FINANCE

Pacific Sunwear Posts Wider

BY CSA STAFF

Anaheim, Calif. Pacific Sunwear of California Inc. on Thursday posted a wider quarterly net loss as same-store sales fell and it booked charges related to the closing of its Anaheim distribution center.

The chain had a fiscal first-quarter net loss of $37.1 million, compared with its year-earlier net loss of $5.1 million. Its loss from continuing operations for the quarter ended May 3 was $12 million compared to a net loss of $0.3 million for the same quarter last year.

Total sales from continuing operations were $266.9 million vs. total sales of $268.1 million last year. Same-store sales decreased 1% during the period.

Pacific Sunwear noted that its demo and One Thousand Steps divisions were designated as discontinued operations during the first quarter of fiscal 2008 and the fourth quarter of fiscal 2007, respectively.

First-quarter results for fiscal 2008 include an after-tax asset impairment charge of $4.9 million associated with the company’s materials handling equipment in its closed Anaheim distribution center. Assuming all contingencies to closing are satisfied, the company currently expects the previously announced sale of its Anaheim distribution center to be completed by the end of fiscal 2008.

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Office Depot receives pre-LEED certification for new prototype

BY CSA STAFF

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.

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Weis Markets to acquire Giant Markets

BY CSA STAFF

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.”

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