Ann Taylor profit tops estimate, upbeat on holiday
New York City — AnnTaylor Stores Corp.’s fiscal third-quarter profit rose, aided by better-than-expected sales growth. Net income surged to $24.2 million in the third quarter ended Oct. 30, compared with $2.1 million a year earlier.
Total sales rose 9.3% to $505.3 million, above analysts’ expectations of $492.8 million.
Same-store sales increased 11.7% overall, with a 21.9% rise at the Ann Taylor brand and a 4.5% less expensive Loft chain.
The company forecast total sales in the fourth quarter approaching $500 million and a mid- to high-single-digit percentage increase in comparable sales in the period, which includes the holidays.
It expects double-digit same-store sales growth at the namesake brand and low single-digit growth at Loft.
For the full fiscal year, the company expects net sales approaching $1.97 billion and positive same-store sales growth at both brands.
"While we anticipate a promotional environment in the upcoming months, we feel good about our overall business as we enter the fourth quarter," CEO Kay Krill said in a statement.
Dick’s, Orvis, REI and more to open at Westchester’s Ridge Hill
New York City — Forest City Ratner Cos., a subsidiary of Cleveland-based Forest City Enterprises, announced Thursday that Dick’s Sporting Goods, Orvis and REI, along with three national restaurant chains making their New York debuts, have join the growing tenant line-up at Westchester’s Ridge Hill.
The 1.3 million-sq.-ft. regional, mixed-use center under construction in Yonkers, N.Y., will be a distinctive, upscale destination for Westchester County. Joining Dick’s, Orvis and REI at the Forest City Ratner-owned center will be Brio Tuscan Grille, Texas de Brazil and Yard House.
These six new retailers and restaurants join the previously announced roster of national tenants, which includes Whole Foods, L.L. Bean, Cinema De Lux (a multiplex cinema by National Amusements), The Cheesecake Factory, Sephora and Westmed Medical Group.
Located between the New York State Thruway and the Sprain Brook Parkway in Yonkers, Westchester’s Ridge Hill will be comprised of 1.2 million sq. ft. of retail and entertainment along with 160,000 sq. ft. of office space and will open in 2011.
New theater opens at Nampa Gateway Center
Nampa, Idaho — Beachwood, Ohio-based Developers Diversified Realty Corp. said Thursday it has completed construction of the 52,000-sq.-ft. Edwards Nampa Gateway Stadium 12 Theater, now open at the Nampa Gateway Center, a 921,200-sq.-ft. shopping center in Nampa, Idaho.
DDR Builders, a subsidiary of Developers Diversified, served as general contractor and oversaw the construction of the theater. A $12 million project, the new theater is the latest location by national theater operator, Regal Entertainment Group. In addition to the theater, approximately 30,000 sq. ft. of complementary retail will be opening at the center.
The center is also anchored by J.C. Penney, Macy’s, Sports Authority and Idaho Athletic Club.