99 Cents Only Reports Preliminary 3Q Earnings
City of Commerce, Calif., 99 Cents Only Stores reported preliminary net income of $1 million for its quarter ended Sept. 30, 2005, down from $5.5 million the year before. Net sales increased 3% to $246 million, despite a 0.7% decline in same-store sales.
Casey’s Acquires Gas ‘N Shop
Ankeny, Iowa, Convenience store chain Casey’s General Stores has completed its acquisition of 51 Gas ‘N Shop stores, Lincoln, Neb.
Casey’s will close 11 of the Gas ‘N Shop locations in the expectation that sales will transfer to the Casey’s stores in the area. The remaining 40 will be re-branded as Casey’s.
Saks Seeks to Sell Parisian
New York City, The shedding of brands at Saks Inc. may soon include a sale of the 40-unit Parisian division, which the company put up for sale on Monday. Saks Inc. in July sold Proffitt’s/McRae’s to Belk Inc. for $623 million. Saks also hopes to close soon on a $1.85 billion bid to sell its Northern Department Stores Group, which includes Carson Pirie Scott & Co. and Berngner’s, to Bon-Ton Stores.
Parisian is on pace to a record $700 million in sales this year. If it is sold, Saks would be left with 55 Saks Fifth Avenue stores, 50 Saks Off 5th outlet stores and saks.com. The chain also operates 58 Club Libby Liu stores.
As part of the plan to restructure, Saks named Stephen Sadove, vice chairman and COO, to the position of chief executive of the company. He replaces 16-year veteran R. Brad Martin, who will hold on to his chairman post until the end of the 2006 fiscal year.