Strategy

BIRMINGHAM, Ala. — Hibbett Sports raised its full year guidance after posting hefty sales and earnings growth for its first quarter. Sales for the first quarter ended April 28, increased 14.4% to $232.9 million compared with $203.7 million for the 13-week period ended April 30, 2011. Comparable-store sales increased 11.1%. Net income for the quarter increased 23.5% to $26.4 million compared with $21.3 million for the same period last year. Earnings per diluted share increased 29% to 98 cents compared with 76 cents for the same period last year.

GRAPEVINE, Texas — Decreased demand for new video game hardware and software contributed to GameStop's 12.2% sales decline in global sales during the first quarter of 2012. Total global sales for the first quarter of 2012 were $2 billion compared with $2.28 billion in the prior year quarter, a decrease of 12.2%. As announced last week, consolidated comparable-store sales decreased 12.5% compared to the prior year quarter.

Milford, Conn. -- Sandwich mega-chain Subway said Friday that it has set 2012 development goals of 1,200 North American locations and, toward that end, said a large contingent of company representatives will be in attendance at the International Council of Shopping Centers’ RECon event in Las Vegas, May 20-23.

Benbrook, Texas -- Fort Worth, Texas-based Buxton said Friday that Regal Entertainment Group will open a new Regal Cinemas at The Trails Town Center, located in Benbrook, Texas.

The new 14-screen theater will include the Regal Premium Experience: RPX large format screen, and is the first anchor tenant announced at the Buxton-developed 1.5 million-sq.-ft. Trails Town Center.
 

New York -- Although the adoption of social media by sales, marketing and customer service departments continues to grow rapidly, by the end of 2012, only 50% of Fortune 1000 companies will receive a worthwhile return on investment from their social customer relationship management (CRM) initiatives, according to Garner.

New York -- J. Sainsbury Plc is in talks with retailers in the United States and South America to license the technology behind Sainsbury’s Brand Match, a price promise that has fueled sales outperformance, according to a report by Bloomberg.

The Brand Match program ensures shoppers don’t pay more for branded goods such as Coca- Cola at Sainsbury than at competitors by checking more than 14,000 items, including offers and promotions at the point-of-sale. Customers are given a coupon if an item is priced cheaper at a rival.

Birmingham, Ala. -- Hibbett Sports Inc. said Friday that its fiscal first-quarter net income increased 24% on higher demand for sneakers and other athletic gear. The retailer also raised its profit outlook for the year.

For the three months through April 28, Hibbett earned a better-than-expected $26.4 million, up from $21.3 million in the same quarter last year.

Seattle -- Starbucks Corp. announced a series of management changes that it said it was undertaking to accelerate its innovation and growth. The changes come after Starbucks missed its global sales forecasts in April, mainly due to a downturn in Europe.

The company named Craig Russell, the senior VP U.S. Store Services, as senior VP of the Global Coffee division.

St. Louis -- Discount grocer Save-A-Lot, a wholly-owned subsidiary of Supervalu, opened its first store in Atlantic City, N.J., on May 17, becoming the first full-service grocery store within a 21-mile radius of the city.

New York -- Ann Inc.'s fiscal first-quarter net income increased a better-than-expected 5%, boosted by growing sales at its Loft division. The chain, which also operates Ann Taylor, said Friday that it earned $28.7 million in the three months through April 28, up from $27.3 million a year earlier.