Bayer reaches for a new Summit — Lexington
Bayer Properties has announced that it will develop a third member of its signature Summit property brand: The Summit Lexington, a mixed-use shopping destination located in the Lexington, Kentucky’s retail hub. An outdoor fashion center, The Summit Lexington will offer specialty retail, restaurants and residences.
As the second largest city in Kentucky, Lexington is home to the University of Kentucky, the Kentucky Horse Park and Keeneland. The city’s trade area includes 2.5 million tourists, 47,000 college students and more than 600,000 well educated residents earning an average annual household income over $73,000.
As an in-fill development, Bayer intends The Summit Lexington to complement rather than compete with neighboring retailers.
Bayer conceives of its Summit properties as gathering places where people shop, dine, work, live and play.
Other Summits include The Summit Birmingham in Alabama, which draws visitors from across the Southeast with its outdoor setting, restaurants and mix of premium retail. Saks Fifth Avenue, Belk and Carmike Cinema anchor the 981,714-sq.-ft. development.
Opened in 1997, The Summit Birmingham generates more than $500 per square foot in retail sales.
The 601,491-sq.-ft. Summit Reno-Lake Tahoe features beautiful mountain scenery that lures shoppers. Dillard’s, Old Navy and Century Theatres anchor the property. According to Bayer, 56% of The Summit Reno-Lake Tahoe’s retailers are unique to the region.
E-commerce sales boost Express in Q2
Express delivered solid second quarter results, buoyed in part by e-commerce sales which once again experienced a double-digit increase.
Same-store sales increased 6%, up 1% from the year-ago quarter. Factoring into that same-store sales increase were the company’s e-commerce sales, which were$59.9 million, up 27% from last year’s $47.2 million.
Net sales for the quarter increased a better-than-expected 7% to $486.2 million, from $454.9 million. Net income rose 7% to $16.8 million from $15.9 million and was in line with Wall Street expectations.
"We delivered a very solid second quarter,” said Michael Weiss, chairman and CEO. “Financial highlights include high single digit sales growth, comparable sales that represent a return to mid-single digit growth and earnings per share that came near the upper end of our guidance. As we move into the second half of the year, we are confident in our product and marketing strategies, and believe we are well positioned for the fall and holiday seasons."
The retailer raised its full-year guidance and also announced plans to launch its outlet business in the second quarter of next year as it continues eyeing further opportunities for growth.
Chico’s misses as Q2 profit falls 18.4%
Fort Myers, Fla. — Chico’s FAS reported an 18.4% decline in second quarter net profit, after increased promotional activity took a toll on same-store sales.
Chico’s net income totaled $43.6 million from $53.4 million in the year-ago period.
Net sales for the second quarter rose 1.2% to $649.5 million, primarily reflecting 112 net new stores. Same-store sales for the second quarter decreased 2.6% following a 5.6% increase in last year’s second quarter, which Chico’s said reflecting lower transaction count and average dollar sale primarily as a result of the impact of lower traffic and the cycling of strong same-store sales last year.