REAL ESTATE

DSW announces two stores in Manhattan

BY Staff Writer

New York — DSW Inc. has opened on 34th Street in Manhattan, in the heart of New York’s fashion district. The retailer also announced plans to open a store on the Upper West Side in early summer 2012.

At over 33,000 sq. ft., the 34th Street location is the one of the largest in the DSW chain. It has three floors of selling space. The DSW store at 79th and Broadway will also be very large, measuring over 32,000 sq. ft.
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Williams-Sonoma puts 2011 to bed with higher profits

BY CSA STAFF

SAN FRANCISCO — Williams-Sonoma ended fiscal 2011 with revenue and earnings growth in its fourth quarter. The company reported that net revenues for the fourth quarter of 2011 increased 6.1% to $1.3 billion versus $1.2 billion in the fourth quarter of 2010. The company reported diluted earnings per share on a GAAP basis of $1.17 compared with $1.05 for the same period last year.

Laura Alber, president and CEO commented, “Fiscal 2011 was a year of milestones – both in terms of operational performance and progress against our long-term growth initiatives. Through strong execution and a superior multichannel strategy, we delivered record earnings and profitability in a promotional environment, never losing sight of our mission to enhance our customers’ lives at home.”

The company reported comparable-brand revenue growth of 6.6% for the quarter versus 10.9% for the same period last year. Comparable brand revenue growth includes both comparable-store net revenues and total direct-to-customer net revenues. See Exhibit 2 for quarterly comparable brand revenue growth history by concept.

During fiscal 2011, net revenues increased 6.2% to $3.721 billion versus $3.504 billion in FY 10. Comparable-brand revenue in fiscal 2011 increased 7.3%.

Diluted earnings per share for fiscal 2011 on a GAAP basis were$2.22 compared with$1.83 for the same period last year.

For the first quarter of 2012, Williams-Sonoma is expecting net revenues in the range of $800 to $820 million and comparable-brand revenue growth between 3% and 5%.

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REAL ESTATE

Fresh & Easy makes Sacramento debut

BY Marianne Wilson

Sacramento, Calif. — Fresh & Easy Neighborhood Market opened its first two stores in the Sacramento region.

Three additional locations are scheduled to open next week on March 14.

In total, Fresh & Easy will open five stores in the region this month, creating more than 150 new jobs.

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