FINANCE

Zumiez profit dips in Q2; on track to open 50 stores in 2012

BY Katherine Boccaccio

Lynnwood, Wash. — Zumiez Inc. reported Thursday that net income for the quarter ended July 28 slipped to $2.1 million, from $2.6 million in the year-ago period, largely due to costs associated with its acquisition of Blue Tomato.

Revenue surged 20.4% to $135.1 million from $112.2 million, which includes contributions from Blue Tomato. Same-store sales increased 9.5%.

The company said it is on track to open 50 new stores in fiscal 2012, including up to 10 stores in Canada.

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REAL ESTATE

Park Plaza on Maine welcomes three new tenants

BY Staff Writer

Baldwin Park, Calif. — NewMark Merrill Cos. announced that three new tenants have joined Park Plaza on Maine, located in Baldwin Park, Calif., joining Superior Grocers, CVS, O’Reilly Auto Parts, Chase Bank, El Pollo Loco, GNC and Bank of America.

Menchie’s Yogurt signed a five-year lease for a 1,586-sq.-ft. location; LA Eyebrow signed a five-year lease for a 1,220-sq.-ft. space; and Family Dollar signed a lease for the approximately 9,000-sq.-ft. space next door to Superior Grocers.

The center, owned and managed by NewMark Merrill, will launch a major renovation and redevelopment this year.

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News

Collective Brands returns to profit in Q2

BY CSA STAFF

TOPEKA, Kan. — Collective Brands reported net earnings of $9.7 million, or 16 cents per share, for its second quarter compared with a loss of $35 million, or 58 cents per share, in the second quarter of 2011.

Net sales increased 0.4% to $886 million, driven by a 2.9% comparable-store sales ncrease and sales growth of 6.1% in the Performance + Lifestyle Group Wholesale segment, offset in part by operating 375 fewer stores.

"Our second quarter results illustrate the progress that Collective Brands is making in executing the turnaround of the Payless business and continuing the growth in the Performance + Lifestyle Group," said Michael Massey, CEO of Collective Brands, Inc. "The results reinforce the point that the new Payless strategy is working domestically as we are re-connecting with our core budget-conscious consumer through more relevant price points and styles. As we implemented the Payless strategy in Latin America during the quarter, we saw strong comparable-store sales results. Within PLG, Sperry Top-Sider continues to deliver strong growth and we are again posting double-digit comparable store sales gains at Stride Rite retail stores, demonstrating their resurgence."

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