is another ‘duh’ article. Everyone knows Walmart is a budget brand and Amazon skews affluent due to connectivity, device ownership, etc. More meat please."
Judge for yourself whether there is enough meat by clicking the following link to read more.