PriceGrabber: Father’s Day gets practical
Los Angeles – A survey from online shopping site PriceGrabber indicates U.S. consumers are leaning toward practical Father’s Day gifts this year. Almost four-in-10 (38%) consumers plan to purchase practical Father’s Day presents this year, such as tools, auto accessories or appliances.
Nearly one-fifth of respondents (18%) are planning to shop for a tech-type gift such as a computer, tablet or smartphone. Forty-five percent of men plan to buy a practical gift, compared to 33% of women.
Other findings indicate that more than half of respondents (55%) will spend less than $100 this year, while 23% will spend between $100 and $249, 12% will spend more than $250 and 10% do not have a budget. About six-in-10 consumers (59%) will purchase gifts online.
Bi-Lo in $265 million deal to buy Sweetbay, Harveys and Reid’s from Delhaize
Jacksonville, Fla. — Bi-Lo Holdings, parent company of the Bi-Lo and Winn-Dixie grocery store brands, has entered into an agreement to buy three chains from Belgium-based Delhaize Group. Bi-Lo said it would acquire substantially all of the stores in the Sweetbay, Harveys and Reid’s supermarket chains from Delhaize for $265 million in cash.
The deal, which is subject to regulatory approval, includes 72 Sweetbay stores, leases for 10 prior Sweetbay locations, 72 Harveys stores and 11 Reid’s stores, for a total of 165 stores and 10,000 employees throughout the Southeast. Bi-Lo Holdings already operates 686 stores.
"Sweetbay, Harveys and Reid’s are well-recognized and trusted businesses that share our passion for exceptional service," Bi-Lo Holdings president and CEO Randall Onstead said. "We look forward to welcoming the outstanding associates of all three chains to the Bi-Lo Winn-Dixie family."
The transaction is anticipated to close in fourth quarter 2013.
Chico’s disappoints as Q1 profit slips 4.7%
Fort Myers, Fla. – Chico’s reported a lower-than-expected profit of $51.1 million for the first quarter, excluding non-recurring acquisition and integration costs related to its Boston Proper acquisition, versus a profit of $54 million in year-ago period.
Sales rose 3% to $670.7 million, up 3% from $650.8 million last year. Chico’s, which operates its namesake stores, as well as the Soma Intimates and White House | Black Market chains, attributed much of this boost to the opening of 114 net new stores in the past year.
Same-store sales for the quarter were flat at 9.6%, reflecting an unusually cool spring and the impact of an almost 10% same-store sales increase in the same period last year.