Report: Safeway purchases land in Hawaii
Pleasanton, Calif. Safeway has purchased approximately 23 acres of commercially zoned land on Kauai, Hawaii, which will be home to Safeway’s Hokulei Village shopping center, according to Forbes.com.
The shopping center will be anchored by a 56,000-sq.-ft. Safeway Lifestyle store, and it could employ up to 200 people. According to Gerry Wolfe, the supermarket chain’s VP development, Safeway is currently in discussions with 14 potential tenants.
JCPenney beats April comps guidance, raises 1Q earnings outlook
PLANO, Texas JCPenney reported that comparable-store sales decreased 6.6% for the four weeks ended May 2, better than the company’s guidance for sales to decrease 9% to 12% and compared to a 1.7% decrease last year. Total sales in April decreased 5%.
Sales during the month benefited from the shift of Easter into the April reporting period this year, partially offset by the loss of one selling day. The top performing merchandise divisions during the month were women’s and children’s apparel, reflecting a strong customer response to the company’s spring apparel offerings. Fine jewelry experienced the weakest sales during the month. Geographically, the best performing region of the country was the Southwest, while the Central region experienced the weakest results.
Management’s guidance for the four-week period ending May 30, is for a 9% to 12% decrease in comparable-store sales, compared to a 4.4% decrease in last year’s May period.
Based on better-than-expected sales results in the April period, operational efficiencies achieved through process improvements and a consistent focus on expense control, management expects earnings for the first quarter to be in a range of 9 cents to 11 cents per share.
Children’s Place sees increase in April, 1Q sales
SECAUCUS, N.J. The Children’s Place Retail Stores announced net sales of $135 million for the four-week period ended May 2, a 5% increase compared to net sales of $128.7 million for the four-week period ended May 3, 2008. Comparable-retail sales, which include online sales, increased 5% in April on top of a 17% increase for the same period last year. During April 2009, comparable-store sales increased 4% in the United States and declined 4% in Canada, and online sales increased 40%.
For the first quarter ended May 2, net sales increased slightly to $401.9 million. Comparable-retail sales, which include online sales, increased 1% during the first quarter of 2009 on top of a 6% increase during the first quarter of last year. For the first quarter of 2009, comparable-store sales declined 1% in the United States and declined 3% in Canada, and online sales increased 42%.
The company is estimating that earnings per share from continuing operations for the first quarter of 2009 will be in the range of 75 cents to 80 cents.