REAL ESTATE

Report: Maurices opening 60 stores in 2012

BY Staff Writer

New York — Women’s apparel retailer Maurices plans to open approximately 60 stores this year, according to the Duluth News Tribune. The total includes the chain’s first international location, in Canada.

Maurices currently has 803 stores in 44 states, with the count up 32 stores since June.

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FINANCE

Stein Mart Q4 income down, to focus on everyday low-pricing strategy

BY Marianne Wilson

Jacksonville, Fla. — Stein Mart Inc. reported Thursday that its net income fell to $5.7 million for the fiscal fourth quarter, down from $18.8 million last year. The chain said it was returning to its strategy of emphasizing everyday low prices after heavy coupon promotions took a toll on the retailer’s financial performance during the past year.

Revenue for the quarter ended Jan. 28 was down nearly 3% to $328.1 million, from $336.7 million. Same-store sales were down 2.2%.

The company reported net income of $19.8 million for the year versus $48.8 million in the prior year. Annual revenue dropped to $1.16 billion, from $1.18 billion a year earlier.

“Sales results drove our fourth quarter and full-year bottom line lower than last year. While we were disappointed, we are determined to return to the everyday low prices that built this company," said Jay Stein, interim CEO of Stein Mart, in a statement.

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REAL ESTATE

Lego to open in Atlanta

BY Staff Writer

New York — The Denmark-based Lego group will open a Lego store in Atlanta on March 16.

The new store will be located in the Discover Mills outlet center. The space will feature such elements as a “Pick-A-Brick-Wall,” allowing shoppers to select and purchase specific individual Lego bricks in a variety of colors and shapes.

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