ICSC announces “hot retailer” winners
Las Vegas The International Council of Shopping Centers revealed its four 2009 “Hot Retailer” award winners, at its RECon event in Las Vegas.
The annual award recognizes innovative retail concepts that are appearing in shopping centers around the world.
“ICSC is pleased to announce and award its ‘Hot Retailer Award’ to retailers that have worked hard to create products and services that drive customers to shopping centers around the world,” said Michael P. Kercheval, ICSC’s president and CEO. “These four retailers create exciting and interesting shopping experiences that contribute to the success of the shopping centers that have these stores as tenants.”
This year’s Hot Retailer awards went to Blue Jeans Bar; Edward Beiner — Purveyor of Fine Eyewear; Fashionlogy; and OrangeCup.
Blues Jean Bar, with stores in San Francisco, Santa Monica, San Jose, Dallas, Denver and Chicago, repeats the neighborhood pub concept, featuring bars and barstools tended by “jean-tenders” who help customers find the perfect pair of jeans.
Edward Beiner is a Miami-based eyewear designer and retailer of celebrated brands and has nine locations in Florida.
Fashionology’s single store in Beverly Hills targets tweens, offering an interactive retail experience where tween girls can design and make their own clothes and accessories.
OrangeCup, founded by a group of University of Texas graduates, serves frozen yogurt in an environmentally sound and eco-friendly operation.
Barnes & Noble 1Q better than expected
NEW YORK Barnes & Noble reported that total sales for the first quarter were $1.1 billion, a 4% decrease compared to the prior year. Barnes & Noble store sales decreased 3.5% to $989 million, with comparable-store sales decreasing 5.7% for the quarter, slightly better than guidance for a decrease of 6% to 9%. Barnes & Noble.com sales were $93 million for the quarter, a 7% decrease compared to the prior year.
The first quarter net loss from continuing operations was $2.1 million or 4 cents per share, compared to guidance of a loss per share of 10 cents to 20 cents.
For the second quarter, the company expects comparable-store sales at Barnes & Noble stores to decline 5% to 7%. Second quarter earnings per share is expected to be in a range of 5 cents to 15 cents, compared to 18 cents from continuing operations a year ago (excluding a physical inventory benefit).
Based on the company’s better than expected performance during the first quarter, the company is raising its full-year earnings per share guidance range to $1.10 to $1.40, from $0.95 to $1.25. For the full year, the company now expects comparable-store sales at Barnes & Noble stores to decline 3% to 5%, better than previous guidance for a comparable store sales decline of 4% to 6%.
Sears Holdings returns to profit
HOFFMAN ESTATES, Ill. Sears Holdings reported net income for the quarter of $26 million (21 cents per diluted share) as compared to a net loss of $56 million (43 cents loss per diluted share) in the first quarter of 2008.
For the quarter, total revenues decreased $1 billion to $10.1 billion for the 13 weeks ended May 2, as compared to total revenues of $11.1 billion for the 13 weeks ended May 3, 2008. The decrease includes a $208 million decline due to unfavorable foreign currency exchange rates and was primarily due to lower comparable-store sales.