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Short news...5/10/04
MAY 11, 2004 --
Chuck Eggers Named EVP/GMM Of Athlete's Foot
Industry veteran Chuck Eggers has been appointed EVP/GMM of The Athlete's Foot. This follows an announcement in September 2003 that Eggers had joined the organization as interim GMM. Eggers brings almost 30 years of athletic footwear specialty retailing experience to The Athlete's Foot, including many years at Foot Locker. He will oversee both merchandising and marketing. "Chuck has become a key member of our leadership team during his time as interim GMM," says Bob Corliss, president and CEO of The Athlete's Foot. "His global experience will prove invaluable as we grow our business around the world."
Gaylan's Hires Department Store Exec As Chief Merchandiser
Galyan's Trading Co. hired Richard Leto as president/chief merchandising officer of the company. CEO Edwin Holman will focus on finance, HR, IT, logistics, real estate and stores. Leto will be responsible for marketing, merchandising, planning and allocation. It is expected Leto will join the board when he joins the company in mid-June. Leto was most recently EVP/merchandising of Kohl's Department Stores. Prior to joining Kohl's in 1996, he was EVP/merchandising for Macy's East, headquartered in New York City.
Golfsmith Reduces Q1 Loss; Sales Up 44%
For Q104, Golfsmith International increased net revenues 44% over the same period last year to $65.8 million, due in large part to the retailer's expansion program, customer service and strategic customer retention programs. There was a net loss of $200,000 compared to a net loss of $1.2 million in Q103.
"We're executing on our strategy of growing our multi-channel business through store expansion in new and existing markets, Internet and catalog growth, and specialty services that help our customers get more out of their golf games," said Jim Thompson, CEO of Golfsmith, a portfolio company of First Atlantic Capital, Ltd. "In 2004, we will continue to look for opportunities to build on our multi-channel model and aggressively compete for market share in key golf markets by delivering superior customer service, leading brand names and specialty services that strengthen the Golfsmith brand with golfers."
Transworld Combines 3 Pubs Into One
TransWorld Media will launch of TransWorld Business, a new monthly trade magazine for retailers that will enhance TransWorld's coverage of the boardsports-skate, surf, and snowboarding-industry. For the past 14 years, TransWorld Media's primary trade titles, TransWorld SNOWboarding Business, TransWorld SKATEboarding Business and more recently TransWorld SURF Business, have been individually covering the action sports market. Now as one combined title, TransWorld Business "will build on those foundations in a way not possible with three disparate titles working under sporadic and staggered delivery dates," the publisher said.
Analysts Trim EPS Estimates On FL; Still Rated Buy
Banc of America Securities maintained a buy rating on Foot Locker, while reducing EPS estimates for the company. The 12-month target price has been reduced from $32 to $28. Foot Locker reported its Q104 same-store sales growth short of expectations. BoA noted that the company witnessed an unexpected same-store sales decline in Europe during the quarter. Foot Locker's Q104 same-store sales performance remained particularly sluggish in the UK, BoA said. It expects the improving store traffic trends in the US to considerably boost the company's same-store sales growth in 2H04. Moreover, the analysts expect Foot Locker to benefit considerably from the increased Nike product allocations in its stores and its acquisition of Footaction stores in the near term. The EPS estimates for 2004 and 2005 have been reduced from $1.70 to $1.65 and from $1.95 to $1.90, respectively. The P/E estimates for 2004 and 2005 are 13.9x and 12.1x, respectively. BB&T noted that the company reported its Q104 comp sales and EPS short of consensus estimates. BB&T expects the weak sales trend to continue in the forthcoming quarters. The EPS estimates for 2004 and 2005 have been reduced from $1.65 to $1.55 and from $1.91 to $1.78, respectively.
Shorts:
Construction has started at Muskegan, MI's Lakes Mall for a 45,000-square-foot addition to accommodate a Dick's, which will open in mid-November…Sources who declined to be identified have told The Daily Nonpareil, an Iowa newspaper, that Bass Pro Shops has been considering a Council Bluffs location. No one was willing to go on record about the store, and it also could not be confirmed if a deal has been finalized…DZ Bank made a buy rating on adidas-Salomon. The fair value is set at 110 euros. The bank said adidas-Salomon reported its Q104 earnings ahead of expectations. DZ Bank was impressed with the company's gross margin expansion in 2004 and 2005. The EPS estimates for 2004 and 2005 have been raised from 6.42 euros to 6.58 euros, and from 7.17 euros to 7.34 euros, respectively.
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 Pacific Sunwear October Comps Rose 8%
Pacific Sunwear's November Sales Rose 12%
PacSun Comp-Sales Rose 5% In September
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Categories
Same-store sales
Sporting goods industry
Merchandising
Customer service
Losses
Companies
Athlete's Foot
Foot Locker Inc.
Golfsmith International Inc.
Gaylan's Hires Department
Galyan's Trading Co.
Concepts
same-store sales
buy rating
customer service
specialty services
net loss
People
Chuck Eggers
Bob Corliss
Richard Leto
Edwin Holman
BoA
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