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FINANCE

  • Five Below goes above expectations in Q1; plans 85 new stores

    Specialty retailer Five Below Inc. beat Wall Street projections for earnings and same-store sales in a hot first quarter of fiscal 2016.

    Net income was $6.8 million, up 58% from $4.3 million the same quarter a year earlier. Higher gross profit and lower expenses boosted profit. Net sales rose 25% to $192.7 million, from $153.7 million. And the company reported same-store sales growth of 4.9%.

  • Pandora extends Synchrony financing agreement

    Synchrony Financial will continue to offer consumer financing to Pandora Jewelry customers.

    The two companies have announced a multi-year extension of their consumer financing program agreement. The program, which began in 2011, will continue to provide Pandora shoppers with access to a range of payment options through the Pandora Preferred card program. Special financing will be available at select concept stores nationwide.

  • May same-store sales fizzle

    With a couple of exceptions, May same-store sales figures reported by several major apparel, specialty and discount chains were less than impressive.

    First the good news. Bath & Body Works reported a 3% same-store sales lift for May 2016 compared to the same month a year earlier. Same-store sales at Costco Wholesale Corp. and L Brands were flat, which may not sound that encouraging but was better than most other retailers reporting figures for the month.

    Here is a roundup of other chains reporting negative same-store sales growth for the month.

  • Village Super Market profit slumps during Q3

    Several factors conspired to produce a drop in net income at Village Super Market Inc. during the third quarter of fiscal 2016, despite a slight bump in sales.

    Net income was $5.88 million in the quarter, down 55% from $13.21 million in the third quarter of the previous fiscal year. The prior year period including a net gain from the recovery of insurance receivables related to Superstorm Sandy and a tax benefit a result of a settlement with the New Jersey Division of Taxation.

  • Focus on New York market helps boost Ahold USA Q1 sales by 4%

    Ahold USA first quarter sales were up 4% to $8.2 billion. Excluding gas, sales increased 4.1% at constant exchange rates. The addition of 25 A&P stores in the New York Metro market in fourth quarter 2015 was the main contributor to the overall sales growth and resulted in an overall market share improvement in both dollars and volume, Ahold reported.

  • Ascena Retail sales disappoint; cuts guidance

    A cold spring helped dampen sales and earnings at one of the nation’s leading apparel companies.
     
    Ascena Retail, whose brands include Ann Taylor, Loft, Lane Bryant, Catherines, Justice and Dressbarn, reported profit of $15 million in the third quarter, ended April 23, down from $24 million in the year-ago period.
     

  • Penney refinancing real estate loan

    J.C. Penney Co. said Wednesday it is proposing to refinance a $2.25 billion senior secured term loan, and to extend the maturity of the loan, which is currently set at May 2018. The transaction is expected to be complete in June.

    Penney also reported positive same-store sales for its quarter-to-date through Memorial Day.
     

  • Office Depot regrouping

    Office Depot Inc. is regrouping less than a month after a federal judge blocked the chain’s planned acquisition by rival Staples Inc., causing the two companies to abandon the deal.
     
    On Tuesday, Office Depot announced its board had approved a $100 million stock buyback program. The retailer also said it is finalizing its comprehensive strategic review, which includes capital structure and return of capital alternatives.
     

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