FINANCE

DSW Q4 profit beats Street, on track to open up to 40 stores this year

BY Katherine Boccaccio

Columbus, Ohio — DSW Inc. reported Tuesday that profit for the fourth quarter rose to $19.4 million from $200,000 a year earlier, beating analysts’ estimates for the quarter.

Fourth-quarter revenue rose 10% to $513.7 million, surpassing Wall Street’s estimated $511.2 million in revenue. Same-store sales increased 5.6%.

For the full year, net income was $174.8 million, compared with $17.8 million the year before. Results included a one-time gain from the footwear retailer’s merger with Retail Ventures. Full year sales increased 11.1% to $2.02 billion; comparable sales increased 8.3% in 2011.

The retailer said it plans to open 35 to 40 new stores in 2012. “Our new stores continue to perform well and, with our strong balance sheet, we are well-positioned to continue to pursue our growth strategies,” said Mike MacDonald, president and CEO, DSW Inc.

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Sears Holdings names head of real estate development

BY CSA STAFF

HOFFMAN ESTATES, Ill. — Sears Holdings announced that David Lukes has joined the company in its real estate business unit as president real estate development. Lukes comes to Sears Holdings from Mall Properties Inc. where he served as president and CEO of the privately owned $3 billion real estate firm.

In this new role, Lukes will lead the company’s effort to further develop certain of its real estate assets, including those real estate assets that are no longer in use as retail stores. Jeff Stollenwerck, president of the company’s real estate business unit, will continue in that role and oversee the traditional corporate real estate functions for Sears Holdings.

"We have a very strong real estate team at Sears Holdings and that team will only be stronger with the addition of an executive of David’s caliber," said Lou D’Ambrosio, Sears Holdings’ CEO and president. "Historically, Sears has selectively realized value from its real estate holdings through store acquisitions, strategic store sales, and our leasing and licensed business programs. David’s hiring allows us to expand our capabilities to include the enhancement and re-development of appropriate properties."

Prior to Mall Properties, Lukes served as chief operating officer and EVP Kimco Realty Corp. from 2002 to 2010. There he was responsible for the financial results of Kimco’s large U.S. and Puerto Rico shopping center portfolios. He started his career in 1994 at the New York-based architectural firm Kohn Pedersen Fox Architects PC, where he was responsible for the management of design and technical departments of the full-service international architectural firm.

Lukes has a master’s degree in real estate development from Columbia University and a master’s degree in architecture from the University of Pennsylvania.

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OPERATIONS

Sears Holdings names real estate leader

BY Katherine Boccaccio

Hoffman Estates, Ill. — Sears Holdings Corp. announced Tuesday that it has named David Lukes as president, real estate development for the company.

Lukes was previously president and CEO of real estate firm Mall Properties.

Lukes has been charged with leading Sears’ efforts to further develop its real estate assets, including those that are now non-retail.

"Historically, Sears has selectively realized value from its real estate holdings through store acquisitions, strategic store sales, and our leasing and licensed business programs,” said Lou D’Ambrosio, Sears Holdings’ CEO and president. “David’s hiring allows us to expand our capabilities to include the enhancement and re-development of appropriate properties."

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