Francesca’s profit surges in Q3 with 76 added stores
Houston — Francesca’s Holdings Corp. reported Wednesday net income of $11 million, compared with $6.1 million in the year-ago period. Sales surged 44% to $72 million, driven by a 16.7% increase in same-store sales as well as 76 new boutique openings since the end of the third quarter last year.
"We delivered another quarter of strong results, demonstrating the appeal of our business model of a differentiated merchandise strategy in a boutique environment,” said John De Meritt, CEO. “Our scalable, high-margin merchandising model combined with productive new boutique economics provides a runway for boutique growth and gives us confidence in Francesca’s long-term growth potential."
Walgreens sales dip in November
Deerfield, Ill. — Walgreen Co. reported Wednesday that sales for November dipped 3.9% to $5.85 billion, compared with $6.09 billion for the same month in fiscal 2012.
Total front-end sales decreased 0.3% and same-store front-end sales decreased 1.7%.
Walgreens opened 39 stores during November, including 10 relocations and closed one.
Simon acquires 100% ownership of two upscale outlet centers
Indianapolis — Simon Property Group said Wednesday it has acquired Paragon Outlets Grand Prairie in Grand Prairie, Texas, and Paragon Outlets Livermore Valley in Livermore, Calif.
Simon now owns 100% of each asset.
The 417,000-sq.-ft. Grand Prairie center is tenanted by Saks Fifth Avenue Off 5th, Bloomingdale’s The Outlet Store, Coach, Cole Haan, DKNY, Hugo Boss, Kate Spade New York, J.Crew, Michael Kors, Nike and Tommy Hilfiger. The center opened in August 2012 and is 100% leased.
The 512,000-sq.-ft. Livermore center features Saks Fifth Avenue Off 5th, Bloomingdale’s The Outlet Store, Last Call by Neiman Marcus, Armani, Barneys New York, Coach, DKNY, Elie Tahari, Kate Spade New York, J.Crew, Lacoste, Michael Kors, Prada and Tommy Hilfiger. The center opened in November 2012 and is 100% leased.
The centers will be renamed Grand Prairie Premium Outlets and Livermore Valley Premium Outlets.