REAL ESTATE

Krispy Kreme to open 11 stores in central U.S.

BY Dan Berthiaume

Winston-Salem, N.C. – Krispy Kreme has signed development agreements to open 11 Krispy Kreme shops in Arkansas, Montana, Illinois and Kentucky in the next several years. An agreement with Dennis Porter,pPresident of DTL of the Emerald Coast, includes four additional shops to open in Arkansas.

An agreement with Mark Boyd, president of Sweet Treat Holdings, includes a minimum of four shops to open throughout Montana. Finally, the agreement with Rodney Cabaness, president of Hungry Guys LLC, includes three shops to open in Marion, Illinois. and Paducah, Kentucky.

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FINANCE

Net loss grows at New York & Co. in Q1, will alter store count

BY Dan Berthiaume

New York – Increases in selling, general and administrative (SG&A) expenses and interest expenses helped increase net loss at New York & Co. to $4.7 million in the first quarter of fiscal 2015 from $300,000 the same period a year earlier. The growing loss occurred as sales improved 2% to $223.4 million from $219.6 million, and same-store sales rose 1.8%.

In the second quarter, New York & Co. open approximately two new outlet Stores, remodel four existing locations, and close three stores, ending the quarter with 503 stores, including 76 outlet stores. The company also intends to build out its corporate headquarters. Other plans for the remainder of the fiscal year include Investments of $3 million to $4 million in information technology and e-commerce.

In addition, New York & Co. continues to work on the final phases of its business process re-engineering project, which it now expects to generate $20 million to $25 million in annualized savings once fully implemented. These savings began during the first quarter of fiscal 2015 and are expected to build throughout the second half of the fiscal year, with the full implementation completed during fiscal 2016. A portion of these savings are expected to be reinvested to fund growth and will be partially offset by the rent increase for the new corporate headquarters.

During fiscal 2015, net sales and same-store sales are expected to increase by a low single-digit percentage.

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FINANCE

Gordman’s Stores swings to profit in Q1

BY Dan Berthiaume

Omaha, Neb. – Gordman’s Stores Inc. swung to net income of $400,000 in the first quarter of fiscal 2015 from net loss of $700,000 in the same period the prior year. Improved control of store, corporate and insurance expenses, as well the paydown of a loan, helped push Gordman’s into the black.

Net sales increased 2% to $145.9 million from $143 million. Same-store sales fell 1%. Gordman’s plans to open four additional new stores in 2015, two of which will open in the second quarter. The company also plans to close one store later this year when the lease term expires.

“We are seeing the guest respond to newness and we are continuing to markdown slower moving goods in season,” said Andy Hall, president and CEO. “We continue to work towards a mid-year launch of our e-commerce platform and expect to rollout our new marketing campaign late in the second quarter. Both of these initiatives are key building blocks for long term results."

For the second quarter of fiscal year 2015, Gordman’s net sales to be between $144 and $147 million, which reflects a flat to low-single digit same-store sales decrease.

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