REAL ESTATE

A&F store with bedbugs reopens

BY CSA STAFF

New York An Abercrombie & Fitch store in Manhattan that was closed on Friday because of bedbugs reopened Thursday.

The store, in the South Street Seaport, was the second of two stores operated by Abercrombie in the city that closed because of the bugs. Abercrombie’s surf-themed Hollister store in the SoHo neighborhood of Manhattan reopened Saturday.

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Tractor Supply reports 2Q sales growth

BY CSA STAFF

BRENTWOOD, Tenn. Tractor Supply Company reported that net sales for the second quarter 2010 increased 12.6% to $1.07 billion from $946.5 million in the second quarter of 2009. Same-store sales increased 6.1% compared with a same-store sales decrease of 2.7% in the second quarter of 2009. The company said it anticipates that net income for the second quarter will be approximately $75.6 million to $76.7 million, or $2.03 to $2.05 per diluted share, compared with $54.8 million, or $1.50 per diluted share, in the prior year’s second quarter.

Jim Wright, chairman and CEO, stated, “We are delighted with our second quarter performance. Consumable, usable and edible categories, such as pet food and animal feed, continued to be solid sales drivers and contributed to our 6.9% comp transaction count increase. We had expected favorable moisture levels and were able to take advantage of this with strategic inventory allocation and effective markdown management. As a result, we achieved strong same-store sales, higher gross margin, expense leverage and better-than-expected earnings.”

The company raised its expectations for fiscal 2010 net sales of $3.49 billion to $3.53 billion compared to its previous expectations of $3.44 billion to $3.50 billion. Same-store sales for the year are now expected to increase by 2.5% to 3.5%, up from the company’s prior guidance of 1% to 3%. The company said it now anticipates annual net income to range from $4 to $4.10 per diluted share compared with its previous guidance of $3.48 to $3.60 per diluted share. 

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Borders looks to corner e-book market

BY CSA STAFF

ANN ARBOR, Mich. Borders Group announced the launch of the Borders branded e-book store, powered by global e-reading service Kobo.

“The race to emerge as a retail leader within the digital category is just starting,” said Mike Edwards, CEO for Borders. “During the past several months, we’ve been carefully crafting a digital strategy, one that has great content and a device-neutral philosophy backed by the Borders brand as its cornerstones. We believe we are very well positioned to come out strong and to ultimately claim about a 17% e-book market share by this time next year.”

The company also announced that it is making available to consumers BlackBerry and Android e-reading applications, also powered by Kobo.

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