Finance & Capital Management

Lumber Liquidators increased its net income in the third quarter of fiscal 2013 58.4% to $20.4 million, from $12.9 million in the year-ago period.

Net sales grew 24.5% to $254.3 million, from $204.3 million in the same period a year earlier. Same-store sales grew 17.4%, driven by a 9.8% increase in the number of customers invoiced and a 6.9% increase in the average sale.  

Chicago — Regency Centers Corp. has announced the development of Glen Gate, a 102,876-sq.-ft. shopping center located in Glenview, Ill., a North Shore suburb of Chicago. A 75,564-sq.-ft. Mariano’s Fresh Market, slated to open next fall, will anchor the development. The center will have one out-lot with an additional 24,000 sq. ft. for retail and restaurants.

Toano, Va. – Lumber Liquidators increased its net income in the third quarter of fiscal 2013 58.4% to $20.4 million, from $12.9 million in the year-ago period.

Net sales grew 24.5% to $254.3 million, from $204.3 million in the same period a year earlier. Same-store sales grew 17.4%, driven by a 9.8% increase in the number of customers invoiced and a 6.9% increase in the average sale.  

Seattle -- Nordstrom announced two new locations for Nordstrom Rack, one in Columbus, Ohio, and one in Tulsa, Oak.

Nordstrom Rack will open at Sun Center in Columbus, Ohio. The approximately 37,890-sq.-ft. store is scheduled to open in spring 2014.

Nordstrom currently operates a full-line store in Columbus at Easton Town Center. The company opened the first Nordstrom Rack in the area at Easton Market on September 12, 2013.

Canada Safeway is up for grabs, and the Canadian Competition Bureau is allowing Sobey’s Inc. to proceed with the acquisition of substantially all its assets.

As part of the consent agreement, Sobey’s will divest 23 stores in the provinces of Alberta, British Columbia, Manitoba and Sasketchewan. The deal, announced in June, will cost Sobey’s owner Empire Co. Ltd. about $5.7 billion.

Houston – After rejecting a $2.3 billion buyout offer from Jos. A. Bank, Men’s Wearhouse reportedly is considering purchasing men’s shoemaker Allen Edmonds Corp., according to reports by the New York Times, Wall Street Journal and others. The high-end footwear is owned by private equity firm Goldner Hawn Johnson & Morrison, which bought it seven years ago.

It wasn’t clear how — or if — a deal for Allen Edmonds would impact on Jos. A. Bank’s offer.

New York -- The three rules of retail real estate are the same as the three rules of any other type of real estate – “location, location, location.” But each retail chain has its own unique requirements for what makes a good location, and Charlotte, N.C.-based Bojangles’ Restaurants Inc. is getting some technical assistance in determining the best spots for new stores based on factors such as who lives nearby.

Scouting the Best Locations

Groupon has elected Jeffrey Housenbold, president and CEO of Shutterfly, to the company’s board of directors.

“We are thrilled to welcome Jeffrey to the Groupon board,” said Ted Leonsis, chairman. “He brings tremendous expertise and energy, as well as a demonstrated history of innovation and leadership. We look forward to his perspective as Groupon continues to grow and evolve.”