News

Report: Abercrombie planning big share buyback; cutting back on expansion in Europe

BY Marianne Wilson

New York — Abercrombie & Fitch plans a big share buyback to appease investors, the New York Post reported, and is also likely to cut back on its aggressive expansion plans in Europe.

The report, which quoted unnamed “insiders,” said the chain is likely to announce its plans on or before its next quarterly earnings report in mid-August.

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STORE SPACES

Visionworks to open 17 stores in Philadelphia market by end of 2012

BY Marianne Wilson

Philadelphia — Visionworks, the largest wholly owned U.S.-based optical retailer, has opened its first store in the Philadelphia area. Located in Deptford Township, N.J., it is the first of more than 25 stores expected to open in the market through 2013.

The San Antonio-based retailer plans to open 17 stores before the end of 2012 and additional locations by April 2013.

"Philadelphia is an ideal market to expand our business, and we are looking forward to serving Philadelphia-area residents," said Visionworks president Jim Eisen.

Visionworks (formerly Eye Care Centers of America, Inc.) operates more than 550 optical retail stores in 39 states and the District of Columbia under 12 different banners.

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FINANCE

Destination Maternity cuts Q3 outlook on disappointing sales

BY Marianne Wilson

Philadelphia — Destination Maternity said its third-quarter revenue fell 5.3% to $138.8 million. Wall Street had expected $146.4 million. The retailer cut its third-quarter earnings forecast, citing weaker-than-expected sales.

Same-store sales fell 2.4%.

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