FINANCE

J.C. Penney closes senior note offering

BY CSA STAFF

Plano, Texas J. C. Penney Co. announced the completion of two related transactions aimed to further strengthen the company’s financial position and create additional financial flexibility to support its growth plans.

The company on Tuesday closed its public offering of $400 million principal amount of senior unsecured notes.

A group led by Barclays Capital, Banc of America Securities LLC, J.P. Morgan Securities and Wells Fargo Securities, LLC underwrote the securities.

Upon closing, the company used the net proceeds of the offering of approximately $392 million to make voluntary cash contribution to its qualified pension plan.

 

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RadioShack extends partnership with Lance Armstrong

BY CSA STAFF

FORT WORTH, Texas RadioShack’s chairman and CEO Julian Day announced at the company’s annual meeting on May 24 that RadioShack has expanded its partnership with Lance Armstrong and the Livestrong foundation. The company said it will introduce exclusive Livestrong-branded products and accessories in all stores beginning in July.

 

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DSW sees improved sales, earnings for Q1

BY CSA STAFF

COLUMBUS, Ohio DSW announced net income of $30.2 million on net sales of $449.5 million for the first quarter ended May 1, compared with net income of $7.1 million on net sales of $385.8 million for the first quarter ended May 2, 2009. Same-store sales increased 16.2% versus a decrease of 4.7% last year.

Diluted earnings per share were 67 cents for the first quarter of fiscal 2010 compared with diluted earnings per share of 16 cents last year.

The company reiterated its estimate of an increase in annual comparable-store sales of approximately 6% to 8% and annual diluted earnings per share of approximately $1.65 to $1.75 for fiscal 2010.  The estimated year-over-year earnings increase is expected to occur in the first six months of fiscal 2010.  The second half performance implied in the guidance recognizes the more challenging last year comparisons for both sales growth and merchandise margins.

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