Limited Brands 1Q Earnings Up on Sale
Columbus, Ohio Limited Brands Inc. said Wednesday its first-quarter earnings nearly doubled on an asset sale.
The operator of Victoria’s Secret and Bath & Body Works said it made $97.8 million for the quarter ended May 3, compared with a profit of $52.9 million a year ago. Sales fell 17% to $1.9 billion from $2.3 billion, while same-store sales declined 8%.
Last year, Limited Brands sold much of Express to affiliates of private-equity firm Golden Gate Capital and transferred much of its interest in Limited Stores to affiliates of buyout firm Sun Capital Partners. The moves effectively put Limited Brands out of the apparel business to focus on beauty products and lingerie.
Limited Brands’ statement did not say what the asset sale entailed.
Office Depot receives pre-LEED certification for new prototype
DELRAY BEACH, Fla. Office Depot announced that it has become the first company to achieve volume pre-certification under the pilot Leadership in Energy and Environmental Design (LEED) Portfolio Program for its store prototype design – the retailer’s master set of drawings – from the United States Green Building Council (USGBC).
A USGBC member since 2007, Office Depot was part of the first group of participants to become involved in the pilot of the Portfolio Program. Part of the initiative involves piloting a volume certification path to enable companies to integrate LEED attributes into a prototype design and apply it across multiple buildings.
“Office Depot has implemented a number of initiatives over the past couple of years to improve the energy efficiency of our stores and reduce our environmental footprint,” said Ed Costa, vp of construction for Office Depot. “Achieving Volume Pre-Certification through LEED affirms our leadership position in the retail industry as well as in general building construction. The entire organization is proud of this accomplishment.”
The first Office Depot store to be built to this prototype is located in Austin, Texas and is scheduled to open late next month. According to the USGBC, LEED-Certified buildings reduce energy usage, create less waste and emit fewer harsh chemicals.
Weis Markets to acquire Giant Markets
SUNBURY, Pa. Weis Markets announced its plans to purchase the stores of Binghamton New York-based Giant Markets. It expects to complete the purchase in by Aug. 21.
Weis Markets will purchase Giant Markets’ Broome County stores located in Binghamton, Vestal, Endicott, Endwell and Johnson City.
“This acquisition is an excellent strategic fit for our company. Giant Markets is the market leader in Broome County where they have excellent locations, modern stores and a strong market presence,” said Weis Markets’ vice chairman Jonathan Weis. “For many years, they have been a significant part of the community and they’ve offered an excellent combination of quality, value and service. We are pleased to be working with their associates and look forward to welcoming them to our organization.”