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Finance & Capital Management

  • Casey’s income up 6%, misses expectations

    Ankeny, Iowa -- Casey's General Stores said that its net income climbed 6% to $39.3 million in the most recent quarter, fueled by new stores. But rising costs for some commodities cut into its profit margins and its results fell shy Wall Street expectations.

    The company's overall profit margin fell to 14.2% from 17.2%.

  • Supervalu to sell 107 fuel centers

    EDEN PRAIRIE, Minn. — Supervalu has announced the sale of 107 fuel centers located in the Midwest, Intermountain West and West Coast regions following the acceptance of four separate bids to purchase the centers. The transactions include the majority of fuel centers within the Albertsons, Cub Foods, Hornbacher’s and Jewel-Osco banners.

  • DDR and Glimcher Realty Trust announce strategic asset swap

    Columbus, Ohio -- Developers Diversified Realty and Glimcher Realty Trust announced Wednesday that the companies have entered into an agreement to swap two assets better aligned with the other’s operating platforms and strategies. 

    DDR will sell Glimcher its open-air mall, Town Center Plaza, in Kansas City, Kan., and Glimcher will sell DDR its power center, Polaris Towne Center, in Columbus, Ohio.

    The transaction is expected to close in the fourth quarter of 2011.

  • J.C. Penney pulls back a bit on holiday expectations

    New York City -- Speaking at the Goldman Sachs 18th Annual Global Retailing Conference in New York City, Myron Ullman III, chairman and CEO of J.C. Penney Co., expressed confidence that the chain is well positioned for the holiday selling season. However, he noted that uncertain economic conditions have caused the chain to pull back on its expectations.

    Ullman noted that customers are still purchasing promotionally priced items along with full-priced goods.

     

  • Former Thomson Reuters exec takes on new role at eBay

    SAN JOSE, Calif. — eBay has announced that Devin Wenig is joining the company as president of its global eBay Marketplaces business unit, which includes eBay, the world’s leading online marketplace; eBay classifieds sites in more than 1,000 cities worldwide; and StubHub, the world’s largest online tickets marketplace. Wenig will report to eBay Inc. president and CEO John Donahoe.

  • Talbots posts bigger-than-expected loss; chief creative officer out

    Hingham, Mass. — Talbots Inc. posted a bigger-than-expected second-quarter loss on Wednesday, largely due to increased markdowns. The retailer also said that chief creative officer Michael Smaldone has departed the company, effective immediately.

    Talbots reported a net loss of $37.3 million for the period ended July 30, compared with a profit of $941,000 a year earlier. Revenue fell 10% to $271.1 million from $300.7 million. Same-stores sales fell 10.4%.

  • Casto names property management VP

    Columbus, Ohio -- Casto said Wednesday that Larry Schwenker has joined the firm as VP property management.

    Schwenker’s primary focus will be on the organization’s Midwest and Alabama commercial portfolio, which totals approximately 15 million sq. ft.

    Schwenker was most recently a principal at Bryant Management Services, based in Atlanta.
     

  • Lowe’s to build DC in Rome, Ga.

    New York City -- Lowe’s Cos. plans to build a 1.4-million-sq.-ft. distribution center in Rome, Ga.

    The facility, due to open in 2013, will service Lowe’s stores in western Georgia, northern Florida and Alabama

     

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