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Express tumbles in Q2
Express Inc. cut its annual profit forecast as the chain struggled with declining sales and weak store traffic in its second quarter. The retailer reported net income of $10.1 million for the quarter ended July 30, short of Wall Street expectations, down from $21 million, in the year-ago period. Revenue fell 6% to $504.8 million, also below Street forecasts. Same-store sales, which include online sales, fell 8%, which was worse than analysts expected. -
Forest City to consider disposing of retail assets
Forest City Realty Trust may be on its way to having a greatly reduced investment in the mall industry and a bigger one in apartments and office assets. The Cleveland-based firm announced it is reviewing strategic alternatives for its retail portfolio. Forest City holds ownership stakes in 14 regional malls across the country and 19 specialty retail centers, mostly in New York City. The East River Plaza, which fronts the FDR Drive in Manhattan at 116th Street, is a Forest City property.