Corporate Governance

JACKSONVILLE, Fla. — Strong sales in linens, dresses and intimate apparel buoyed Stein Mart’s total sales for the second quarter ended August 3, which increased 3.8% to $290.9 million from $280.4 million for the same quarter last year. 

The company posted a comparable-store sales increase of 6.4% for the quarter. 

By Ted Vaughan, [email protected]

The year 2012 was the best year for retail IPOs since 2002 — S&P Capital IQ reported seven offerings for the year — and when we released our 2013 IPO Outlook Study earlier this year, 30% of capital markets executives expected initial public offerings (IPOs) in the retail and consumer products space to continue to grow in 2013. Now that we’re well into the second half of the year, how have those expectations fared?

Oak Brook, Ill. – Despite declines in European and Asia-Pacific/Middle East/Africa (APMEA) same-store sales, positive domestic same-store sales performance in July resulted in a small global increase for McDonald’s Corporation. The fast-food giant reported 1.6% domestic same-store sales growth compared to July 2012 as well as 1.9% declines in both Europe and APMEA same-store sales, averaging out to a 0.7% global increase.

New York -- Jones Lang LaSalle has added another financing expert to its growing Capital Markets team in Dallas. Industry veteran Jeff Zickefoose joins has joined the firm as senior VP. He will work with Managing Director Randy Fleisher and the rest of the team to provide strategic services to clients throughout the region.

“Jeff brings nearly 20 years of financial experience and a long track record of originating debt on behalf of leading commercial mortgage debt providers,” said Fleisher.

New York -- A group of 11 large U.S. retailers that report same-store sales results each month had a generally strong showing in July. However, Thomson Reuters analysis indicates significant discounting helped drive an overall 4.4% increase, more than double the 1.4% same-store sales rise recorded in July of last year.

Jacksonville, Fla. – Stein Mart reported year-over-year increases in total and same-store sales during the second quarter of fiscal 2013. Total sales grew 3.8% to $74.6 million from $70.5 million, while same-store sales increased 6.4%, compared to same-store sales growth of only 1.6% during the second quarter of the previous year.

In one of the stranger situations in retail right now, J.C. Penney is defending itself against charges by activist investor Bill Ackman that it’s not moving fast enough to hire a full time CEO and remedy a situation that Ackman created when the guy he picked nearly destroyed the company.

A spectacular mixed-use development will soon break ground in Gainesville, Fla. — at the intersection of I-75 and Archer Road. When complete, Celebration Pointe will run more than a half-mile along I-75, the heart of Gainesville’s most successful retail corridor.

The project’s specs are awesome: 125 acres, 1 million sq. ft., 300,000 sq. ft. of upper-moderate and specialty retail, a huge restaurant and entertainment component, Class A office space, nearly 1,000 multifamily residential units, a branded hotel.