REAL ESTATE

The Forum Shops at Caesars announces 2010 retail openings

BY CSA STAFF

Las Vegas Indianapolis, Ind.-based Simon Property Group announced Thursday that its Forum Shops at Caesars is welcoming eight new retailers and restaurants. In addition, due to increasing sales and demand, six current retailers are expanding and remodeling their spaces.

“Strong sales performance and tenant mix continues to be our strong suit at The Forum Shops. Proven consistency is one of the primary reasons we are sought after by so many new and diverse retailers and restaurants,” said Vicki Hanor, executive VP of leasing, Simon Property Group.   

New retailers for 2010, most of which are first to market, include P.J. Clarke’s, opening this fall; Max Brenner, Chocolate by the Bald Man, opening a 9,400-sq.-ft. location this summer; H&M, opening a 60,000-sq.-ft. flagship store in the fall; UGG, opening this fall; Christian Audigier, opening in the summer; True Religion Brand Jeans, opening this fall; Inglot, opening a cosmetics store this fall; and La Martina polo equipment and attire, opening in June.

Expanding retailers include Burberry, Cartier, St. John, Ermenegildo Zegna, Gucci and Versace.

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Limited Brands sees EPS increase

BY CSA STAFF

COLUMBUS, Ohio Limited Brands reported that adjusted earnings per share for the first quarter ended May 1, were 25 cents compared with earnings per share of 1 cent for the quarter ended May 2, 2009. First quarter operating income was $185 million compared with operating income of $65.2 million last year, and adjusted net income was $82.9 million compared with net income of $2.6 million last year.

Comparable-store sales for the first quarter increased 10%, and net sales were $1.93 billion compared to $1.72 billion last year. 

 

The company stated that it expects 2010 second-quarter adjusted earnings per share to be 27 cents to 32 cents compared with adjusted earnings per share of 19 cents per share last year. 

For 2010, the company expects adjusted earnings per share of $1.60 to $1.80.

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Children’s Place Q1 sales, earnings up

BY CSA STAFF

SECAUCUS, N.J. The Children’s Place Retail Stores announced first-quarter net income from continuing operations of $28 million, or $1.00 per diluted share for the 13-week period ended May 1, compared with $23.7 million, or 80 cents per share in the first quarter of 2009.

Net sales increased 5% to $422.1 million in the first quarter of 2010, compared with $401.9 in the first quarter of 2009. Comparable-retail sales, which include online sales, declined 0.5% in the first quarter of fiscal 2010 compared with a 1% increase the previous year. During the first quarter of 2010, comparable-store sales declined 1.7% in the United States and 4.6% in Canada, while online sales increased 22%.

“We delivered record financial results and made significant progress on key initiatives in the first quarter of 2010,” commented Jane Elfers, president and CEO of The Children’s Place. “We strengthened the senior leadership team with the appointment of five talented and experienced executives to head our merchandising, planning, outlet, information technology and human resources operations. In addition, we accelerated our new store openings, sharpened our marketing programs and continued to drive double-digit online growth.”

The company updated its guidance for fiscal 2010 and now projects earnings per diluted share from continuing operations will be in the range of $3.05 to $3.15, reflecting its first quarter results, from its initial guidance of $2.90 to $3.10. The company provided initial guidance for the second quarter of 2010, which is forecast to be a loss per share from continuing operations of 38 cents to 33 cents.

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