FINANCE

Starbucks spends $180K lobbying in Q1

BY CSA STAFF

Washington, D.C. Starbucks Corp. spent $180,000 in the first quarter to lobby the federal government on food safety regulations and other issues, according to a disclosure report.

That’s up sharply from the $80,000 the coffee house spent in the year-ago period, and 5.3% less than the $190,000 it spent in fourth quarter 2009.

The company also lobbied the federal government on legislation involving foreign income, healthcare labor law and clean energy.

In the January-through-March period, the restaurant company lobbied both chambers of Congress, according to the report filed with the House clerk’s office.

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Hibbett reports strong Q1, raises outlook

BY CSA STAFF

BIRMINGHAM, Ala. Hibbett Sports reported that net sales for the first quarter ended May 1 increased 17% to $184.5 million compared with $157.7 million for the first quarter ended May 2, 2009. Comparable-store sales increased 14.5%.

Net income for the first quarter of Fiscal 2011 increased 58.9% to $17.3 million compared with $10.9 million for the first quarter of fiscal 2010. Earnings per diluted share increased 56.8% to 59 cents compared with 38 cents for the first quarter of fiscal 2010.

 

Jeff Rosenthal, president and CEO, stated, “The strong sales trend we experienced in the fourth quarter of last year continued throughout the first quarter of this year and into the second quarter. Our overall positive sales performance was driven by double-digit increases in footwear and apparel. The broad-based improvement and exceptional operating margin give us confidence in our optimistic outlook for the remainder of the year.”

The company increased its earnings guidance for fiscal 2011 to a range of $1.35 to $1.50 per diluted share based on mid- to high-single-digit increases in comparable-store sales for the full year.

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Target prepares for hurricane season

BY CSA STAFF

MINNEAPOLIS Target announced that it will serve as a destination for consumers looking to prepare for hurricane season during National Hurricane Preparedness Week, May 23 to 29.

Target pointed to the number of services it offers including a 24-hour daily command center that monitors global events that could impact its customers and associates. The retailer also said its stores will remain open as long as possible during an emergency to help communities get the supplies they need and holds merchandise in its distribution centers in advance of hurricane season so that it can get supplies to stores as quickly as possible.

 

 

“We want our guests to know that before and after a crisis, communities can count on Target,” says Brad Brekke, VP Target assets protection.

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