FINANCE

Stein Mart reports increases in total, same-store sales during Q2

BY Dan Berthiaume

Jacksonville, Fla. – Stein Mart reported year-over-year increases in total and same-store sales during the second quarter of fiscal 2013. Total sales grew 3.8% to $74.6 million from $70.5 million, while same-store sales increased 6.4%, compared to same-store sales growth of only 1.6% during the second quarter of the previous year.

According to Stein Mart, linens, dresses and intimate apparel posted the strongest sales for the month of July, while ladies’ special sizes, men’s sportswear, jewelry and ladies’ casual sportswear were more challenged. Geographically, July sales were strongest in Florida, the Southeast and Virginia, while the West performed slightly lower than the chain.

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REAL ESTATE

Fairway Market to anchor Hudson Yards

BY Dan Berthiaume

New York – Fairway Market will be the anchor grocer at the Hudson Yards residential/retail complex being developed by Related Companies and Oxford Properties Group in Manhattan. The 45,875-sq.-ft. store will be located in the Hudson Yards South Tower.

"Hudson Yards is the next great New York neighborhood and we’re excited to be an integral part of the development of this world-class location, and to be an amenity and food destination for the huge numbers of workers, residents, neighbors and tourists who will visit Hudson Yards," said Charles Santoro, Fairway Market’s executive chairman. "We continue to believe our growth prospects are outstanding in and around the tri-state New York, New Jersey and Connecticut metro area, and are very pleased that Related and Oxford have selected Fairway as their food retailing partner in this historic real estate development."

The 28-acre Hudson Yards site, which now includes 1 and 2 Hudson Boulevard, is slated to open in 2015.

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FINANCE

Delhaize sees Q2 profit soar 20%

BY Dan Berthiaume

Brussels, Belgium – Delhaize Group reported increases in net profit, same-store sales and revenues during the second quarter of fiscal 2013. Net profit totaled $139.2 million, up 20% from the same quarter in the prior year. Same-store sales grew 1.1% in the U.S. and 0.8% in Belgium, while revenues came to roughly $7.1 billion, a year-over-year increase of 7.1%.

Pierre-Olivier Beckers, president and CEO of Delhaize Group, which operates Food Lion in the U.S., credited volume growth, price investments and store remodels at different global locations for helping to drive the company’s impressive profit performance.

“Our group has delivered solid results for the second quarter,” said Beckers. “In the U.S., we experienced our third consecutive quarter of positive volume growth. At Food Lion, 178 additional stores were repositioned as part of Phase 4, bringing the total of repositioned stores to almost 80% of the network. At Hannaford, we have implemented our targeted price investments during the second quarter. In Belgium, we are pleased to report market share gains of 35 basis points, mainly resulting from our remodeled stores and network expansion. Southeastern Europe showed further resilience with market share growth in what continues to be a challenging environment.”

Beckers also cited Delhaize’s decision to divest its divest Sweetbay, Harveys and Reid’s banners and also to exit the Montenegro market in Europe. Analysts have pointed to renegotiations on supplier contracts Delhaize conducted late last year as another driver of the company’s positive quarterly results.

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