REAL ESTATE

Ikea to open store with geothermal heating and cooling

BY CSA STAFF

New York City Ikea has teamed with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) to showcase and study the advantages of a geothermal heating system currently under construction in Centennial, Colo.

It will be the first Ikea store in the United States to be built with geothermal heating and cooling, said Douglas Wolfe, Ikea project construction manager for the store. It is expected to open in fall 2011.

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Tuesday Morning sees improved profitability

BY CSA STAFF

DALLAS Tuesday Morning reported that, as previously announced, net sales for the fourth quarter of fiscal 2010 were $200.8 million compared with $188.7 million for the quarter ended June 30, 2009, an increase of 6.4%. Comparable-store sales for the quarter ended June 30 increased 6% and was comprised of a 5.7% increase in traffic and a 0.3% increase in average ticket. Net income for the quarter ended June 30, 2010 was $1.3 million, or 3 cents per diluted share, compared with a net loss of $1.6 million, or a 4 cents loss per diluted share, for the same period last year.

For the fiscal year ended June 30, net sales were $828.3 million compared with $801.7 million for the year ended June 30, 2009, an increase of 3.3%. Comparable-store sales increased by 2.2% for the fiscal year. This increase in comparable-store sales was comprised of a 3.4% increase in traffic offset by a 1.2% decrease in average ticket. For the fiscal year ended June 30, the company had earnings per diluted share of 25 cents versus 0 cents for fiscal 2009.

 

Kathleen Mason, president and CEO, stated, “We posted solid improvements in both the fourth quarter and fiscal year 2010 sales and earnings. For the third consecutive quarter, we achieved positive comparable-store sales increases. This top-line improvement driven by a steady increase in traffic demonstrates that our customers continue to be attracted to our value proposition.”

For the fiscal year ending June 30, 2011, Tuesday Morning said it expects net sales to be between $870 million and $880 million and comparable-store sales in the positive low single digits. Diluted earnings per share are expected to be between 39 cents and 43 cents.

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Setting a new standard

BY CSA STAFF

Target turned to New York’s ultra hip The Standard hotel last week as the venue to set a new standard for event marketing and the promotion of brand equity. The hotel and the street in front of it were the venue for the Target Keleidoscopic Fashion Spectacular, which offered a look at the fall styles from Mossimo, Merona, Converse One Star, Xhilaration, Pure Energy and Liz Lange.

Target took over the trendy Manhattan hotel in an area known as the Meatpacking District to stage a Cirque-Du-Soleil style, seen-and-be-seen type event that blended light and sound with lots of a beautiful people who gathered in the street to watch as models paraded by in Target clothes, and 66 dancers appeared behind them in the hotel’s multi-colored illuminated rooms.

 

The whole affair was over the top and had to cost a fortune, but such stunts give Target its brand essence. The event can be viewed on Target’s Facebook page.

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