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Zumiez profit dips in Q2; on track to open 50 stores in 2012
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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Toys "R" Us and Walmart battle for layaway dollars
Toys "R"Usenhanced its layaway program by dropping some fees and Walmart quickly responded.
Toys "R" Us dropped the $5 service fee and minimum purchase requirement from its layaway program in a bid to capture sales of those who begin their holiday shopping early.The company said it changed the rules for its layaway program, instituted in 2009, to waive the $5 upfront service fee and eliminate the minimum purchase requirement for all orders created in stores through October 31.