Hibbett Sports Q2 net income jumps 48%
Birmingham, Ala. — Hibbett Sports said its second-quarter earnings rose 48%, boosted by growing same-store sales. The company also raised its fiscal 2012 earnings guidance.
The chain earned $5.9 million in the three months that ended July 30, up from $4 million in the same quarter last year. Revenue climbed more than 9% to $153.1 million.
The performance topped Wall Street expectations.
Same-store sales rose 6%.
Hibbett operates 802 stores in 26 states. It opened eight, expanded five and closed five in the quarter.
Michaels selects LogicSource for print procurement and process management
Norwalk, Conn. — Michaels Stores and procurement management firm LogicSource announced a five-year agreement under which LogicSource will provide print procurement and related services to Michaels. More than $250 million of print and promotional spend will be covered over the life of the contract.
Prior to beginning the relationship, LogicSource conducted a strategic analysis of Michaels’s entire print production ecosystem, from creative through to distribution. The supplier used this comprehensive understanding to identify potential cost savings and operational enhancements, such as increasing the company’s on-demand printing capabilities.
In addition, LogicSource will utilize its sourcing expertise, OneMarket technology and market leverage to achieve significant annual savings for Michaels.
“As a procurement partner, LogicSource has brought great insights and value to Michaels by: helping us access, understand, and better manage our investments in our major print channels,” said Paula Puleo, CMO, Michaels, which operates more than 1,030 Michael’s stores nationwide and in Canada, and more than 140 Aaron Brothers stores. “By bringing innovative thinking to the table in terms of resource management, partner selection, and future capability development, LogicSource really distinguished itself and we are confident that they will add tremendous value.”
The LogicSource print procurement team, composed of new talent and existing Michaels procurement professionals, is housed at Michaels headquarters in Dallas and will work side-by-side with other Michaels purchasing professionals to seize opportunities to be more effective and efficient.
Net income up 33% at Ann Taylor
New York City — Ann Inc., formerly known as Ann Taylor Stores Corp., reported that its second -quarter earnings rose 33% $24.8 million, helped by strong online sales and a jump in revenue at the company’s Loft stores. The company raised its full-year sales guidance, saying it is confident despite the challenging consumer environment.
It was the company’s eighth consecutive quarter of double-digit earnings growth
Sales were $558.2 million, topping expectations of $551.4 million from analysts. Same-store sales rose 8.6%. The measure rose 5.3% at Ann Taylor, up 0.6% at regular stores, 32% at the company’s website, and 6.5% at factory stores.
Same-store sales rose 11% at Loft, up 8.6% at Loft, 33.5% on the web and 23.7% at outlet stores.