FINANCE

Casual Male 1Q Earnings Fall on Sales Weakness

BY CSA STAFF

Canton, Mass. Casual Male Retail Group Inc. said Thursday its first-quarter earnings fell as a pullback in consumer spending hurt sales of big-and-tall men’s clothing.

First-quarter earnings dipped to $96,000 from $1.1 million in the prior year. The 2007 results include a loss from the company’s discontinued Jared M. custom-clothing business of $400,000.

Quarterly sales dipped 3% to $107.6 million from $110.6 million, while same-store sales fell 2%.

Expenses were nearly flat at $47.5 million, compared with $47.4 million in the prior year.

“As we anticipated, our first-quarter sales were impacted by the difficult economy and overall weakness in the men’s apparel business, but we were able to maintain our merchandise margin rates and control our expenses,” said Casual Male president and chief executive David Levin. “We are also encouraged that while store traffic was down, our conversion rate and average sales transaction at Casual Male XL improved significantly in the first quarter.”

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Office Depot receives pre-LEED certification for new prototype

BY CSA STAFF

DELRAY BEACH, Fla. Office Depot announced that it has become the first company to achieve volume pre-certification under the pilot Leadership in Energy and Environmental Design (LEED) Portfolio Program for its store prototype design – the retailer’s master set of drawings – from the United States Green Building Council (USGBC).

A USGBC member since 2007, Office Depot was part of the first group of participants to become involved in the pilot of the Portfolio Program. Part of the initiative involves piloting a volume certification path to enable companies to integrate LEED attributes into a prototype design and apply it across multiple buildings.

Office Depot has implemented a number of initiatives over the past couple of years to improve the energy efficiency of our stores and reduce our environmental footprint, said Ed Costa, vp of construction for Office Depot. Achieving Volume Pre-Certification through LEED affirms our leadership position in the retail industry as well as in general building construction. The entire organization is proud of this accomplishment. 

The first Office Depot store to be built to this prototype is located in Austin, Texas and is scheduled to open late next month. According to the USGBC, LEED-Certified buildings reduce energy usage, create less waste and emit fewer harsh chemicals.

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Weis Markets to acquire Giant Markets

BY CSA STAFF

SUNBURY, Pa. Weis Markets announced its plans to purchase the stores of Binghamton New York-based Giant Markets. It expects to complete the purchase in by Aug. 21.

Weis Markets will purchase Giant Markets’ Broome County stores located in Binghamton, Vestal, Endicott, Endwell and Johnson City.

 

“This acquisition is an excellent strategic fit for our company. Giant Markets is the market leader in Broome County where they have excellent locations, modern stores and a strong market presence,” said Weis Markets’ vice chairman Jonathan Weis. “For many years, they have been a significant part of the community and they’ve offered an excellent combination of quality, value and service. We are pleased to be working with their associates and look forward to welcoming them to our organization.”

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