REAL ESTATE

New Harris Teeter planned for mixed-use community development

BY CSA STAFF

Alexandria, Va. — Buchanan Partners of Gaithersburg, Md., announced it has teamed with The Pinkard Group of Bethesda, Md., to develop a 51,500-sq.-ft. full-service Harris Teeter grocery store, as well as 175 rental apartment homes for the Old Town North section of Alexandria, Va.

Buvermo Properties of Bethesda is an equity partner in the $74 million, mixed-use development, scheduled to break ground in second quarter 2012.

The Harris Teeter store is slated to open in 2014.

Buchanan recently signed a lease with Harris Teeter for a full-service store, including a pharmacy, on the building’s street level. The store will be a much-needed amenity in an area that is undergoing significant residential infill redevelopment.

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FINANCE

J.C. Penney profit jumps 36%

BY CSA STAFF

Dallas — J.C. Penney Co. said that its fourth quarter profit rose 36% to $271 million, helped by cost controls and improving sales in such areas as men’s apparel, women’s accessories and beauty products from in-store Sephora boutiques. The retailer also announced plans to buy back $900 million of its shares, starting next month.

Revenue in the three-month period ended Jan. 29 rose 2.8% to $5.7 billion. Same-store sales were up 4.5%.

In response to rising cost pressures facing the retail industry, J.C. Penney said it plans “product engineering, strategic and alternative raw material acquisitions and advance production planning” to mitigate the impact.

For the full year, same-store sales increased 2.5%. Total sales increased 1.2%.

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News

Gap gets it done in Q4, earnings advance

BY CSA STAFF

SAN FRANCISCO — Delivering its fourth consecutive year of double-digit earnings per share growth, Gap Inc. reported earnings per share for fiscal year 2010 increased 19% to $1.88 on a diluted basis compared with $1.58 on a diluted basis for fiscal year 2009. Net earnings grew by $102 million to $1.2 billion.

For the fourth quarter, which ended January 29, 2011, the company’s net earnings increased 4% to $365 million, or 60 cents per share on a diluted basis, compared with $352 million, or 51 cents per share on a diluted basis, for the same period last year.

Fourth quarter net sales were $4.36 billion compared with $4.24 billion for the fourth quarter of last year. The company’s fourth quarter comparable-store sales were flat compared with an increase of 2%t in the fourth quarter of the prior year. The company’s sales for the direct division for the fourth quarter increased 23% to $404 million compared with $329 million for the fourth quarter of last year.

“During 2010, we executed well on our goal of delivering sales improvement alongside our fourth consecutive year of double-digit earnings per share growth,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “We remain committed to investing in the future and executing with speed and consistency, allowing us to capitalize on the enormous global growth potential ahead of us.”

The company said top line growth will continue to be a focus in fiscal year 2011. The company plans to make targeted, long-term growth investments such as the following: continuing to remodel Old Navy stores with the goal of having nearly 400 in the new format by the end of fiscal year 2011; opening about 75 new franchise stores; opening about 50 company-owned stores internationally, including about 10 to 15 stores in China, 8 to 10 stores in Italy, and 25 outlet stores; expanding Athleta in North America, with about 8 to 10 store openings by the end of fiscal year 2011; and continuing to grow online, both internationally and domestically.

Fiscal year 2010 net sales increased 3% to $14.7 billion compared with $14.2 billion last year.

Fiscal year 2010 diluted earnings per share increased 19% to $1.88 compared with $1.58 last year.

The company expects diluted earnings per share to be in the range of $1.88 to $1.93 for fiscal year 2011.

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