Retail

Pleasanton, Calif. – Safeway reported a substantial decline in net income for the second quarter of fiscal 2013 as well as a drop in sales. Adjusted net income for the quarter was $8.4 million, compared to $122.7 million in the same quarter a year earlier. However, after adjusting for various legal expenses and loss from discontinued operations, net income for the quarter would have been $125.1 million.

City of Commerce, Calif. – 99 Cents Only Stores is opening new stores in Santa Fe Springs, Calif. and Kingman, Ariz. on July 25. Both will be the first 99 Cents Only stores in those municipalities.

The retailer will be offering special 99-cent deals on items such as flat-screen TVs and scooters to the first customers in line on opening day.

 

Salt Lake City – Overstock.com reported substantial increases in net revenue and income for the second quarter of this year. Total net revenue for second quarter 2013 and 2012 was $293.2 million and $239.5 million, respectively, a 22% increase. The growth in net revenue was primarily due to a 21% increase in average order size, from $138 in second quarter 2012 to $167 in second quarter 2013.

Net income jumped an impressive 687%, from $470,000 to $3.7 million.

 

Seattle -- Nordstrom has announced plans to open a 35,000-sq.-ft. Nordstrom Rack at Palm Beach Outlets now under construction in West Palm Beach, Fla., in the fall of 2014.

New York -- RKF has arranged the $9.25 million sale of a 6,800-sq.-ft. mixed-use building in Manhattan’s Bowery neighborhood. RKF represented the seller, 325 Bowery Development LLC, and the buyer, Atlas Bowery LLC, an affiliate of Atlas Capital Group.

Constructed in 1990, the building consists of retail and loft-style residential space on four floors above a basement and sub-basement. Peels NYC café occupies the ground floor.

 

The Men’s Wearhouse has signed a definitive agreement to acquire JA Holding, the parent company of the Joseph Abboud clothing brand, for approximately $97.5 million.

Los Angeles -- Guess? has appointed Sandeep Reddy as CFO, effective Aug. 1. He replaces interim CFO Nigel Kershaw.

Reddy has led the Guess Europe Finance Team as CFO since September 2010. He previously held senior financial roles for Mattel Inc. in Europe and the U.S.

 

San Francisco – PBteen, a subsidiary of the Pottery Barn brand of Williams-Sonoma Inc., will open its first Annapolis, Md., store at the Westfield Annapolis shopping center on July 20. The store will include the PBteen Design Lab, which allows shoppers to digitally create room designs using drag-and-drop technology on a computer monitor.