REAL ESTATE

Baker Katz completes sale of Gold’s Gym in Corpus Christi

BY Staff Writer

Houston — Baker Katz has announced the completion of the sale of a 47,395-sq.-ft. freestanding property leased to Gold’s Gym in Corpus Christi, Texas.

Baker Katz is a full-service retail brokerage and a member of real estate alliance X Team.

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FINANCE

Cold weather chills Ann Q1 profit

BY Marianne Wilson

New York — Ann Inc., which runs the Ann Taylor and Loft, reported that its fiscal first-quarter net income dropped 27%, as unseasonably cold weather held back sales of spring and summer clothing and led to discounts. The retailer also cut its revenue outlook for the year.

Kay Krill, president and CEO commented, "As previously noted, our first quarter performance reflected the impact of unseasonably cold weather, which negatively affected sales of warm weather product, primarily at Loft. As a result, we were more promotional than planned to clear through inventory in advance of second quarter deliveries.”

For the quarter ended May 4, Ann Inc. earned $20.9 million, down from $28.7 million in the year-ago period.

Revenue rose 3%, to $574.5 million. Same-store sales fell 0.5%. The metric was up 1.9% at Ann Taylor and down 1.9% at Loft.

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FINANCE

Conn’s Q1 income nearly doubles; raises forecast

BY Marianne Wilson

The Woodlands, Texas — Conn’s Inc.’s net income nearly doubled in its first-quarter, with strong sales of furniture and mattresses and some higher prices. The company lifted its fiscal 2014 adjusted earnings forecast.

Conn’s earned a better-than-expected $22.2 million for the quarter ended April 30, up from $11.6 million a year ago.

Revenue jumped 25% to $251.1 million. Same-store sales rose 16.5%.

Over the past six quarters, our operations have delivered year-over-year expansion in both same store-sales and retail margins. With the addition of new stores and update of existing stores, furniture and mattress sales growth is accelerating. Furniture and mattress sales were up over 70% from last year and accounted for 26% of our total product sales in the current period," said Theodore M. Wright, the chairman and CEO.

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