H&M profit drops in Q4, still on track to open 275 stores
Stockholm, Sweden — Swedish fast-fashion retailer Hennes & Mauritz reported Thursday that net profit for the fourth quarter dipped to $997.2 million from $1.1 billion in the year earlier period. Sales in December, the first month of H&M’s fiscal first quarter, were up 13% year-on-year in local currencies, against a forecast 12%. Same-store sales were up 4%.
"Most indicators suggest that the macro-economic climate in many of our markets will continue to be tough during 2012," said CEO Karl-Johan Persson.
Despite the surprise drop in Q4 profit, H&M said it would press ahead with its expansion, opening 275 new stores in its 2011/12 financial year, including its first in a Latin American market, Mexico. The chain operates about 2,500 stores in 43 countries.
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Target gives $5 million to needy schools
MINNEAPOLIS— Target has announced the names of the 50 recipients that were selected to receive a $100,000 grant to purchase much-needed resources and improve their learning environments. The $5 million donation from Target to K-through-12 schools in 31 states across the country is part of the company’s commitment to education, which includes plans to give $1 billion for education by the end of 2015.
From Nov. 25, 2011 through Jan. 4, viewers of The Ellen DeGeneres Show were invited to submit the name of a school in need along with a compelling story explaining why they felt the designated school should receive a grant from Target. Based on the nominations received, Target selected 48 schools and two school districts to receive grants. All grant recipients were chosen based on a number of factors, including consideration of Title I eligibility.
“We all have an important role to play when it comes to ensuring our children and future leaders are academically successful,” said Laysha Ward, president community relations for Target. “Thanks to the thousands of viewers who nominated a school as a potential grant recipient, we are contributing a total of $5 million to schools and districts across the country in hopes of inspiring learning and putting more kids on the path to graduation, ready for college, a career and life.”
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PGA Tour Superstore announces second Chicago location
Roswell, Ga. — On the heels of announcing its PGA Tour Superstore opening in Schaumburg, Ill., the company announced that Downers Grove will be the site for the second PGA Tour Superstore in the Chicago area.
The 45,000 sq,-ft, store will will open early summer 2012, following the opening of the Schaumburg store. PGA stores are staffed with teaching professionals and have multiple state-of-the-art swing simulators, practice hitting bays and a putting green. There is also an in-house club making and repair facility. Many stores are equipped with a full-size tennis court and a tennis professional on staff for lessons and clinics. Along with equipment and accessories, PGA stores offer men’s, women’s and juniors’ apparel and footwear for golf and tennis.
The addition of the two Chicago-area stores will increase the number of PGA Tour Superstores nationwide to 14. The stores are owned and operated by Golf & Tennis Pro Shop, whose controlling owner and chairman is Arthur M. Blank, retired Home Depot co-founder and owner of the Atlanta Falcons.
"Our new customers will quickly see that we are equipped to serve a broad range of golf and tennis players, with an emphasis on offering the industry’s best brands, fitting products to each customer’s needs, and providing the broadest array of golf and tennis services," Blank noted. “We make it easy to get in, and stay in, the game.”