Saks reports Q1 profit soars 51%
New York City — Citing a strong rebound in luxury spending, Saks reported Tuesday that net income for the quarter ended April 30 soared 51% to $28.4 million, compared with $18.8 million in the year-ago period.
Revenue rose 9% to $726 million, and CEO Stephen Sadove said that he is “increasingly optimistic about the future. With the rebound in the financial markets, the luxury sector has rebounded as well.”
The retailer reported that same-store sales surged 10.2% in the quarter.
Urban Outfitters Q1 net income dips; on track to open 50 to 55 stores
Philadelphia — Urban Outfitters reported Monday that profit for the first quarter declined more than expected, posting net income of $39 million compared with $53 million a year earlier.
However, revenue topped Wall Street’s estimates, as the operator of Urban Outfitters, Anthropologie, Free People and Terrain banners saw sales rise 9% to $524 million. Same-store sales fell 5%. But direct-to-consumer (catalogs and online) same-store sales increased 15%.
In a conference call with analysts, CEO Glen Send said the chain is the final implementation of its order management system, a new planning and allocation system and the rollout of mobile POS systems across all three brands. It is also upping its investment in its new bridal brand, BHLDN, with a store opening in the third quarter in Houston and an early 2012 store opening in Chicago.
The company also said it plans open 50 to 55 new stores this year and remains on track with its long-term capital projects, including the addition of a West Coast fulfillment center and expansion of its home offices. It has budgeted fiscal 2012 capital expenditures of $175 million to $195 million.
Dick’s Sporting Goods profit, sales up in Q1; 37 stores on tap
Pittsburgh — Dick’s Sporting Goods reported Tuesday that net income for the first quarter rose to $37.5 million, compared with $26.2 million a year earlier.
Net sales increased 6.3% to $1.1 billion. Same-store sales rose 2.1%.
The retailer will open 34 new Dick’s Sporting Goods stores in 2011, as well as remodel 14 existing locations. It also plans to open approximately three Golf Galaxy stores and relocate one Golf Galaxy store this year.