Research Topic

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.

Grapevine, Texas -- GameStop said Thursday that net income for the quarter ended April 28 slid to $72.5 million, from $80.4 million in the same period last year, negatively impacted by weakened demand in the video game market.

Sales for the quarter declined 12.2% to $2 billion, compared with $2.28 billion in the prior year quarter. As previously announced, same-store sales dropped 12.5%.
 

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.

Canton, Mass. -- First-quarter net income dropped 45% at Casual Male Retail Group Inc., hurt by a higher tax rate. The chain’s tax rate jumped to 40.4% from 10.1% due to the reversal of a valuation allowance in fiscal 2011.

The retailer reported Friday that it earned $2.3 million for the three months ended April 28. That's down from $4.2 million in the year-ago period.

Revenue edged up slightly to $95.9 million from $95.8 million on better sales at its DXL and Casual Male XL stores and more money spent per customer.

Nashville, Tenn. -- Kirkland's first-quarter profit dropped 38% amid promotions and price cuts. The company also issued disappointing predictions for the current quarter and full year.

Kirkland’s said it earned $2 million for the quarter ended April 28, down from $3.2 million last year.

Sales rose 3.6% to $97.8 million from $94.4 million. Same-store sales edged down 1.2%.

The home décor chain said it increased marketing to counter a drop in sales.

Lake Success, N.Y. -- Excess Space Retail Services said it is celebrating its 20-year anniversary this year. The real estate consulting and advisory firm, which specializes in surplus real estate disposition and lease restructuring for retailers, was founded by president and CEO Michael Wiener in May 1992 and currently has offices in Lake Success, N.Y., and Huntington Beach, Calif.

Highlights of its 20 years in the industry include more than 16,000 retail stores successfully disposed and more than 7,000 retail leases effectively restructured.

Pleasanton, Calif. -- Ross Stores reported Thursday that net income for the first quarter surged 21% to $208.6 million, from $173 million in the same period last year.

Sales increased 14% to $2.4 billion, and same-store sales rose 9%.

“We believe that favorable weather across many of our markets also contributed to our above-plan performance," said Michael Balmuth, CEO, about the results.

SAN FRANCISCO — Gap Inc. raised its full year guidance Thursday after reporting first quarter sales and earnings per share growth. For the quarter ended April 28, sales increased 6% to $3.5 billion compared with $3.3 billion for the first quarter last year. The company’s first quarter comparable sales increased 4%. Net income for the first quarter was $233 million, flat compared with the first quarter last year. First quarter diluted earnings per share increased 18% to 47 cents compared with 40 cents last year.

Everett, Wash. -- Action sports retailer Zumiez Inc. reported Thursday that profit surged 140% to $4.5 million for the quarter ended April 28, compared with $1.9 million for the year-ago period.

Revenue rose 22.7% to $129.9 million from $105.9 million, and same-store sales climbed 12.9%.

The company said it plans to open 50 stores in fiscal 2012, including up to 10 locations in Canada.
 

Charlotte, N.C. -- Women’s apparel retailer Cato Corp. said Thursday that first-quarter profit rose 4% to $31.7 million, from $30.5 million last year, prompting the company to raise its full-year profit forecast.

Sales inched up 1% to $275.3 million, but same-store sales dipped 2% among its Cato, Cato Fashions, Cato Plus, It's Fashion, It's Fashion Metro and Versona Accessories banners.