BJ’s Q4 earnings fall on store closing cost
Westborough, Mass. — BJ’s Wholesale Club’s fiscal fourth-quarter net income fell 81% on a one-time $41.1 million charge related to store closings, restructuring and asset impairment. But its adjusted earnings beat expectations.
The wholesale club operator earned $10.2 million for the quarter, compared with $54.5 million a year ago.
Net sales for the fourth quarter ended Jan. 29, increased by 7.4% to $2.90 billion, and comparable club sales increased by 3.8%, including a contribution from sales of gasoline of 2.1%.
For the year ended Jan. 29, BJ’s reported net income of $95.0 million.
BJ’s announced in January that it was closing five stores and cutting nearly 500 jobs.
Report: Target and developers buy site in New York City’s Bronx borough
New York City — Target has partnered with two local developers to purchase a 7.9-acre United States Postal Service site in the Throgs Neck section of Bronx, N.Y., for $35.2 million, where they plan to build a 300,000-sq.-ft. mall, according to New York Read Estate News.
The acquisition of the site went into contract in November and closed Feb. 11, the report said. The owner was listed as Lafayette Nominee Owner LLC, with an address at Target’s corporate headquarters in Minneapolis. Target joined with retail developers PA Associates, based in Midtown and Simone Development, based in Westchester, to buy the site, according to the report. Target would own its own portion, and the rest would be leased to other tenants.
Ascena Retail Group’s Q2 income nearly doubles
Suffern, N.Y. — Ascena Retail Group’s fiscal second-quarter net income nearly doubled to top expectations, buoyed by solid results at its Justice stores.
The company, formerly The Dress Barn, reported net income of $42.5 million for the quarter, up from $21.7 million last year.
Revenue for the period ended Jan. 29 was up 27% to $752.2 million, better than the Street’s $716.2 million estimate. Same-sale sales rose 9%.
By division, Dress Barn same-store sales inched up 1%. The figure rose 17% for Maurices and 11% for Justice.