Hibbett profit, sales rise in Q3; to open 60 stores in 2013
Birmingham, Ala. — Hibbett Sports reported Friday that net income for the quarter ended Oct. 27 climbed 18.8% to $19 million, compared with $16 million in the year-ago period.
Sales rose 9.6% to $202.9 million, and same-store sales increased 6.4%.
The sporting goods retailer said it is on track to open 57 to 60 new stores in fiscal 2013, expand approximately 17 high-performing stores, and close up to 18 stores.
Apax Funds to acquire Cole Haan from Nike for $570 million
New York — Private equity firm Apax Partners said Friday that it will acquire Cole Haan from Nike for $570 million in cash.
Cole Haan sells through 108 domestic stores, 68 international stores, online and through department stores. It has been a part of Nike since 1988.
To effect the acquisition, Apax is partnering with Jack Boys, who led the revitalization of Converse.
The transaction is expected to close in early 2013.
"The decision to divest of Cole Haan allows us to sharpen our focus on opportunities with the highest potential for strong returns, and to make sure the brands within the Nike portfolio are the most complementary to the Nike brand," said Nike president and CEO Mark Parker.
Casual Male Retail Group repeats loss in Q3; speeds up opening of DXL stores
Canton, Mass. — Casual Male Retail Group reported Friday a loss of $1.6 million in the third quarter, flat with the prior year’s third quarter.
Sales dipped slightly to $88.7 million from $89 million, and same-store sales inched up 1.5%. However, same-store sales for Destination XL rose 13.8% in the quarter.
"The early success of Destination XL gives us confidence in our plan to accelerate the opening of 225 to 250 DXL stores in major metropolitan areas and to close all of our traditional Casual Male XL locations across the country by the end of 2015," said president and CEO David Levin.