75 posts categorized "Shopping-Fort Worth"


RadioShack reshuffles deck, CEO Jim Gooch steps down

RadioShack said this morning that CEO Jim Gooch is stepping down, “effective immediately.”

RadioShack said its board of directors and Gooch “have agreed” on the move.

“The board of directors is in the process of retaining an executive search firm to assist in conducting a search for a successor,” RadioShack said. “The board does not intend to place any limitations on the search, which may include internal candidates.”

The company’s chief financial officedr, Dorvin Lively, will be interim CEO.

"We thank Jim for his service to the company and wish him well in his future endeavors," RadioShack Chairman Dan Feehan said in a release.

“I would like to thank my colleagues on the Board and everyone at the Company for their strong support,” Gooch said. “I wish them all great success in the future.”

RadioShack has continued to struggle during Gooch’s short tenure as CEO. The company promoted him to the post in early 2011 from chief financial officer.

The company’s strategy  to focus on wireless hasn’t taken hold. Profits sagged during the shift to the lower-margin products and services, and consumers have been slow to become aware to RadioShack’s offerings. Major credit rating agencies downgraded RadioShack earlier this year.

RadioShack’s stock has been trading at historic lows, closing at $2.56 Tuesday.

RadioShack hired Lively in August last year. Lively was chief financial officer of Ace Hardware, taking that post in March 2008.

- Scott Nishimura, Star-Telegram


Alliance seeks summary judgment against Velvet Box, cites "dildos and artificial vaginas"

Not very often that you see this kind of terminology in a lawsuit filing.

Alliance Town Center Association, in its suit seeking to oust its tenant The Velvet Box, which sells adult novelties, has filed a motion for summary judgment in the 342nd State District Court in Fort Worth.

The motion maintains The Velvet Box continues to operate in violation of state and local laws and language in its lease barring the operation of a sexually oriented business. Fort Worth Police have said The Velvet Box, which also operates a store in Fort Worth’s West 7th district, is not classified as a sexually oriented business.

“In September 2009, Velvet Box opened a retail store specializing in a variety of sexually-oriented products, including vibrators, dildos, ‘strap on’ dildos, male rnasturbators, anal beads, butt-plugs, cock rings, anal lubricants, sex restraints, sex harnesses, whips, sex lubricants, sex books and other such products,” the latest filing, by Alliance Town Center attorney Kelly Hart & Hallman, said.

The Velvet Box “strangely denies that its sex shop is ‘sexually-oriented’,” the filing says.

The filing went to say The Velvet Box sells “obscene devices”  - specifically singling out “dildos and artificial vaginas” in violation of state law.

- Scott Nishimura


Fort Worth's RadioShack not saying yet how many stores new Asian venture could develop

Here’s more on today's RadioShack-Cybermart announcement from Eric Bruner, a RadioShack spokesman:

Is RadioShack saying how many stores may be developed by the joint venture with Cybermart? Bruner: “Not at this time. We’re focused on testing the business model in Shanghai this year. We’re in the early stages, and the pace of future expansions will be based iin part on available real estate and some other factors.”

How large will the stores be? “The typical footprint will be smaller than the U.S. RadioShack, less than 1,000 square feet vs. an average (U.S.) RadioShack of about 2,500 square feet.”

What products will be highlighted in the Asian stores, and what will you see less of compared to the U.S. RadioShacks? The chain “will focus on everyday needs and consumer elec tronics. (They) will feature a key emphasis on wireless and mobility., accessories, music and entertainment, computing, power and accessories and other devices.” The stores will offer services such as installation; smartphone setup, app installation and synching; mobile phone repairs; and “education services” that include tutorials on how to use various devices.

What will the stores be called? “Stores will be named and branded with a Chinese version of RadioShack that includes the Circle R brand and the name RadioShack, as well Chinese language characters (that) will be translated...Smart Super Hero and Wise Knight.” The signage will also carry the “Computers, Communications and Consumer Electroncs”tagline.

How will the venture’s results (49 percent owned by RadioShack) be booked by RadioShack? “They will appear on the income statement under the category of ‘minority interest in joint ventures.’ We’re not expecting a meaningful impact in 2012. In these early stages, we’ll be focused on testing the business model in Shanghai.”

- Scott Nishimura


Fort Worth's Pier 1 says first-quarter sales up 7.2 percent in comparable stores

Pier 1 Imports said Thursday its first-quarter sales in comparable stores, those open at least a year, rose 7.2 percent on top of last year's 10.2 percent increase.

Pier 1 said it expected its quarterly gross prorift to be 41.6 percent of sales, compared to 40.1 percent in last year's quarter.

Pier 1 said it expected earnings per share to be 16 cents per share of common stock, compared to 12 cents last year.

- Scott Nishimura


Fort Worth's RadioShack: 1 in 3 consumers knows we sell wireless

RadioShack has a lot in the stewpot these days.

It’s trying to drive sales of its mobility products, push high-profit accessories to make up for lower wireless margins, use consumer electronics to draw traffic and show RadioShack as a price leader, add services, and get consumers to recognize it’s in the wireless business., Jim Gooch, the chief executive, said during the company’s annual shareholder meeting Thursday.

"Only one in three people have any unaided awareness that we’re in the mobility business," Gooch said, citing company research.

But RadioShack has a lot to work with, Gooch said. It’s carrying the top three wireless providers’ products, and it continues to boost the numbers of its stores that are carrying the Apple iPhone and iPad.

The company also recently signed Gray New York – creator of the E*Trade baby commercials - to be its lead creative agency of record, with the first of that campaign expected to emerge later this year.

"I’m very excited to have them take control of the messaging," Gooch said.

Beyond broadening consumer awareness that RadioShack sells wireless, RadioShack also wants to promote that its a price leader.

"Right now, there’s a significant gap between perception and reality," he said. "We actually have market-leading prices out there in mobility, but we’re not given credit for it."

RadioShack’s Mexico stores, now at 200, could double within the next three to five years, Gooch said.

Business at the company’s rollout of Target Mobile centers, off to a slower start than expected and also contributing to the pressure on profit margins, should get better, Gooch said.

"I think you’ll see us improving the top line as well as the strength and profitability of the business," he said.

RadioShack said recently it lost $8 million in the first quarter, compared to a $35.1 million profit in the same period a year ago, as it continues to work the transition to wireless.

- Scott Nishimura

Forbes compares Facebook to GameStop: "Will you invest with your head or your heart?"

Forbes isn't giving much love to Facebook or GameStop right now. On the eve of Facebook's monumental IPO, the mag is out with a column comparing the two companies and asking the question, "Will you invest with your head or your heart?" GameStop shares got beat up on Wall Street today, after the company came out with a weak second-quarter forecast.

Scott Nishimura

GameStop shares taking a hit

GameStop’s shares were being shelled today, after the company said its second-quarter sales and profits would fall short of Wall Street’s expectations.

Paul Raines, the Grapevine video game retailer’s chief executive, said results are harder to forecast in the late stages of video game console "cycles." Raines said GameStop expects its pre-owned, mobile, and digital businesses to "fill the profitability gap" as the company awaits the launch of the new Nintendo Wii U later this year.

Raines said GameStop continues to do better than its rival in new game sales. The company improved its gross profit margin – sales minus costs of those sales, as a percentage – and the pre-owned, mobile, and digital businesses contributed "positive profit contributions," Raines said.

"We expect those segments to fill the profitability gap as we transition to the new console cycle," he told securities analysts and reporters during a conference call.

GameStop said Thursday it expects second-quarter earnings of 10 to 18 cents per share of common stock. Wall Street was looking for 25.4 cents per share.

The company also said it expected comparable store sales – those in stores open at least a year, an industy benchmark – to be down 5 to 11 percent.

GameStop maintained its guidance for fiscal year earnings of $3.10 to $3.30 per share. Wall Street ‘s consensus estimate is $3.19.

GameStop shares were down $2.09 to $18.78 shortly before the close of trading on the New York Stock Exchange.

Rob Lloyd, GameStop’s chief financial officer, told analysts and reporters on the call that the company was "widening the range" on its profit guidance "to reflect the uncertainty" at the end of the console cycle.

GameStop, confirming an earlier announcement May 10, said it made a $72.5 million net profit for the first quarter, which ended April 30, compared to an $80.4 million net profit for the same period the prior year. Earnings per share were 54 cents in the latest quarter, compared to 56 cents for the same period the prior year.

Sales in comparable stores – those open at least a year, an industry benchmark – were down 12.5 percent for the quarter, as GameStop also disclosed May 10.

Raines said GameStop’s fast-growing PowerUp Rewards affinity program hit 18 million members during the quarter, and members accounted for 72 percent of sales. PowerUp customers are spending $358 on average annually, and account for 35-40 of all video game consumption in the United States, Raines said.

Raines also said GameStop’s rivals in the pre-owned game business continue to contract, giving the company "confidence in our pre-owned model."

He also estimated that, at $75 per used console, gamers have $1.8 billion worth of trade currency available, should they elect to buy a new Wii U or other new consoles on the drawing board.

- Scott Nishimura

Grapevine's GameStop says second-quarter earnings will be below Wall Street expectations

GameStop said Thursday that its second-quarter earnings will come in under Wall Street’s projections, but the company maintained its earnings expectations for the full year.

The Grapevine-based videogame retailer reported a $72.5 million net profit for the first quarter, which ended April 30, compared to $80.4 million for the same period the prior year. Earnings per share were 54 cents in the latest quarter, compared to 56 cents the prior year. Sales in comparable stores – those open at least a year, an industry benchmark – were down 12.5 percent for the quarter, in line with what GameStop disclosed on May 10.

The company's shares sank on the news in early morning trading, falling nearly 7 percent, or $1.42 a share, to $19.42.

GameStop said it expects second-quarter earnings of 10 to 18 cents per share. Wall Street is looking for 25.4 cents per share.

GameStop also said it continues to expect full-year earnings of $3.10 to $3.30 per share. Wall Street is looking for $3.19.

GameStop said May 10 that its first-quarter sales reflected “light demand for ‘AAA’ game launches and slower than expected traffic.”

“GameStop continues to outperform the market in new game sales through the late stages of this console cycle,” Paul Raines, GameStop’s chief executive, said in a release Thursday.

“Despite slower traffic during the quarter, we achieved our earnings target due primarily to gross margin expansion and positive profit contributions from our pre-owned, mobile and digital businesses. We expect those segments to fill the profitability gap as we transition to the new console cycle.”

Scott Nishimura


Texas says deal with Amazon.com "resolves all sales tax issues"

Amazon.com agreed Friday to begin collecting Texas sales tax and remitting it to the state.

- Scott Nishimura


Pier 1 reinstitutes dividend, bumps up growth plan

Pier 1 Imports announced strong fourth-quarter results that met Wall Street’s expectations, reinstituted a cash dividend for the first time in more than five years, raised its profit margin goal, and said it would invest $200 million under a new three-year growth plan.

“We’re beginning the new fiscal year in a strong position,” Smith said. “We are preparing for our next phase of growth.”

Pier 1 reported a $115.2 million net profit, or $1.04 per share of common stock, compared to a $57.1 million net profit, or 48 cents per share, for the same period the prior year.

In the most recent of the quarters, excluding tax benefits, Pier 1’s earnings were 48 cents per share, which met Wall Street expectations.

Pier 1 said its sales in comparable stores, those open at least a year, an industry benchmark, rose 10.3 percent in the latest quarter. That was on top of an  8.9 percent increase in the prior year’s quarter.

Pier 1’s board announced a cash dividend of 4 cents per share, to be paid May 2 to shareholders of record April 18. It’s the company’s first dividend since July 2006.

“The ongoing strength of our operating performance and long-term growth opportunities, combined with our solid financial position and strong cash flow, provides us with the flexibility to return value to our shareholders,” Smith said.

Pier 1’s new growth plan called for an increase in operating margin to 12 percent from 10 percent by fiscal 2015. The company said it expects to reach $225 in sales per square foot by that time, raising its goal from $200. It’s currently at $184.

Smith said Pier 1 continues to move toward a “best in class” e-commerce platform, and is getting ready to launch its “Pier 1 To-You” product this summer.

Pier 1 expects its online sales will constitute at least 10 percent of total sales by 2016.

For this fiscal year, Pier 1 expects to fully remodel six to eight stores, and refurbish about 100 with new fixtures and lighting.

- Scott Nishimura


Category Cloud

Blog powered by TypePad
Member since 01/2007