FINANCE

Lowe’s Q2 profit rises 10%; cuts revenue outlook

BY CSA STAFF

Morrisville, N.C. Lowe’s Cos. reported Monday that profit for the quarter ended July 30 rose 10% to $832 million, compared with $759 million in the year-ago period.

However, the home-improvement retailer cut its sales outlook because of concerns about the economy.

Lowe’s chairman and CEO Robert Niblock said there won’t be consistent improvement in demand until the stubbornly weak labor and housing markets bounce back.

Sales increased 4% in the second quarter, to $14.36 billion, which fell short of analysts’ expectations of $14.52 billion.

Same-store sales edged up 1.6%.

Lowe’s operates 1,724 stores in the United States, Canada and Mexico.

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REAL ESTATE

LoopNet acquires LandsofAmerica

BY CSA STAFF

San Francisco Online real estate marketplace and database LoopNet said it has acquired Austin, Texas-based LandsofAmerica, the operator of an online marketplace specializing in land for sale at LandsofAmerica.com.

The LandsofAmerica management team, including its founders Allen Shannon and Jake Massengale, will remain with LoopNet to manage and grow the business.

LandsofAmerica.com generated almost 600,000 unique visitors to its websites in August, according to Google Analytics, and will contribute a significant lift to LoopNet’s overall website traffic of approximately two million unique visitors, also measured by Google Analytics. 

In addition, LandsofAmerica.com expands LoopNet’s overall share of active land for sale listings. 

Terms of the transaction were not disclosed. 

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News

Blockbuster loss widens, reaches new forebearance agreement

BY CSA STAFF

DALLAS Blockbuster reported that total revenues for the second quarter of 2010 were $788 million, compared with total revenues of $982 million for the same period one year ago. Net loss for the second quarter of 2010 was $69 million, or 32 cents per share, compared with a net loss of $37 million, or 21 cents per share, in the second quarter of 2009.

The company announced that it has also reached a new forbearance agreement with noteholders who have, collectively, represented that they hold approximately 70% of the company’s 11.75% senior secured notes due 2014. The executing noteholders have agreed to forbear from exercising certain rights and remedies they may have under the indenture and related collateral documents arising from not receiving payments due under the senior secured notes on July 1. The forbearance period, under the new forbearance agreement, will expire on Sept. 30, unless earlier terminated in accordance with its terms, the company reported. The forbearance period may be extended upon written agreement by the parties.

Jim Keyes, chairman and chief executive officer of Blockbuster, stated, “We appreciate the continued cooperation of our senior secured noteholders and the other parties involved in our ongoing recapitalization efforts. While making progress, this extension allows additional time to complete these complex, multiparty negotiations. To take advantage of its unique multi-channel model and revitalize its global brand, Blockbuster will require an improved capital structure. Our objective is to complete a recapitalization as soon as possible so we are better positioned to focus our attention and resources on the strategic opportunities to continue our business transformation.”

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