REAL ESTATE

Bon-Ton’s Carson Pirie Scott location to be renovated

BY CSA STAFF

York, Pa. The Bon-Ton Stores said Thursday it will undergo a two-year renovation on its Carson Pirie Scott Randhurst Village store located in Mount Prospect, Ill. The project will coincide with the redevelopment of Randhurst Village into an open-air, lifestyle center with retail, restaurants, entertainment and a hotel.

The three-level, 205,000-sq.-ft. Carson Pirie Scott store will be completely remodeled and will reflect the same look of the shopping center. Renovations, which will begin this summer, are expected to be completed in fall 2010.

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JCPenney beats April comps guidance, raises 1Q earnings outlook

BY CSA STAFF

PLANO, Texas JCPenney reported that comparable-store sales decreased 6.6% for the four weeks ended May 2, better than the company’s guidance for sales to decrease 9% to 12% and compared to a 1.7% decrease last year. Total sales in April decreased 5%.

Sales during the month benefited from the shift of Easter into the April reporting period this year, partially offset by the loss of one selling day. The top performing merchandise divisions during the month were women’s and children’s apparel, reflecting a strong customer response to the company’s spring apparel offerings. Fine jewelry experienced the weakest sales during the month. Geographically, the best performing region of the country was the Southwest, while the Central region experienced the weakest results.

Management’s guidance for the four-week period ending May 30, is for a 9% to 12% decrease in comparable-store sales, compared to a 4.4% decrease in last year’s May period.

Based on better-than-expected sales results in the April period, operational efficiencies achieved through process improvements and a consistent focus on expense control, management expects earnings for the first quarter to be in a range of 9 cents to 11 cents per share.

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Children’s Place sees increase in April, 1Q sales

BY CSA STAFF

SECAUCUS, N.J. The Children’s Place Retail Stores announced net sales of $135 million for the four-week period ended May 2, a 5% increase compared to net sales of $128.7 million for the four-week period ended May 3, 2008. Comparable-retail sales, which include online sales, increased 5% in April on top of a 17% increase for the same period last year. During April 2009, comparable-store sales increased 4% in the United States and declined 4% in Canada, and online sales increased 40%.

For the first quarter ended May 2, net sales increased slightly to $401.9 million. Comparable-retail sales, which include online sales, increased 1% during the first quarter of 2009 on top of a 6% increase during the first quarter of last year. For the first quarter of 2009, comparable-store sales declined 1% in the United States and declined 3% in Canada, and online sales increased 42%.

The company is estimating that earnings per share from continuing operations for the first quarter of 2009 will be in the range of 75 cents to 80 cents.

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