Report: NRDC Looks to Hudson’s Bay
New York City NRDC Equity Partners, owner of Lord & Taylor and Fortunoff, is pursuing Hudson’s Bay Co. of Canada, according to a Women’s Wear Daily Report.
The move would link North America’s two oldest department stores, the report said. The Bay started in 1670 as a fur-trading company, while Lord & Taylor set up shop in 1826 in lower Manhattan.
NRDC already has about 20% stake in Hudson’s Bay.
The report also indicated that NRDC may be considering other possible acquisitions as well.
Walgreens to reduce drug store growth
DEERFIELD, Ill. Walgreens reported that it plans to reduce its organic drug store growth from about a 9% increase for the current fiscal 2008 year to about 6% in fiscal 2010 and to about 5% annual increases beginning in fiscal 2011.
Previously, the company had planned a long-term store growth rate of 8 %. New store openings that are already in the pipeline are expected to result in approximately 8% organic store growth in fiscal 2009.
According to Walgreens, its planned future expansion rates are the equivalent of opening about 495 net new organic stores in fiscal 2009, 425 in fiscal 2010 and 365 in fiscal 2011. These new growth targets resulted from the company’s regular review of its growth and capital expenditure plans.
“This move allows us to improve both return on invested capital and overall shareholder value,” said Walgreens chairman and ceo Jeffrey Rein. “At the same time, it gives us the flexibility to invest in our core strategies.”
Tuesday Morning 4Q sales drop 10.4%
DALLAS Tuesday Morning reported net sales for the fourth quarter ended June 30 were $196.5 million compared to $219.4 million for the quarter ended June 30, 2007, a decrease of 10.4%.
Comparable-store sales for the quarter ended June 30 decreased by 12.7% comprised of an 11% decrease in traffic and a 1.8% decrease in average ticket.
Based on the fourth quarter sales results, the company currently expects diluted earnings per share for the fourth quarter to be in the range of (5 cents) to (8 cents) compared to 5 cents for the same period last year.