FINANCE

Zumiez profit rises 25% in Q4, beats Street

BY Katherine Boccaccio

Everett, Wash. — Teen retailer Zumiez Inc. reported Thursday that profit for the fourth quarter increased 24.9% to $18.7 million, from $15 million a year earlier, boosted by better margins.

Revenue rose 18% to $183.9 million, edging Wall Street’s expected $183 million in revenue.

The company has now surpassed analyst estimates for four quarters in a row.

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OPERATIONS

Best Buy taps former Starbucks exec as its new digital head

BY Katherine Boccaccio

Minneapolis — Best Buy Co. said Friday it has named Stephen Gillett as executive VP and president of Best Buy Digital and Global Business Services, effective March 14.

Gillett was previously executive VP Digital Ventures, and chief information officer at Starbucks, charged with leading the company’s efforts to enhance the overall global business operations and improve the customer experience through the use of innovative technology and digital experiences worldwide.

In the newly created position at Best Buy, Gillett is tasked with accelerating the transformation and growth of Best Buy through the advancement of the company’s global digital strategy, digital marketing, entertainment offerings, multi-channel capabilities and business development.

"E-commerce is one of the fastest-growing sales channels for our business,” said Brian Dunn, CEO, Best Buy Co. "Through his transformation work at Starbucks, Stephen has shown the ability to use digital capabilities to deepen relationships with customers across a wide demographic range.”

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REAL ESTATE

Neiman Marcus opens 42nd store, making California its third largest market

BY Katherine Boccaccio

Dallas — Neiman Marcus Group said Friday it has opened its 42nd store, a full-line department store in Walnut Creek, Calif. The opening of the store makes California the retailer’s third largest market, behind Texas and Florida.

Neiman Marcus Walnut Creek features 85,870 sq. ft. of dedicated specialty retail space, personal shopping areas for men and women, cosmetics treatment rooms, an NM Café and a special events room.

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