Share this article

print logo

BUSINESS BRIEFLY

>Clothing retailer H&M to open store in Galleria

H&M, a Swedish clothing retailer with a global presence, is preparing to open a store in Walden Galleria.

The Cheektowaga mall location is among seven that H&M on its website says are scheduled to open this spring. Walden Galleria referred calls about the opening to an H&M spokeswoman, who could not be reached to comment.

H&M, which sells clothing for men, women and children, has 34 stores in New York State, but this will be its first location in the state west of Rochester. H&M also has a location in St. Catharines, Ont. H&M was founded in Sweden in 1947 and has 2,200 stores in 38 countries.

Also scheduled to open in Walden Galleria is Anthropologie. Construction of the store will start soon, and it is expected to open this summer.

Anthropologie was founded in 1992 and sells clothes, shoes and bags, jewelry and accessories. It is one of five brands owned by Urban Outfitters Inc., which operates a store of the same name at Walden Galleria.

Anthropologie has eight stores in New York State, but none west of Rochester.

-----

>Mattel 'Bratz' suit gets ugly

SANTA ANA, Calif. (AP) -- The copyright dispute between toy rivals Mattel Inc. and MGA Entertainment Inc. turned ugly Tuesday, as Mattel accused its competitor at trial of plotting to steal the idea for the popular Bratz doll line that gave Barbie a multibillion-dollar run for her money.

In opening statements at the copyright infringement trial, Mattel attorney John Quinn accused MGA CEO Isaac Larian of secretly recruiting Bratz designer Carter Bryant while he still worked for Mattel then lying to reporters and industry insiders who wondered about the small company's unlikely breakaway hit.

Since Bratz dolls first hit toy shelves in 2001 in Europe, Los Angeles-based MGA has sold $3.3 billion in related products, with $292 million in profits, Quinn said. He said the doll also decreased Mattel's Barbie profits by $393 million.

-----

>IBM profits top projections

SAN FRANCISCO (AP) -- IBM Corp.'s better-than-expected fourth quarter profit shows the momentum from a new mainframe computer and a pickup in businesses' interest in outsourcing their information technology chores.

The numbers, reported Tuesday, come as corporations are spending more to upgrade their computer systems.

The 9 percent increase in net income and 7 percent increase in revenue compared with a year ago demonstrate the strength of the recovery of corporate tech spending, a market that was eviscerated during the Great Recession.

IBM said after the market closed that net income was $5.26 billion, or $4.24 per share, topping analysts' projections for $4.08 per share. In the year-ago period, IBM earned $4.81 billion, or $3.65 per share.

Revenue was $29.02 billion. Analysts expected $28.18 billion.

The stock rose $3.60, or 2.4 percent, to $154.25 in extended trading.

-----

>Reserves aid Citi's profit

NEW YORK (AP) -- Citigroup Inc. was profitable in the fourth quarter, but only after reaching into reserves that it no longer needed for loan losses. Revenues from trading stocks and bonds fell sharply.

The New York bank reported fourth-quarter income of $1.3 billion Tuesday, or 4 cents a share, falling short of the 7 cents expected by analysts surveyed by FactSet. Citi's stock fell 6 percent to $4.80 in heavy trading.

The results were an improvement from the loss of $7.6 billion, or 33 cents a share, reported for the same quarter of last year. Revenue was $18.4 billion compared with $5.4 billion a year earlier. Last year's revenue took a hit when the company paid back part of the bailout money it received from the government.

For the year, Citigroup earned $10.6 billion on revenue of $86.6 billion. It was the first full year of profits for the bank since 2007, when CEO Vikram Pandit took over the top job.

Citigroup was one of the largest recipients of bailout funds during the financial crisis of 2008. The government sold the last of its stake in the bank in December for a profit of $12 billion.

There are no comments - be the first to comment