FINANCE

Publix Spends $500M for Albertson’s Florida Stores

BY CSA STAFF

Orlando, Fla. The price tag for the 49 Albertson’s LLC store locations in Florida being bought by Publix Super Markets is about $500 million, according to a filing with the Securities and Exchange Commission.

The deal, which is expected to finalize in September, includes stores owned by Albertson’s and stores subject to ground leases and traditional leases, the filing said. Publix said it would finance the purchase with internally generated funds or liquid assets.

All the Albertson’s stores will be closed for some period of time, depending on how long it takes to make improvements, the filing said. Publix expects to open substantially all the stores in one month to 18 months after the deal closes.

In addition to the Albertson’s store purchases, Publix said it would spend $352 million for capital expenditures in the remainder of 2008, primarily on new supermarkets, remodeling certain existing locations, constructing a second data center, adding new or enhanced information technology hardware and applications, and installing emergency backup generators.

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PacSun July sales down 3%

BY CSA STAFF

ANAHEIM, Calif. Pacific Sunwear of California posted July sales of $99.1 million for the four-week period ended Aug. 2, a decrease of 3% from $102.4 million during the same period last year. Same-store sales decreased 4%.

Sales for the 13-week second quarter were $312.7 million, a slight increase over last year’s $311.8 million. Same-store sales decreased 1%.

The company now expects to report earnings from continuing operations for the second quarter of fiscal 2008 in the range of five cents to six cents per diluted share.

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Survey says Home Depot top DIY retailer

BY CSA STAFF

COLUMBUS, Ohio Home Depot is still the top destination for do-it-yourself shoppers but is losing ground to the competition, according to a July retail survey from BIGresearch.

The report found that 28.5% of consumers surveyed chose Home Depot most often when shopping for home improvement products, with Lowe’s second at 22.9%. But Home Depot’s numbers were down from July 2007 when it was chosen by 31.6% of consumers, with Lowe’s up slightly from 22.2%. Wal-Mart was chosen by 6% of consumers, up from 5.4% during the same period last year.

The numbers reflect at trend that began six years ago for Home Depot. “Home Depot’s consumer share has declined since posting a high of 40.9% in July 2002,” said Pam Goodfellow, senior analyst at BIGresearch.  

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