Report: HHGregg to Expand in Florida
Orlando, Fla., HHGregg Inc., an Indianapolis-based retail chain that specializes in consumer electronics and small and large appliances, plans to open five stores in the Orlando area starting in the middle of 2008, according to the Orlando Sentinel.
HHGregg will open its first Florida store in the Jacksonville area with Orlando locations coming on board soon after. It is also looking at sites in the Tampa and Tallahassee areas.
The company has signed five leases in Central Florida, although the company could not disclose the exact locations of future stores.
HHGregg’s expansion push into Florida comes after the company completed a nearly $49 million initial public offering of shares in July, the report said. Total sales for the company’s last fiscal year were about $1.1 billion.
Walgreen’s 4Q Drops
CHICAGO One of the nation’s biggest drug store chain operators announced that its fourth-quarter profit dropped nearly 4%, according to Monday’s reports.
Walgreens explained that because of lower reimbursements for popular generic drugs and increased store and staff costs, their net income tumbled.
According to the company’s earnings report, total expenses increased by more than 11% to $12.8 billion, which chairman Jeffrey Rein said was out of line with reimbursements the company received. Prescription sales accounted for nearly two-thirds of the company’s business.
“Managing both expenses and lower reimbursements on some generic drugs is my top priority,” he said in a company release. “We’re going to fix this, and at the same time continue our aggressive growth plan.”
While company’s revenues rose more than 10% to $13.4 billion from $12.2 billion, its net income slipped to $396.5 million, compared to $412.3 million earnings at the same time last year.
For the year, the company said that its earnings increased by to $2.04 billion ($2.03 per share), compared with $1.75 billion ($1.72 per share).
Jonathan Adler creates giftware line for B&N
NEW YORK Barnes & Noble is teaming up with ceramist Jonathan Adler for a new collection this fall.
According to reports, the line will launch in 400 stores on Oct. 20, and will include items such as an umbrella, mug and a vase made exclusively for Barnes & Noble. The collection will range in price from $5.95 and $29.95.