Chapters reported last week that net income for the nine-month period ended December 26, 1998, rose 20%, to C$11.2 million. Net income in the third quarter increased 8.1%, to C$16.1 million. Earlier this year, the Canadian bookstore chain reported a 23% sales increase in the nine-month period and an 18.5% sales gain in the quarter (News, Jan. 25).
The company also announced a number of organizational changes, including the appointment of Keith Hunt as v-p, operations, large format stores and Gina Pick, v-p, operations, traditional format stores. Curt Gray, who had been executive v-p and president, new ventures, has been made a consultant to the company until this summer. Among the projects that Gray will continue to oversee is the expansion of the store's music program, Hear Music@ Chapters; currently, the section is available in 10 outlets.
The company also said that it will open two superstore outlets before the end of fiscal 1999, in March, and plans to open 18 to 20 superstores during the next fiscal year. Chapters had 52 superstores at the end of December.