Corporate Governance

Shopping center giant and media powerhouse team up
There is a new lifestyle publication in circulation — and it’s the product of two diverse companies.

Real estate developer Simon has joined with media company Conde Nast to produce a 98-page publication – Simon Magazine – designed to provide readers with the latest must-haves and must-dos, from fashion and beauty to dining and travel. It’s the first time Conde Nast has worked with a brand to create custom editorial content on such a wide scale.
Online gaining at The Buckle
Leading mall-based denim retailer The Buckle said its third quarter profits fell after strengthening online sales couldn’t overcome in store weakness.

Profits at the operator of 469 stores, billed as a denim destination, declined to $35.9 million, or 74 cents a share, during the third quarter ended Oct. 31, compared to $40.6 million, or 84 cents a share, during the third quarter the prior year. The profit decline was expected as The Buckle had previously reported that same-store sales had declined 5.2% and total sales had declined 4.1% to $280.2 million.

The Bon-Ton poised for cost-cutting

The Bon-Ton says it is focusing on reducing expenses after a third quarter in which the retailer tripled its net loss and decreased same-store sales.

For the quarter ended Oct. 31, the Pa.-based retailer had a net loss of $34 million ($1.72 a share), compared to a net loss of $11 million (57 cents a share) in the 2014 quarter. Revenue totaled $623.4 million, down from $642.7 million in third quarter 2014. Same-store sales declined 2.6%.
Toys ‘R’ Us: New CEO, New Plans

(Photos courtesy of Toys 'R' Us)
Stein Mart can't keep up momentum

Stein Mart says warm weather is to blame for its lackluster performance in the third quarter as the company makes plans to increase promotions to improve its top-line growth.

The off-price retailer said that for the third quarter ended Oct. 31, same-store sales fell 2.3%. Total sales also dropped 1% to $300.7 million during the same time period. Profits dipped to $82.2 million, or 27.3% of sales compared to $84.6 million or 27.8% of sales during the same time period in 2014.
Warm weather no excuse for weakness at Stage Stores

After reporting a sales decline and third quarter loss, Stage Stores offered a unique explanation due the location of its 847 stores.

The company’s sales and same store sales both declined 3.5% and a net loss of $9.4 million equated to an earnings per share loss of 29 cents, compared to a prior year earnings per share loss of 16 cents.
Specialty grocer stocks up on supply chain compliance

Bristol Farms, a 13-store specialty grocery chain, is making food safety a priority.

The Carson, California-based retailer has selected technology from ReposiTrak Inc. to manage regulatory and business documentation compliance within its supply chain.
Specialty retailer shines with record sales and earnings

A specialty retailer that is defined by consistent same-store increases for the past three quarters, an over-the-top televised fashion show and loyal customers who still love its in-store experience has chalked up another record quarter.

L Brands, the parent company of Victoria's Secret and Bath and Body Works, kept its winning streak going in the third quarter ended Oct. 31. Same-store sales increased 7%. Net sales rose 7% to $2.48 billion.

Net income rose 24.4% to a better-than-expected $164 million, compared to $131.8 million last year.
Weak traffic trend hits Kirkland's

The CEO of Kirkland's blamed disappointing third quarter sales on traffic problems that he expects to persist into the fourth quarter despite the busy holiday season ahead.
This retailer needs more shopping centers

Amid growing sales and surging profits, specialty retailer Cato is finding its expansion efforts being held back by the availability of suitable shopping centers.
Holidays not looking so happy for Best Buy

More robust omnichannel capabilities have Best Buy CEO Hubert Joly confident about his company’s ability to execute during the holidays, but his views on overall demand for consumer electronics are another matter.

Best Buy said it expects weak demand for consumer electronics in the fourth quarter and forecast flat same-store sales at domestic locations following a 0.5% third quarter comp increase that was aided by an 18% online increase.
Phillips Edison expands grocery-anchored shopping center presence

Cincinnati – Phillips Edison Grocery Center REIT II announced it has acquired two grocery-anchored shopping centers, expanding the company’s portfolio in Arizona and Florida.

51st and Olive Square is an 88,225-sq.-ft. grocery-anchored shopping center in Glendale, Arizona. The center is anchored by Fry’s Food and Drug grocery store, the number one grocer by market share in the Phoenix area. Additional key national tenants include Leslie’s Poolmart, Papa Murphy’s and the UPS Store.