FINANCE

DSW Q2 sales beat Street; on track to open 27 stores in second half

BY Katherine Boccaccio

Columbus, Ohio — DSW Inc. reported Tuesday that adjusted net income for the quarter ended July 28 dipped to $30.1 million, from $33.7 million last year. Revenue rose 7.5% to $512.2 million, beating the $510.9 million expected by Wall Street.

Same-store sales increased 4.2% in the quarter, compared with a 12.3% increase in the same period last year.

CEO Mike MacDonald told analysts that performance thus far is on track with annual earnings targets and that DSW is on track to open another 27 new stores over the next six months.

The company is reiterating its annual 2012 earnings and same-store sales guidance.

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REAL ESTATE

Report: Consumer sales growth adding stability to retail real estate market

BY Staff Writer

Chicago — A report released Monday by Jones Lang LaSalle found that the U.S. retail real estate continued to show signs of stability in second quarter 2012.

According to Jones Lang LaSalle’s Mid-Year Outlook, the modestly positive outlook was led by major markets with strong demographic and population growth, a lack of new, high-quality supply and improving leasing velocity.

“Upward retail sales figures and a growing population continue to drive a modest recovery, though many remain cautious because of the European crisis and upcoming U.S. presidential election,” said Greg Maloney, president and CEO of Jones Lang LaSalle Retail. “We are seeing retail real estate stability and growth in select core markets and expect to see some secondary markets with stronger economic drivers soon emerge from the downturn.”

For the third consecutive quarter, vacancy remained flat at 6.9%, kept stable by net absorption of slightly more than 2.8 million sq. ft., modest compared to previous quarters.

Deliveries were relatively low as well, coming in at 7.2 million sq. ft. While vacancy rates ended the quarter approximately 50 basis points below their peak, they were still significantly higher than their trough in 2006. Tenants currently remain in control and should continue to be through 2013, according to the report.

Additional retail leasing highlights include the following:

  • Limited new supply will continue to put downward pressure on vacancy rate for some time;
  • National retail rents fell 1.7% year over year and inched down 0.5% in the second quarter;
  • Power center rents in major markets continue to fall the most across retail property subtypes, declining 3% year over year, as landlords offer attractive rates to tenants filling vacant spots; and
  • Specific markets that saw year-over-year growth include Miami, Washington, D.C., Tampa and Boston.
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M.Manu says:
Aug-21-2012 04:32 pm

US retail sector
Informative article. I work for McGladrey and there's a white paper on Retail on the website ( http://bit.ly/JDHmUU ) that describes current trends in US retail sector with insights from industry experts.

M.Manu says:
Aug-21-2012 04:32 pm

Informative article. I work for McGladrey and there's a white paper on Retail on the website ( http://bit.ly/JDHmUU ) that describes current trends in US retail sector with insights from industry experts.

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FINANCE

Barnes & Noble narrows loss in Q1

BY Katherine Boccaccio

New York — Barnes & Noble reported Tuesday that it lost $41 million in the first quarter, compared with a loss of $56.6 million in the same period last year.

Results were bolstered by sales of e-books and other digital content, said CEO William Lynch.

Overall revenue rose 2% to $1.45 billion, and same-store sales climbed 4.6%. Sales in the retail segment also rose 2% — to $1.1 billion.

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