RadioShack announces JV to open small-format stores in China
Fort Worth, Texas — A Thursday report by Reuters said that RadioShack will take a 49% stake in a joint venture with Cybermart to open small-format, RadioShack-branded stores in greater China.
Cybermart, an affiliate of Hon Hai Precision Industry Co., and RadioShack will open their first location in Shanghai in July. Additional locations are planned for mainland China, as well as Taiwan, Hong Kong and Macau.
According to the report, RadioShack will contribute $2.94 million upfront, and the two partners may contribute another $34 million over the next three years.
Lululemon 1Q profit rises 40%, outlook disappoints
Vancouver, BC, Canada — Lululemon Athletic Inc. reported Thursday that profit for the fiscal first quarter surged 40% to $46.4 million, compared with $33.4 million last year, but lowered second quarter and full-year forecasts have alarmed investors.
Revenue for the quarter surged 53% to $285.7 million, beating Wall Street’s expected $274 million, and same-store sales rose 25%. Online sales nearly tripled in the quarter.
However, Lululemon now forecasts revenue of $273 million-$278 million in the second quarter, which would substantially miss analysts’ predicted $289.2 million in revenue. The forecast for the full year also fell short of estimates.
Tommy Bahama announces senior management appointees
Seattle — Tommy Bahama Group said Wednesday that Joel Gardner has been promoted to senior VP retail, and Bornie Del Priore has been named VP of Tommy Bahama Footwear, a new division for the company.
Gardner has been with Tommy Bahama since 2006, most recently as VP retail planning and merchandising. Before joining Tommy Bahama, he was VP retail at The Orvis Co.
Del Priore has spent the last four years at Tommy Hilfiger USA, most recently as executive VP accessories. She also spent 15 years at Ralph Lauren Footwear.