Report: Wal-Mart set to start building first Express stores next week
New York — Walmart will next week start building its first smaller-format Express stores, according to building permits obtained by Bloomberg News.
The chain will begin construction March 16 on a 14,400-sq.-ft. store in Gentry, Ark., which is about 20 miles from the company’s Bentonville headquarters, according to the permits.
Work on similar stores in nearby Prairie Grove and Gravettealsowill start over the next two weeks, the report said.
Hurricane Grill & Wings on accelerated growth path
West Palm Beach, Fla. — Hurricane Grill & Wings announced it has signed seven new domestic development agreements, adding commitments for 233 new restaurants to its 42 existing locations.
The new development agreements will contribute to the company’s accelerated growth plan with new locations in 15 states, including California, Illinois, Indiana, Iowa, Kansas, Nebraska, Maryland, Missouri, Ohio, Oregon, Pennsylvania, Texas, Virginia, Washington, Wisconsin and District of Columbia.
Children’s Place Q4 profit falls, but beats view
Secaucus, N.J. — The Children’s Place Retail Stores Inc. said Wednesday its profit fell nearly 6% in the fourth quarter, but results topped expectations as the company cut costs.
The retailer said its net income fell to $32.1 million in the three months ended Jan. 29, down from $34.1 million year ago. Revenue fell 2% to $453.2 million from $462.8 million in the prior-year period. Same-store sales fell 5.9%.
Selling, general and administrative expenses fell about 1%. For the year, net income fell 6% to $83.1 million. Revenue rose nearly 2% to $1.67 billion from $1.64 billion.