Finance & Capital Management

NEW YORK — Disappointing same-store sales results in June weren’t necessarily unexpected, as the month typically trends weaker as shoppers have fewer reasons to shop.

Thomson Reuters, which polls 18 U.S. retail chains, projected its Same-Store Sales Index to inch up 0.5% in June, far below last year’s 6.7% rise for the month. Analysts have said that warm weather may have prompted consumers to make summer apparel purchases earlier than usual, shifting sales from later months like June.

DEERFIELD, Ill. and Camp Hill, Pa. — Walgreens and Rite Aid both reported declines in total sales for June.

HAMILTON, Bermuda — Bacardi Limited has named Gianpaolo Perego as regional president of Latin America with responsibility for leading all operations in the region for the internationally known portfolio of premium spirits. Perego will manage the execution of the overall strategy for the Latin American region, as well as the general management of a diverse business comprising 19 countries. In this role, he will also be a member of the Bacardi Leadership Team. The appointment takes effect July 9.

Philadelphia -- Ascena Retail Group CEO David Jaffe has pledged to preserve the jobs of 7,500 employees at soon-to-be-shuttered Fashion Bug stores, as well as 600 workers at the headquarters of Charming Shoppes, according to an article in the Philadelphia Inquirer.

Ascena, which owns the Dressbarn, Justice and Maurices banners, acquired Charming Shoppes – and its Lane Bryant, Fashion Bug and Catherines brands – on June 15.

Greensboro, N.C. -- High-end grocer The Fresh Market is making a stand in California, as it prepares to open its first three stores in the state.

According to a Tuesday report by Investor’s Business Daily, Fresh Market has signed leases and begun construction on one store in Santa Barbara, one in Palo Alto and a third in Roseville. The grocer said it expects to open its first store in the state either late this year or early 2013.

Washington, D.C. -- A report issued Thursday by the Labor Department showed that applications for jobless benefits fell 14,000 in the week ended June 30, to 374,000.

The news eased some concern that the labor market is faltering further.

“Before today it was pretty clear the labor market had softened over the past few months,” Daniel Silver, an economist at JPMorgan Chase & Co., told Bloomberg. “Today’s reports show a little bright spot.”

 

Greenwich, Conn. -- Private investment firm Starwood Capital Group announced that an affiliate of Starwood has completed its acquisition of a 90% majority interest in seven U.S. shopping centers from the Westfield Group.

Westfield retained a 10% minority interest in the portfolio.

Starwood also announced that it has formed a new subsidiary, Starwood Retail Partners, to be based in Chicago, to oversee the management of the newly acquired assets and has named Scott Wolstein, co-founder of DDR, as its CEO. 

New York -- As discounters such as Target, Stein Mart and warehouse club operator Costco posted disappointing same-store sales results in June, TJX Cos. and Ross Stores shone with gains that surpassed Wall Street estimates. TJX saw a same-store sales rise of 7% in June, beating the 4.2% rise predicted by analysts. Ross was up 7% for the month, after Wall Street forecast a 4.8% increase. Sales rose 12% to $886 million in June. Both chains raised their second-quarter profit forecasts.

Plymouth, Minn. -- Christopher & Banks Corp. said Tuesday it had received a takeover offer from private equity firm Aria Partners. The value set on the retailer is approximately $64 million.

The retailer said it will review the offer.

Aria currently owns 4% of Christopher & Banks shares.
 

New York -- Analysts expected 18 top retail chains to report a modest gains in June, as high unemployment and falling consumer confidence have taken a toll on spending.

Among the department store retailers reporting June same-store results so far, the results were largely mixed. Macy’s was among the retailers reporting sales that fell short of estimates. Same-store sales rose 1.2% in June, missing Wall Street’s projected 1.9% gain.