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Albertsons to close four Fla. stores

BY CSA STAFF

Tampa Bay, Fla. Albertsons said Monday it plans to close four Florida stores and lay off more than 300 employees, according to a report in the Tampa Bay Business Journal.

“These stores have been unprofitable for quite some time,” said Christina Wilcox, spokeswoman for the grocer. “Whenever we have an unprofitable location we put out best efforts into repositioning it.”

After several quarters, however, the chain has to cut its losses, she said.

Albertsons notified the Florida Agency for Workforce Innovation of the layoffs, effective Oct. 21, according to the report.

With the cuts, Albertsons will have 31 stores in Florida.

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TWE takes sales dive

BY CSA STAFF

ALBANY, N.Y. Trans World Entertainment announced total sales for the second quarter decreased 23% to $165.7 million, compared with $215.2 million in the second quarter of 2008. Comparable-store sales in the second quarter of 2009 decreased 15%.

For the second quarter of 2009, the company’s net loss was $17.8 million, or 57 cents per share compared to a net loss of $19.2 million, or 62  cents per share for the same period last year.

 

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Pacific Sunwear 2Q comps down 24%

BY CSA STAFF

ANAHEIM, Calif. Pacific Sunwear of California announced that net sales for the second quarter of fiscal 2009 were $243 million versus net sales from continuing operations of $313 million for the second quarter of fiscal 2008. Total company same-store sales decreased 24% during the period.

The company recorded a net loss of $14.2 million, or 22 cents per diluted share, for the second quarter of fiscal 2009 compared to income from continuing operations of $3.7 million, or 6 cents per diluted share, for the second quarter of fiscal 2008.

“Clearly, we have a lot of work to do to stem our decline in sales and ultimately return to profitability,” stated Gary Schoenfeld, president and CEO. “I remain confident in our ability to take on this challenge. Our branded assortments differentiate us from our vertical competitors, and I believe that in time we will once again make PacSun the favorite place to shop for 15 to 20 year olds.”

Assuming a same-store sales percentage decline in the high-teens to low twenties, and assuming non-cash, pre-tax store asset impairment charges of approximately $10 million, the company would expect to report a loss of approximately 16 cents to 23 cents per share for the third quarter of fiscal 2009.

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