Finance & Capital Management

Washington, D.C. –- During the 2014 holiday season, spending on tiny plastic or digital gift cards will top all previous records. According to the National Retail Federation (NRF) Gift Card Spending Survey, the average person buying gift cards will spend $172.74, up from $163.16 in 2013. Total spending is expected to reach $31.74 billion.  

Bentonville, Ark. -- A rare sales bump may provide the world’s largest retailer just the momentum it needs going into the important holiday season, say Wall Street analysts, as Wal-Mart reported that 3Q same-store sales rose at U.S. namesake stores for the first time in nearly two years.

 

However, Wal-Mart tempered the news with warnings that a highly promotional environment lies ahead.

 

Beachwood, Ohio -- DDR Corp. announced the sale of an 11-property portfolio--located primarily in the Buffalo MSA that was previously held in joint venture with Kuwaiti Financial Centre II--for a total of $154 million. The portfolio was comprised of small-format traditional grocery-anchored centers and single tenant non-prime assets.  

Walmart’s same store sales turned positive during the third quarter, ending a two year drought, prompting the company to forecast a U.S. comp increase of as much as 1% during the fourth quarter.

Menomonee Falls, Wis. -- Kohl’s Corp. reported a 20% decline in 3Q profit, missing Wall Street estimates, as the retailer continues to be challenged by drops in store traffic and weak sales.

 

A third quarter same store sales decline of 1% at Dillard’s wasn’t enough to dissuade CEO William Dillard, II, from declaring the company is very well positioned for the holidays.

Total merchandise sales also declined 1% to $1.42 billion while net incomes increased to $55.2 million, or $1.30 a share, compared to $50.9 million, or $1.13 a share. The third quarter earnings per share benefited from a one time gain of $3.8 million, or nine cents a share, related to the sale of a store location.

Los Angeles -- BH Properties has announced the hire of Andrew Van Tuyle as chief acquisition officer. In this role, Van Tuyle will be responsible for the firm’s property and debt acquisitions throughout the Southwest.  

J.C. Penney is in the final phase of its turnaround and the company’s stores are customers’ preferred destination for great style, quality and value, according to company CEO Mike Ullman.

Those comments came after J.C. Penney said its third quarter same store sales were flat and it forecast a fourth quarter comp increase of 2% to 4%. Total sales in the quarter ended Nov. 1 declined slightly to $2.76 billion from $2.78 billion.