FINANCE

NBA Store in Manhattan to close due to rising rent

BY CSA STAFF

New York City — The NBA Store on Fifth Avenue in Manhattan will close in late February, due to rising rent. The company said it is looking for a new location in the city.

The 35,000-sq.-ft. NBA Store opened in 1998. It is located at 666 Fifth Avenue, which was sold in 2007 for some $1.8 billion, the largest single-building sale in New York City’s history. The building is currently awaiting the arrival of Uniqlo and Hollister, both of whom are opening flagships (and taking over spaces formerly occupied by Brooks Brothers and Hickey Freeman). Reports peg NBA’s current rent at $2,200 per sq. ft.

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FINANCE

Hibbett profit soars on strong same-store sales

BY CSA STAFF

Birmingham, Ala. — Hibbett Sports said Friday its third-quarter profit jumped 43% as it posted another quarter of double-digit growth in same-store sales revenue. It also boosted its forecast for the year.

The company reported net income of $12.6 million in the three months that ended Oct. 30, up from $8.8 million a year ago.

Revenue rose nearly 15% to $167.4 million, from $145.9 million a year ago. Same-store sales rose 12.5%.

The company also said goods sold, distribution center and store occupancy costs climbed 13% in the third quarter to $108.4 million.

Hibbett runs stores in small- to mid-sized markets mostly in the Southeast, Southwest, Mid-Atlantic and lower Midwest regions. It opened 17 stores and closed two in the quarter, bringing its total to 789 in 26 states.

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OPERATIONS

Subway executive on ‘Undercover Boss’

BY CSA STAFF

Milford, Conn. — Don Fertman, chief development officer for the Subway sandwich chain, is the latest executive to go undercover on the CBS television series “Undercover Boss.” Fertman, a 29 year veteran of the restaurant chain, will be seen baking bread, stocking sandwich ingredients, slicing vegetables, taking inventories and serving customers, on the episode that airs Nov. 21, at 9 p.m. ET/PT on CBS.

Fertman was sent on an undercover assignment by Subway president and co-founder Fred DeLuca, who thought to be too recognizable for the mission.

“When Fred sent me undercover, I told him I wanted to catch people doing really good things,” Fertman said. “I was not disappointed. I worked alongside many great store employees and came back with some terrific best practices, which we will be sharing within the organization.”

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