REAL ESTATE

Sbarro plans 20 locations in Ontario, Canada

BY Marianne Wilson

Melville, N.Y. — Sbarro is expanding its international growth with plans to open 20 eateries in Ontario, Canada. This announcement is the latest in a series of franchise agreements that have recently expanded Sbarro’s presence across Europe, the Middle East, South America, Asia and the Pacific.

Sbarro has partnered with master franchisor Youssef Hassoun, owner of Hassoun Enterprises, to develop and operate Sbarro eateries exclusively in Ontario. The company opened its first Sbarro location at North York City Center in Toronto earlier this year (January 2013), and opened a second eatery at the Bramalea City Center in Brampton, Ontario earlier this month (May 2013).

The franchise agreement with Hassoun Enterprises, Ltd. expands Sbarro’s footprint in Canada to more than 30 eateries. By the end of August 2013, Hassoun will open three more Sbarro eateries at the following locations throughout Ontario, Canada: Rouge Valley Centenary Hospital in Scarborough Ontario; Hunt Club in Ottawa; and Simon Premium Outlet Center in Toronto.

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FINANCE

The Fresh Market has tasty quarter

BY Dan Berthiaume

Greensboro, N.C. — The Fresh Market Inc. grew net income, same-store sales and net sales during first quarter 2013. Net income rose 14% to $22.1 million, from $19.3 million in the prior year.

Net sales jumped 13% to $366.6 million.

“We were pleased to see our business and customer traffic improve in the first quarter,” said Fresh Market president and CEO Craig Carlock. “New store development remains on track and our solid results give us confidence as we assess customer behavior and our outlook for the balance of the year.”

During the first quarter of fiscal 2013, the company opened two new stores in Charlottesville, Va., and Aiken, S.C. As of April 28, 2013, the company operated 131 stores in 25 states.

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FINANCE

Brown Shoe feels impact of exiting brands

BY Staff Writer

St. Louis — Brown Shoe Company Inc. reported a net loss and declining net sales in first quarter 2013 as the company cited the impact of having exited some businesses in the past year.

The retailer experienced a net loss of $10.8 million, compared to net earnings of $1.7 million a year earlier. Net sales declined about 1% to $588.7 million from $598.2 million.

However, Brown Shoe said that taking $10.4 million in net sales from exited brands during the first quarter of last year into account, net sales actually slightly improved this year.

“We saw improved consumer conversion related to our strategic real estate, inventory and omni-channel efforts,” said Diane Sullivan, president and CEO of Brown Shoe Company. “At wholesale, we refined our portfolio, with the recent sale of Avia and Nevados, and we intend to use the related proceeds in our 2013 debt reduction efforts.”

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