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Mixed-bag for retailers in April; TJX, Gap and The Buckle shine
New York -- TJX Cos., The Buckle and Zumiez all reported better-than-expected same-store sales for April, even as concerns about the job market bit into other retailers’ results.
TJX Cos. said that same-store sales in April were up 8% on strong customer traffic, better than 6.8% increase that analysts had expected. For the four weeks ended May 4, total revenue rose 9% to $2 billion.
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Canadian Tire Corp. to capitalize on real estate holdings with REIT
Toronto -- Canadian Tire Corp. plans to spin off most of its real estate assets into a C$3.5 billion (approximately U.S. $3.49 billion) real estate investment trust, with an initial public offering expected later this year. The proposed new REIT would acquire a majority of the company's owned real estate, including approximately 250 properties comprised largely of Canadian Tire Retail stores, Canadian Tire anchored retail developments and one distribution center.