Finance & Capital Management

Nashville, Tenn. – Kirkland’s Inc. reported improved year-over-year net sales for the full fiscal year 2014 but a decrease in the fourth quarter. Net sales increased 2.7% to $460.6 million during fiscal 2014, compared with $448.4 million the prior fiscal year, while same-store sales rose 0.5%.

During the fourth quarter, net sales decreased 4.2% to $156.1 million, compared with $162.9 million in the previous fourth quarter. Same-store sales were flat.

Rick Herring, president of Ahold USA’s Giant Carlisle Division, plans to retire, effective Feb. 14.

Herring has been at Ahold for nearly 25 years and the company credits him with having made many contributions to the organization.

“We would like to thank Rick for his numerous contributions to our companies, as well as for his leadership, dedication and years of service," stated James McCann, Ahold USA COO. "We wish him all the best in this next phase of his life and career.”

San Francisco -- Gap Inc. posted strong sales for January and issued a fourth-quarter profit forecast that topped expectations.

The retailer said its same-store sales rose 1% in January. Analysts had expected a drop of 1.3%. Net sales for the four weeks that ended Feb. 1 were $899 million, compared with net sales of $1.13 billion for the five-week period ended Feb. 2, 2013.

For the fourth quarter, net sales were $4.58 billion, compared with $4.73 billion a year earlier.

The San Jose Mercury News is reporting that Walmart has expanded and already sizable footprint in the San Francisco bay area.
Walmart opened a new office in Sunnyvale, about 30 miles south of its Global eCommerce and @Walmart Labs headquarter in San Bruno, that employs 500 people, according to the San Jose Mercury News. Details are still a bit sketchy, but click here for more from Walmart.com’s hometown newspaper visit.
 

Virginia Beach, Va. — Ingenuity Development has entered into a strategic alliance with a New York Stock Exchange-traded Real Estate Investment Trust (REIT) to combine forces on joint venture opportunities for retail and mixed-use projects in the Mid-Atlantic and the Southeast. Ingenuity will also see opportunities to work with its affiliate, Divaris Real Estate, to lease and manage completed projects.

New York — Lao Feng Xiang Jewelry has signed a long-term lease for its first North American retail store and showroom at 585 Fifth Avenue in New York City. Slated to open in the fall of 2014, the 6,100-sq.-ft. flagship store will feature three floors plus a basement. The jeweler has more than 2,300 sales outlets around the world.

Winick Realty Group represented the owner, TSW 33 Realty Corp. in the transaction, achieving a record rent that edged close to the record asking price of $2.25 million per year. CBRE represented Lao Feng Xiang.

Ann Inc., parent company of Ann Taylor and The Loft, expects net sales and same-store sales to increase for the fourth quarter and full year fiscal 2013, on a year-over-year basis.

For the full year, Ann Inc. issued guidance for total net sales of $2.49 billion, reflecting a total net sales increase of 5% and a same-store sales increase of 2%.

San Diego - For the month of January 2014, net sales at PriceSmart increased 11.5% to $193.5 million from $173.5 million in January a year earlier. For the four weeks ended Jan. 26, 2014, same-store sales for the 30 warehouse clubs open at least 13 1/2 full months increased 8.4%, compared to the same four-week period last year.

There were 32 warehouse clubs in operation at the end of January 2014, compared to 30 warehouse clubs in operation in January 2013.