Children’s Place Reports 3Q, Promotes Three
Secaucus, N.J., The Children’s Place reported a third-quarter net income increase of 52.6% to $17.7 million, buoyed by a 26% improvement in net sales to $280.5 million and a same-store sales gain of 18%.
The retailer also announced three executive promotions: Steven Balasiano was promoted from VP and general counsel to general counsel and senior VP, chief administrative officer. Richard Flaks was promoted to senior VP of planning, allocation and IT from VP of planning and allocation. And Mark Rose, previously VP of merchandise procurement, was named senior VP and chief supply chain officer.
Food Lion Buys Handful of Winn-Dixie Stores
Salisbury, N.C., Supermarket chain Food Lion is spending an undisclosed sum in cash to acquire 10 stores from Winn-Dixie in North Carolina and Virginia. The acquisition will fill in and reinforce the retailer’s presence in its current geographic footprint. The stores are located in Dunn, Elizabeth City, Elizabethtown and Havelock, N.C., and Clarksville, Danville, Farmville, Martinsville, South Hill and Stanleytown, Va.
Food Lion plans to quickly rebrand five of the stores in Virginia with only a few-days gap in store operations. Also, the store in Elizabethtown will be remodeled significantly to replace Food Lion’s current location there. It says it will conduct further analysis of the remaining locations to better determine how the stores fit in its growth plans. Food Lion, which operates more than 1,200 stores in 11 Southeastern and mid-Atlantic states, is a division of Delhaize America, which also operates the Hannaford Bros. and Kash ’n Karry grocers.
Sport Chalet Adding Two Stores in California
Los Angeles, Specialty retailer Sport Chalet, Inc. will open two stores in The Golden State later this month, in Elk Grove and Visalia. Both stores, which average 42,000 sq. ft., feature an on-site SCUBA training pool.