REAL ESTATE

Sunflower Farmers Market to open stores in California

BY CSA STAFF

New York City — Sunflower Farmers Market, which operates value-priced organic and natural food grocery stores, is opening its first store in California.

Sunflower currently operates 32 stores in six Southwestern states. The chain, which focuses on offering fresh local foods at affordable prices, was founded in 2002 by Mike Gilliland, who helped start the Wild Oats chain that was later bought by Whole Foods Market.

The first California site, in Roseville outside of Sacramento, will open in April. The company also plans to add a site in San Jose.

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FINANCE

Home Depot raises 2010 guidance; 10 new stores planned for 2011

BY CSA STAFF

New York City — Home Depot on Wednesday slightly raised its fiscal 2010 earnings guidance for the second time in two months as the market for home-improvement projects slowly begins to improve. The retailer plans to open 10 stores in 2011, and has budgeted $1.3 billion in capital expenditures. and about $2.5 billion on share repurchases.

The retailer now expects net income from continuing operations to be $1.97 per share, up from prior guidance of $1.94 per share. Analysts polled by Thomson Reuters, on average, also predict $1.94 per share.

The company now expects revenue to rise 2.3% up from the 2.2% rise expected previously, implying revenue of $67.7 billion. Analysts expect revenue of $67.59 billion.

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FINANCE

Casey’s profit falls on costs associated with fighting hostile bid and recapitalization

BY CSA STAFF

Ankeny, Iowa — Casey’s General Stores reported on Wednesday that the costs of its recapitalization plan and its defense against hostile bids by competitor Canada’s Alimentation Couche-Tard take a bite out of its second-quarter net income.

Casey’s said it earned $21.7 million for the quarter that ended Oct. 31, compared with $33.6 million in the same quarter last year. The results include roughly $19.4 million in expenses related to its recapitalization plan and the dispute with Couche-Tard.

Casey’s quarterly revenue rose nearly 17% to $1.35 billion.

Casey’s operates more than 1,500 stores in the Midwest and recently bought six Short Stop stores in Iowa and 19 On The Way stores in Illinois. The company said last month that it would buy 44 Kabredlo stores for an undisclosed sum.

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