FINANCE

Hibbett Sports Q1 earnings surge 23%, to open 40 net new stores

BY CSA STAFF

Birmingham, Ala. — Hibbett Sports Inc. reported Friday that net income for the quarter ended April 30 rose 23% to $21.3 million, compared with $17.3 million in the year-ago period.

Revenue increased 10.4% to $203.7 million, beating analysts’ projected $200.8 million in revenue.

During the quarter, Hibbett opened eight new stores, expanded four others and closed seven underperforming stores. During the rest of the fiscal year, Hibbett said it expects to open between 50 and 55 new stores, close 10 to 15 stores and expand another 15 stores.

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REAL ESTATE

Daffy’s opens store in Bay Plaza Shopping Center

BY CSA STAFF

Bronx, N.Y. –New Rochelle, N.Y.-based Welco Realty Inc., an X Team partner, announced that Daffy’s opened its first store in Bronx, N.Y.

The retailer opened a store in Bay Plaza Shopping Center, one of the largest strip shopping centers in New York City. Welco Realty negotiated the deal on behalf of the landlord, Prestige Properties & Development Co.

Bay Plaza is a 1+-million-sq.-ft. center that features Barnes & Noble, J.C. Penney, Old Navy, Marshall’s, P.C. Richards, Kmart, Modell’s, AMC Theatres, Staples, Toys "R" Us and Babies "R" Us, among others.

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REAL ESTATE

Samuels & Co. completes 5 deals for Merlin Entertainments

BY CSA STAFF

Los Angeles –Samuels & Co. Inc. said it has recently completed five transactions for Merlin Entertainments Group, the second largest location-based entertainment company in the world which develops, owns and operates outdoor theme parks and indoor attractions.

A 33,000-sq.-ft. LEGOLAND Discovery Center opened on March 31 at Grapevine Mills Mall (owned by Mills/Simon Property Group, Inc.), Grapevine, Texas. A 30,000-sq.-ft. SEA LIFE Center aquarium will open in July 2011, directly across the hall from the LEGOLAND Discovery Center and across a plaza from the recently renovated AMC Theaters.

In Atlanta, Simon Property Group’s Phipps Plaza in Buckhead, Ga., pursued Merlin for a 32,000-sq.-ft. LEGOLAND Discovery Center, slated to open April 2012.

Another combination of LEGOLAND Discovery Center and SEA LIFE Center aquarium will open in May/June 2012 in Crown Center located in downtown Kansas City, Mo., in a former Halls Department Store building and will occupy a combined area close to 60,000 sq. ft. on two levels. Crown Center, which is an 85-acre mixed-use shopping/leisure/dinning destination, surrounds the worldwide headquarters of Hallmark Cards, Inc.

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