Dillard’s will anchor Juban Crossing in Denham Springs, La., a 471-acre mixed-use development billed as the largest in the state. Co-developed by Baton Rouge, La.-based Creekstone Cos. and Montgomery, Ala.-based Jim Wilson & Associates, Juban Crossing will feature more than 1 million sq. ft. of retail. The first phase of construction breaks ground this summer.
Palm Beach Gardens, Fla.-based Ram Realty Services has entered into a joint-venture partnership with Tampa, Fla.-based Pinnacle Realty Advisors to develop a mixed-use project in Temple Terrace, Fla. The development, featuring retail, restaurants, a post office, theater and more, is slated to begin construction in early 2008.
Centuria, a $1 billion mixed-use project in Fort Lee, N.J., has begun its redevelopment efforts, which are scheduled for completion in 2009. New York City-based Cushman & Wakefield has been named the leasing agent; the project will feature 120,000 sq. ft. of ground-floor, upscale retail topped by a four-star hotel and luxury-condominium complex.… General Growth Properties, Chicago, has launched full-scale post-Katrina redevelopment efforts on Oakwood Center in the West Bank area of New Orleans. The nearly 1 million-sq.-ft. shopping, dining and entertainment destination anchored by Dillard’s, Sears and J.C. Penney is set to re-open in the fall of this year.… Developers Diversified Realty, Cleveland, has launched the renovation of Newnan Crossing shopping center in Newnan, Ga. The 426,730-sq.-ft. power center is anchored by Wal-Mart Supercenter, Lowe’s and Belk.
Sears comps hurt by energy costs
HOFFMAN ESTATES, Ill. Sears Holdings today reported net income of $216 million, or $1.40 per diluted share, for the first quarter ended May 5, compared with net income of $180 million, or $1.14 per diluted share, for the first quarter ended April 29, 2006.
“In part, our domestic operating results reflect the impact of some of the same challenges being faced by our customers, such as rising energy costs and a slower housing market,” said Aylwin Lewis, Sears Holdings’ ceo and president. “However, as an organization, we need to overcome these factors by better controlling costs and developing innovative solutions that better meet our customers’ needs and allow us to generate a more reasonable level of profitability even in the face of such challenges.”
Domestic comparable-store sales declined 3.9% during the first quarter of fiscal 2007. Sears domestic comparable-store sales declined 3.4% for the quarter, while Kmart comparable-store sales declined 4.4%. We believe these declines reflect both increased competition and the impact of external factors such as rising energy costs, a slower housing market and poor weather conditions during the latter part of the first quarter of fiscal 2007. Kmart experienced lower transaction volumes across most merchandise categories, most notably within home goods, health and beauty products, and food and consumables. Similarly, Sears domestic recorded comparable-store sales declines across most merchandise categories and formats, with a notable decline in home appliance sales, which we believe reflects both a slower U.S. housing market and the impact of increased competition.
Big Lots 1Q net sales up 3.4%
COLUMBUS, Ohio Big Lots today reported first quarter fiscal 2007 income from continuing operations of $29 million, or 26 cents per diluted share, compared to income from continuing operations of $14.5 million, or 13 cents per diluted share, in the first quarter of fiscal 2006. Including the impact of discontinued operations, first quarter fiscal 2007 net income totaled $28.8 million, or 26 cents per diluted share, compared to $13.7 million, or 12 cents per diluted share, in the prior year.
Net sales for the first quarter ended May 5, increased 3.4% to $1.13 billion, compared to $1.1 billion for the same period in fiscal 2006. Comparable-store sales for stores open at least two years at the beginning of the fiscal year increased 4.9% for the quarter.
For the second quarter 2007, the company expects income from continuing operations of 7 cents to 10 cents per share versus income from continuing operations of 4 cents per share last year. Comparable-store sales are expected to increase 2% to 4%, compared to a 5.2% comparable-store sales increase recorded last year.
For fiscal 2007, the company expects income from continuing operations of $1.25 to $1.30 per share versus income from continuing operations of $1.01 per share last year.