NRF: Consumers to spend more on grad gifts
Washington, D.C. The National Retail Federation found that while fewer people would be buying graduation gifts this year, those who do plan to spend slightly more.
According to the survey, gift givers this year will buy for an average of two graduates, spending an average of $89.95 on gifts, up slightly from $88.01 last year. Total graduation spending is expected to reach $3.9 billion.
NRF found that cash will still be the most popular gift option (58.3% versus 58.9% last year), and more people (31.6% versus 29.4% last year) will also give gift cards this year.
“The appeal of tangible gifts will never fade, but cash and gift cards are often a welcome present for graduates,” said Matt Shay, president and CEO of NRF. “Many young adults, who are impacted by a lack of summer employment options or struggling to find an entry-level job out of college, realize that monetary gifts offer the flexibility to buy everything from college textbooks to furniture for their first apartment.”
Huffy CEO named to Bikes Belong board
CENTERVILLE, Ohio Huffy Corporation’s president and CEO Bill Smith has been named to the board of directors of the Bikes Belong Coalition.
Bikes Belong promotes bicycling nationally by securing federal funding and awarding grants to improve bicycling infrastructure, sponsor community programs, and ensure cooperation throughout the bicycling industry.
“Throughout its history, Huffy Corporation has been involved with helping cycling communities benefit from an expanding trail system, growing safety efforts, racing programs and more. These initiatives show Huffy’s unyielding support of the bicycling industry,” says Bruno Maier, VP Bikes Belong. “Bill’s experience and leadership will be a great benefit to our organization.”
Dick’s beats Q1 earnings estimates
PITTSBURGH Dick’s Sporting Goods reported consolidated net income for the first quarter ended May 1 of $26.2 million, or 22 cents per diluted share. The first quarter earnings per diluted share exceeded estimated earnings expectations provided on March 9 of 12 cents to 13 cents per diluted share. For the first quarter ended May 2, 2009, the company reported consolidated non-GAAP net income of $12.8 million, or 11 cents per diluted share.
Net sales for the first quarter of 2010 increased by 9.2% to $1billion due primarily to an 8.2% increase in consolidated comparable-store sales and the opening of new stores, the company reported.
“In the first quarter, we grew earnings through higher sales and improved margins, increased our cash position by $161 million, and effectively managed our inventory levels,” said Edward Stack, chairman and CEO. “At the same time, we continued to invest in the future growth of our business through the opening of new Dick’s Sporting Goods stores, investing in technology and ramping up marketing initiatives geared towards driving market share gains.”
Based on an estimated 121 million diluted shares outstanding, the company said it currently anticipates reporting consolidated earnings per diluted share of approximately $1.41 to $1.44 for the full year. Comparable-store sales are expected to increase approximately 3 to 4% compared with a 1.4% decrease in 2009.
Based on an estimated 121 million diluted shares outstanding, the company said it anticipates reporting consolidated earnings per diluted share of approximately 37 cents to 39 cents in the second quarter of 2010. Comparable-store sales are expected to increase approximately 4% to 5% compared with a 4.1% decrease in the second quarter last year.