Hibbett Sports Q4 profit up; 50 to 55 new stores on tap for 2011
Birmingham, Ala. — Hibbett Sports said Friday that its fiscal fourth-quarter net income climbed 6% on higher sales. The sporting goods retailer also predicts its fiscal 2012 earnings will be in line with Wall Street’s view.
Hibbett Sports reported net income of $12.5 million for the period ended Jan. 29, up from $11.8 million a year earlier, better than Wall Street expected.
Revenue rose 4% to $173.2 million from $166.8 million, but fell short of Wall Street’s estimate of $174.2 million. Same-store sales rose 1.2%.
Full-year earnings climbed 43% to $46.4 million, from $32.5 million in the prior year.
Annual revenue increased 12% to $665 million from $593.5 million. Same-store sales rose 9.8%.
Hibbett Sports had 798 stores in 26 states as of Jan. 29. It plans to open 50 to 55 new stores, close 10 to 15 stores and expand approximately 15 high performing stores in fiscal 2012.
Kirkland’s Q4 profit falls
Nashville, Tenn. — Kirkland’s Inc. said Thursday that its fourth-quarter profit fell about 35% as its sales softened.
The company reported net income of $14.4 million for the 13 weeks that ended Jan. 29, compared with $22.1 million a year earlier.
The results included an $800,000 income tax benefit related to prior years’ taxes.
Quarterly net sales fell to $139.6 million, from $142.8 million in the prior-year period. Same-store sales were down 7.95%.
President and CEO Robert Alderson said Christmas sales were strong, and Kirkland finished the year with inventory levels on plan.
Magnacca’s role at WAG expands
DEERFIELD, Ill. — Walgreens has expanded Joseph Magnacca’s role at the drug store chain by appointing him president of daily living products and solutions.
In this capacity, Magnacca — the former Shoppers Drug Mart vet, who as chief merchant of Duane Reade proved instrumental reinvention of New York Vity’s homegrown drug chain, converting the stores to the talk of the industry behind a series of major enhancements — will oversee Walgreens’ marketing and merchandising operations, led by chief marketing officer Kim Feil and chief merchandising officer Bryan Pugh. Magnacca’s expanded role will unite the aforementioned operations to help enhance and carry out the company’s strategy to be America’s first choice for health and daily living.
Feil and Pugh also will help with Walgreens’ transformation to better cater to the evolving needs of its customers and patients.
Meanwhile, Magnacca will continue to lead the integration of the Duane Reade drug stores, Walgreens noted.
“We are bringing together and raising the profile of one of the strongest teams in retail to lead our marketing and merchandising efforts and enhance our daily living products business, much as we have already enhanced our pharmacy, health-and-wellness services and solutions business,” said Walgreens president and CEO Greg Wasson. “Joe’s exceptional strategic market focus, combined with the leadership, experience and expertise that Kim and Bryan have brought to our marketing and merchandising operations means we are now better positioned than ever to meet the daily living needs of our customers. In addition, the creative innovations and improvements that Joe brought to Duane Reade will now benefit and be extended across our entire organization.”