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  • Target sales deteriorate faster than expected

    Add Target to the list of retailers whose weak third quarter sales performance highlighted troubling spending behaviors that threaten to undermine its holiday sales performance.

    The company reported disappointing third quarter sales and profits Thursday morning and then stated the obvious that shoppers will price sensitive during an intensely competitive holiday season. The company said same store sales increased 0.9%, slightly less than the company’s forecast provided on August 21 which called for an increase of 1% to 2%.

  • Dollar Tree Q3 profit down

    Chesapeake, Va. -- Dollar Tree Inc. reported that its net income in the third quarter fell 19%, impacted by a one -time gain a year related to selling its stake in the Ollie's Holdings chain. The company forecast results for the fourth quarter below Street expectations.

    The company posted earnings of $125.4 million for the period ended Nov. 2, down from $155.4 million a year ago.

    Revenue rose 9.5% to $1.88 billion. Analysts expected revenue of $1.91 billion.

    Same-store sales were up 3%.

  • DSW signs inks 20,000-sq.-ft. deal in Tempe, Ariz.

    Phoenix — DSW Designer Shoe Warehouse has taken 20,000 sq. ft. at Tempe Marketplace in Tempe, Ariz., according the CBRE, which represented DSW in the negotiations. Vestar represented Tempe Marketplace.

    Developed by Vestar in 2007, Tempe Marketplace is an interactive shopping, dining and entertainment destination featuring 1.3 million sq. ft. of retail space. The tenant list now includes DSW plus Target, Cost Plus World Market, Old Navy, J.C. Penney, Gap and Best Buy. It is also the first Arizona location for Dave & Busters.

     

  • JLL brokers sale of four grocery-anchored centers

    Atlanta — Jones Lang LaSalle has closed the sale of a portfolio of four grocery-anchored centers on behalf of Regency Partners II. Publix Supermarkets acquired the properties for $37.5 million.

    The portfolio of shopping center includes:

  • Shoppers will spend half their holiday budget during Thanksgiving sales

    Washington, D.C. -- More than 60% of consumers will start holiday shopping on Black Friday and most will spend more than 50% of their holiday budget over the Thanksgiving weekend, according to research by the Georgetown Institute for Consumer Research, sponsored by KPMG.

  • Dollar Tree third-quarter results bolstered by increased traffic

    Increased customer traffic helped drive Dollar Tree’s third-quarter results. The retailer cited growth in consumer basics as well as seasonal and variety merchandise, and said its higher margin variety categories are growing at a faster pace.

    The company reported consolidated net sales for the quarter of $1.9 billion, a 9.5% increase from $1.72 billion for the year-ago quarter. Comparable store sales increased 3.1%.

  • Target profit falls 46% on Canadian costs; trims full-year forecast

    Minneapolis -- Target Corp.'s third-quarter net income fell 47%, hurt by costs related to its Canadian expansion. Its adjusted profit beat analysts' estimates, but sales fell short. The retailer lowered its full-year adjusted earnings forecast.

    For the three months ended Nov. 2, Target earned $341 million, or 54 cents per share, down from $637 million in the year ago period. Removing Canada-related expansion costs and other items, earnings were 84 cents per share.

  • Stein Mart swings to profit in Q3

    Jacksonville, Fla. -- Stein Mart reported a return to profit in the third quarter, recording net income of $28,000 for the period ended Nov. 2, compared with a loss of $1.7 million last year. Results matched Wall Street expectations.

    Revenue climbed 6% to $290.5 million from $273.7 million, topping Wall Street's estimate of $287.9 million. Same-store sales rose 4.8%.

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