Guess Q4 profit dips 4%, sales beat Street
San Francisco — Guess Inc. saw fourth-quarter profits slide 4% on softer sales in the three-month period.
Net income fell to $69.6 million from $72.5 million, and revenue for the quarter ended Feb. 1 dipped to $768.4 million from $815.1 million. Revenue results still beat Wall Street expectations of $758 million.
Nation’s biggest mall getting bigger
A $325 million expansion underway at the Mall of America in Bloomington, Minn., promises to make the 4.2-million-sq.-ft. retail institution even more of a destination.
The expansion will include space for 50 new retailers, a 342-room JW Marriott hotel, a 180,000-sq.ft. office tower, new dining options, a tourist welcome center and large event space. All three levels of the mall’s north side will be extended in the most significant construction project at a property that opened in 1992 and today attracts 40 million visitors annually. Roughly 1,000 construction workers will be involved in the project which is expected to be completed by next fall.
"This is a major milestone for Mall of America," said Paul Ghermezian, COO of Triple Five Worldwide, the mall’s operator. "For more than 20 years, it has been our dream to increase the size of the mall, firmly establishing it as a world renowned attraction. Today, I couldn’t be more pleased to say that dream is becoming a reality,” Ghermezian said at the groundbreaking ceremony.
"Mall of America is an iconic retail and entertainment destination known around the world," said Tom Lander, vp of Mortenson Development, the construction company chosen to build the project. "We are pleased to be the development and construction partner for this important expansion and once again work with the mall as it continues to focus on delivering a world-class experience here in Minnesota."
The JW Marriott will be a 14-story, 342-room hotel with direct access to the Mall. As one of Marriott’s flagship properties it will included a full-service restaurant and bar, grand lobby with a lobby bar, fitness center, pool, and extensive meeting space that includes a grand ballroom. It also will offer an executive lounge and underground parking which comes in handy during Minnesota’s winters..
A 180,000-sq.-ft. Class-A office complex is also a part of the expansion plan. It will be home to a mix of national and international business tenants that will be located atop a new multi-level parking garage, providing direct access to the Mall. It also is located near the Minneapolis St. Paul International Airport and light rail transit.
"Mall of America has been an industry leader and top destination for years," said Kurt Hagen, SVP of Triple Five Worldwide/Mall of America. "We have accomplished this by continuously reinventing ourselves, always providing new and relevant retail and attraction options. With more than 40 million visitors annually this expansion will allow us to offer guests even more world-class lodging, dining and shopping.”
The mall is already home to more than 520 stores, Nickelodeon Universe, the nation’s largest indoor family amusement park; the 1.2 million gallon SEA LIFE Minnesota Aquarium, a 14 screen movie theater and Moose Mountain Aventure Golf.
Academy Sports + Outdoors continues Midwest expansion
Academy Sports + Outdoors is carrying on with its Midwestern expansion and plans to open four new stores across Indiana and Kentucky later this fall.
The first two locations — Evansville, Ind., and Owensboro, Ky., will mark Academy’s entry into both states followed by the opening of stores in Louisville and Middletown, Ky., prior to the holidays. In total, the four stores will generate approximately 575 jobs.
"We’re thrilled to announce our expansion into Indiana and Kentucky," says EVP, chief operating officer Ken Attaway. "Active-minded families in both areas are just as passionate and enthusiastic about sports and the outdoors as we are, and we’re looking forward to introducing our selection and everyday low prices, providing customer service, and becoming active partners in the local community."
Academy is known throughout the South and Midwest U.S. for its wide selection of products including golf, team sports, casual and athletic footwear and apparel, hunting, fishing, camping, patio, bbq, recreation and leisure, and sports and fitness equipment and gear. The stores feature sports, outdoor and lifestyle products from top brands such as Nike, Adidas, Under Armour and Columbia.
The stores also provide services such as assembly and delivery, hunting and fishing licenses, scope mounting, bore sighting, line winding/spooling, propane exchange and racquet stringing and have a broad selection of local professional and collegiate licensed team gear.
All four stores are set to start construction shortly.
The Texas-based company operates 172 stores throughout Alabama, Arkansas, Florida, Georgia, Kansas, Louisiana, Mississippi, Missouri, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.