FINANCE

Sports Authority Shows Growth

BY CSA STAFF

Englewood, Colo., The Sports Authority reported net income for the second quarter was $14.2 million, compared to $6.8 million in the same quarter last year. Total sales for the second quarter were $617.0 million compared with $605.0 million in the prior year’s second quarter, an increase of $12.0 million, or 2.0%. Second-quarter comparable-store sales for the company increased 0.2%.

Doug Morton, CEO, commented, “We exceeded earnings expectations for the second quarter driven by improvements in gross margin and effective management of our operating expenses.”

The company opened one store and closed two stores during the second quarter. As of July 30, it had 392 stores in 45 states.

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FINANCE

High Gas Prices Hurt BJ’s and Wal-Mart

BY CSA STAFF

Natick, Mass. and Bentonville, Ark., The rising price of gasoline is not only affecting consumers. Retailers are also feeling the effects of the increases. BJ’s Wholesale Club reduced its earnings forecast for the year by about 3? per share because of lack of gas profits. The company said although prices and sales of gas rose, the profits in that segment of sales decreased.

Wal-Mart has also felt the increase in gas prices. The company said its sales growth was slowed for the second quarter to the lowest profit increase it has seen in four years because of rising fuel prices. Thomas M. Schoewe, Wal-Mart’s executive VP and CFO, said he believes high gas prices will “continue to impact a large portion of our customer base and put pressure on operating results.”

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News

Kroger Ready to Broadcast

BY CSA STAFF

Cincinnati, The Kroger Co entered into a multi-year agreement with InStore Broadcasting Network to provide a television network for customers in more than 2,500 Kroger-owned stores across the country. The satellite-delivered network uses plasma and LCD screens located in key locations throughout the store to deliver information about new products, services, cooking tips and special promotions. Kroger community service and relevant entertainment segments are also highlighted.

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