Shop Companies sells 100% leased center in Texas
Cross Roads, Texas — Shop Companies Investment Sales announced the sale of Crossroads Crossing a 14,680 sq. ft. shopping center located in Cross Roads, Texas.
Crossroads Crossing at the time of closing was 100% leased. The tenant mix includes: Domino’s, State Farm, January’s Salon, Cornerstone Dental and Villa Grande Mexican Restaurant among others. Just east of a newly opened Wal-Mart Supercenter.
The marketing process generated multiple offers and closed within 50 days from the opening of escrow. Tommy Tucker with Shop Companies Investment Sales represented the Seller, a Carrollton based private partnership and procured the Buyer, a Dallas based limited liability company.
Late refund checks hit Citi Trends
Same-store sales literally fell off a cliff at Citi Trends in the waning days of the fourth quarter and the operator of 522 urban fashion stores is attributing the weakness to the federal government.
For the fourth quarter ended Jan. 30, tota sales at Citi Trends decreased 2.8% to $176.1 million, compared with $181.1 million in the prior year. Same-store sales decreased 5% from the fourth quarter of fiscal 2014, a quarter in which same-store sales increased 13.9%. The company attributes January’s decrease due to the later start to tax refund season, as same-store sales were down 45% (approximately $3.5 million) the last two days of the month.
“Fourth quarter sales were challenging, with unusually warm winter weather affecting all apparel categories," said Jason T. Mazzola, president and CEO. "However, we continued to realize the benefits of strong inventory control and a new merchandise planning and allocation system, which led to another increase in quarterly gross margin and to a full year gross margin approximating 39%.”
For the year, total sales increased 1.9% to $683.8 million, compared with $670.8 million in fiscal 2014. Comparable store sales decreased 0.1% for the full year.
In addition, the company announced that its board of directors has declared a quarterly dividend of $0.06 per common share, payable on March 15, 2016, to shareholders of record as of the close of business on March 1, 2016.
The company will report complete financial results for its fourth quarter and fiscal 2015 before the market opens on March 11, 2016.
Citi Trends, Inc. operates 522 stores located in 31 states.
Rural lifestyle retailer on fast track for expansion
Tractor Supply Company continues its rapid expansion, with the grand opening of its 1,500th store, on Feb. 13, in Odessa, Texas.
The retailer opened a total of 114 stores in 2015, and expects to open between 115 and 120 locations in 2016. Tractor Supply stores are located primarily in towns outlying major metropolitan markets and in rural communities.
"The opening of our 1,500th store in south Odessa is another significant milestone in Tractor Supply's history, as we continue to execute upon our growth strategy and our unwavering commitment to being the most dependable supplier of basic goods for the rural lifestyle customer across the country," said Greg Sandfort, president and CEO.
Founded 78 years ago, Tractor Supply has annual sales in excess of $6 billion. As of Dec. 26, 2015, the company operated 1,488 stores in 49 states (excepting Alaska).