Starbucks to Launch Record Label
Seattle, Starbucks Corp. will launch its own record label under the same brand—Hear Music—that is featured on the compilation CDs it sells in its stores. Starbucks will be partnering with Concord Music Group Inc. in the new venture. The two companies have an existing deal to release albums under the Hear Music brand.
“This announcement is a natural next step in our entertainment strategy,” said Starbucks Entertainment president Ken Lombard.
Lombard will lead management of the new label, working with Concord president Glen Barros and reporting to a management committee.
Starbucks and Concord’s past ventures include the Ray Charles compilation “Genius Loves Company,” which sold more than 5 million copies and won multiple Grammy awards.
The company also has opened four hybrid Hear Music Coffeehouses, where customers can purchase music from thousands of titles and burn them to CDs.
Kroger 4Q Profit Rises 36%
Cincinnati, Kroger Co. said Tuesday its fourth-quarter profit climbed 36% on strong sales growth. Quarterly earnings rose to $384.8 million from $282.1 million in the prior-year quarter. Revenue grew 15% to $16.86 billion from $14.72 billion a year ago. Comp-store sales grew 5.9% in the quarter, including fuel centers. Excluding the fuel centers, comp-store sales climbed 5.5%.
Dick’s Sporting Goods to Open 62 Stores
Pittsburgh, Dick’s Sporting Goods Inc. on Tuesday said it plans to open 45 nameplate locations and 17 Golf Galaxy stores in 2007. On Feb. 13, Dick’s completed its acquisition of Golf Galaxy.
The sporting goods retailer also said it expects earnings and same-store sales growth in the first quarter and full year.