Kroger inks deal on Richmond, Texas, space
Jacksonville, Fla. Regency Centers announced that it has signed a lease with Kroger to open its first and largest store in Texas at Regency Centers’ Waterside Marketplace in Richmond.
The store is slated to open in October. The expanded concept, at 123,000 sq. ft., will feature an expanded variety of grocery and deli products, a large floral section, gourmet and chef-prepared foods, a wine shop with a wine steward, a nature’s market with all natural and organic products, a drive-thru pharmacy with $4 generic drugs, plus a kitchenplace area with upscale kitchenware and place settings.
According to Steve Fritzer, Regency VP investments, the Kroger Marketplace at Waterside Marketplace will be the grocer’s sixth store location in Regency Centers’ Houston portfolio and the 11th store statewide with the shopping center developer. Kroger has 48 store locations nationwide with Regency. Waterside Marketplace is a 147,917-sq.-ft. community shopping center and is 65% leased to date with a wide variety of retailers, service businesses, restaurants and medical services.
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.