REAL ESTATE

Ikea seeks to build larger store in Burbank, Calif.

BY Staff Writer

Conshohocken, Pa. – Ikea announced it is submitting plans to the City of Burbank, Calif., for a new and larger store to replace its current location among the Swedish retailer’s presence in the Los Angeles area. The application will mark the beginning of the governmental review process for this proposed relocation.

The current 242,000-sq.-ft. Ikea Burbank, the first Ikea store in California and sixth in the U.S., opened November 1990 on 6.4 acres. The proposed 470,000-sq.-ft. new store would be built on 22 acres. And just as the existing Burbank store has a solar photovoltaic array atop its roof, Ikea also hopes to install a similar solar energy system as part of this proposed new store.

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FINANCE

Gap ups outlook on strong Q3

BY Marianne Wilson

San Francisco — Gap Inc. raised its outlook for the year after reporting better-than-expected net income for the third quarter on growing sales. It was the latest sign that the long beleaguered chain may be finally entering a turnaround.

For the three months ended Oct. 27, the company said it earned $308 million, compared with $193 million in the year

For the quarter, net sales rose about 8%, to $3.86 billion, the company. Same-store sales rose 6% in North America. The metric increased 7% at Gap, 6% for Banana Republic and 9% for Old Navy.

Net sales for the online division rose by 23% to $509 million. International sales were up 7%.

"We are ready to compete and win this holiday season as we drive to build upon our top line growth," CEO Glenn Murphy said.

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FINANCE

Sears loss widens

BY Marianne Wilson

Hoffman Estates,Ill. — Sears Holdings Corp.’s third-quarter loss widened amid declining sales and higher tax expenses.

For the quarter ended Oct. 27, Sears reported a loss of $498 million, compared with a year-earlier loss of $421 million.

Revenue slipped 5.8%, to $8.86 billion, primarily due to the effect of having fewer Kmart and Sears stores in operation and lower domestic comparable store sales for the quarter.

Domestic same-store sales declined 3.1%. Same-store sales slipped 1.6% at Sears chain and fell 4.8% at Kmart.

The latest period included an $11 million income tax expense, while the year-ago period included a $91 million tax benefit.

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