Development/Redevelopment

IRVING, Texas — Michaels Stores reported a second quarter same-store sales increase of 2.9% driven by a 3% increase in transactions and a positive impact of 0.9% from deferred custom framing revenue partially offset by a 1% decrease in average ticket.

Net sales for the quarter increased 4.1% to $892 million from $857 million in the second quarter of fiscal 2011.

Net income for the quarter increased 30% to $13 million, and as a percent of net sales increased 20 basis points to 1.4%.
   

By James H. Donell, CPM  CCIM, [email protected]

When a commercial real estate property goes into foreclosure, the effects can be damaging for all parties involved – not only for the owner of the property who has defaulted, but also the lender and any additional creditors who may have a lien on the property.

Fort Worth, Texas -- Dallas-based Cypress Equities said that CD Ski & Sports will open its fifth Climate store, locating it at the West 7th mixed-use project in Fort Worth, Texas.

The new 4,221-sq.-ft. store is slated to open in late September.

Gurnee, Ill. -- Indianapolis-based Simon Property Group said that Bed Bath & Beyond, along with Buy Buy Baby, will open this fall in a shared space at Gurnee Mills outlet center, in Gurnee, Ill.

The Bed Bath & Beyond/Buy Buy Baby prototype store will be located near Last Call by Neiman Marcus, The Gap Outlet and Build-a-Bear Workshop at the value center.
 

COLUMBUS, Ohio — Express Inc. reported a 25% increase in net income for the second quarter. But the retailer slashed its profit outlook for the year and said that same-store sales barely rose last quarter and that it expects about the same for the rest of the year.

Express earned $15.8 million for the quarter ended July 28, better than analysts expected, compared with $12.6 million in the year-ago period.

Revenue increased 2% to $454.9 million, short of the $467 million analysts had expected. Same-store sales inched up 1%.

Columbus, Ohio -- Express Inc. reported a 25% increase in net income for the second quarter. But the retailer slashed its profit outlook for the year and said that same-store sales barely rose last quarter and that it expects about the same for the rest of the year.

Express earned $15.8 million for the quarter ended July 28, better than analysts expected, compared with $12.6 million in the year-ago period.

Revenue increased 2% to $454.9 million, short of the $467 million analysts had expected. Same-store sales inched up 1%.

Sidney, Neb. -- Cabela’s Inc. announced today plans for two new stores, including its first-ever locations in Virginia and Delaware. Construction is expected to begin on the new locations in 2013, with the stores expected to open in 2014.

Cabela’s said it will build an 85,000-sq.-ft. store in The Falls, a new retail development in Bristol, Va., that will accommodate about 1.5 million sq. ft. of retail space.

In Delaware, the company will open a 100,000-sq.-ft. store adjacent to Christiana Mall, in Christiana. 

San Francisco -- Williams-Sonoma Inc. said its second-quarter net income rose 10%, fueled by double-digit sales growth at its Pottery Barn and West Elm stores. The results beat analysts’ expectations and the company also raised its profit and sales predictions for the full year.

For the quarter ended July 29, Williams-Sonoma earned $43.4 million, up from $39.3 million in the same period last year.