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Finance & Capital Management

  • L Brands Q2 profit up 5%; lifts outlook

  • Target Q2 profit drops 61.7%; cuts full-year forecast

    Minneapolis -- Target Corp. on Wednesday reported a 61.7% drop in Q2 earnings. The chain also lowered slashed its annual profit outlook as it continues to deal with weak results in Canada, sluggish U.S. sales and the lingering effects of its data breach.   

    Target earned $234 million in the quarter ended Aug. 2, down from $611 million in the year-ago period.

    Revenue rose 1.7% to $17.4 billion, slightly above the $17.38 billion analysts had expected.

  • Lowe’s Q2 profit up 10%; trims outlook

    Mooresville, N.C. -- Lowe's second-quarter net income rose a better-than-expected 10%, helped by improving weather. But the chain lowered its full-year revenue outlook slightly, citing its year-to-date sales and prior assumptions for the second half.

    For the three months ended Aug. 1, Lowe's Cos. earned $1.04 billion, up from $941 million in the prior year.

    Revenue increased 6% to $16.6 billion, topping Wall Street's estimates.

    Same-store sales were up 4.4%.

  • CST Brands acquires 77-store Nice N Easy Grocery Shoppes

    San Antonio -- CST Brands announced the signing of a definitive agreement to acquire the convenience store assets, franchisor rights and associated trademarks of Nice N Easy Grocery Shoppes.

    Nice N Easy operates 77 corporate and franchise stores in Central New York. The company operations include thirty-three company operated stores along with forty-four franchise locations.

  • Gordmans names former Stage Stores chief exec as CEO

    Omaha, Neb. -- Gordmans Stores has named Andrew T. Hall president and CEO, effective Aug. 19. He also was appointed to the company's board of directors.

    Hall, 53, was president and chief executive officer of Stage Stores, from 2008 to 2012 and served as its president and COO from 2006 to 2008. At Gordmans, he succeeds T. Scott King, Gordmans' chairman of the board, who has been serving as interim president and CEO since March 2014.

  • Staples Q2 profit, sales decline

    Framingham, Mass. -- Staples Inc. reported Wednesday that its net income in the second quarter declined 20% to $81.88 million, from $102.53 million in the prior year.  

    Its results included $101 million of pre-tax restructuring and other related charges primarily associated with its closure of 80 stores, along with its plan to close approximately 40 stores in North America during the second half. (Staples had previously announced the planned closings.)

    Sales were down 2% to $5.22 billion, which topped analysts' estimates.

  • PREIT Enters into Agreement to Sell Non-Core Anchor Pad

    Philadelphia — Pennsylvania Real Estate Investment Trust has entered into an agreement to sell an anchor pad underlying a Bon-Ton store in Bethlehem, Pennsylvania, contiguous to Westgate Mall.

    The transaction is expected to close prior to the end of 2014.

  • T.J.Maxx to open five stores in Chicago area

    Framingham, Mass. -- T.J.Maxx will be opening five stores in the Chicagoland area starting this week and through October.

    "The opening of these five stores in the Chicagoland area marks a momentous occasion for our brand," Richard Sherr, president of T.J.Maxx, stated.

    All five T.J.Maxx stores will occupy over 122,000 sq. ft. of retail space.

     

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