Finance & Capital Management

Minneapolis - Christopher & Banks Corp. is cutting its sales forecast for the third quarter of fiscal 2014, based on sales trends to date for the quarter. The company believes sales have been negatively impacted by continued softness in mall traffic and lower than expected sales from its September fashion show, as the demand for fashion merchandise exceeded planned inventory levels, as well as due to late receipts associated with the West Coast port disruptions.

Springfield, N.J. – Store closing and pre-opening costs, as well as an unfavorable state tax ruling, reduced net income at Village Super Market Inc. 5% to $5.87 million in the fourth quarter of fiscal 2014, from $6.2 million in the same quarter the prior year. Two new store openings helped boost net sales 5.5% to $383.8 million, from $376.3 million.

Same-store sales rose 9%. For fiscal 2015, Village Super Market expects same-store sales to range from flat to slightly positive.

Atlanta - Havertys sales for the third quarter of fiscal 2014 increased 3% to $198.5 million, compared with $192.7 million for the third quarter of fiscal 2013. Same-store sales increased 3.5%.

Havertys plans to open four new stores by the end of the year. Clarence H. Smith, chairman, president and CEO of Havertys, said sales for the quarter did not meet expectations.

Burlington, N.J. - Affiliates of Bain Capital Partners LLC and certain other stockholders of Burlington Stores Inc. intend to offer eight million shares of the company’s common stock in an underwritten public offering. The offering consists entirely of secondary shares to be sold by the selling stockholders.

Burlington Stores will not sell any shares in the offering and will not receive any proceeds from the offering. J.P. Morgan is acting as sole book-running manager for the offering.

Houston - Stage Stores Inc. has entered into an amended and restated $350 million senior secured revolving credit facility that will mature on Oct. 6, 2019. The credit facility replaces the company’s former $250 million senior secured revolving credit facility, which was set to mature on June 30, 2016.

Newport Beach, Calif. -- Mark Lucescu, president of Lucescu Realty, announced the sale of Ventura Village Shopping Center in Ventura, California, for $23.25 million. 

Lucescu exclusively represented the interests of the seller, Regency Centers, a publicly traded real estate investment trust, headquartered in Jacksonville, Florida. In addition to representing Regency Centers in the sale, Lucescu also procured the buyer, a private company.
 

Dallas -- Cypress Equities companies announced that Cypress Lake Pleasant, LP, a new affiliated partnership, has purchased the fee simple interest in the Lake Pleasant Crossing shopping center in Peoria, Arizona.

Cypress previously held a ground lease interest in the property, having developed the existing shopping center and Lowe’s Home Improvement Center on the site. With the purchase, Cypress is in the process of making several upgrades to the existing center as well as planning for the second phase of development.

Holiday sales are projected to grow at their fastest level in years, rising 4.1% to nearly $617 billion after a 3.1% increase last year, according to an annual forecast released by the National Retail Federation.

PepsiCo has appointed Tony West EVP of government affairs, general counsel and corporate secretary, effective Nov. 24. He succeeds Larry Thompson, who is retiring after almost a decade of service.

Continued softness in mall traffic and lower-than-expected sales from its September fashion show have prompted Christopher & Banks to cut its sales forecast for the third quarter of fiscal 2014.