FINANCE

Syms urged by shareholder to stem retail losses, sell real estate

BY CSA STAFF

New York City –Discount retailer Syms Corp. was urged by a shareholder to stem losses in its clothing business and sell some of the real estate holdings accumulated by late founder Sy Syms.

According to a Friday report by Bloomberg, Capstone Equities Capital Management LP sent a letter to Syms directors and CEO Marcy Syms on Thursday advocating asset sales, share buybacks and other steps to “enhance shareholder value.”

Capstone values Syms’s real estate at more than $200 million, or about 50% more than the company’s worth as a money-losing retailer, according to the report.

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FINANCE

Hibbett Sports Q1 earnings surge 23%, to open 40 net new stores

BY CSA STAFF

Birmingham, Ala. — Hibbett Sports Inc. reported Friday that net income for the quarter ended April 30 rose 23% to $21.3 million, compared with $17.3 million in the year-ago period.

Revenue increased 10.4% to $203.7 million, beating analysts’ projected $200.8 million in revenue.

During the quarter, Hibbett opened eight new stores, expanded four others and closed seven underperforming stores. During the rest of the fiscal year, Hibbett said it expects to open between 50 and 55 new stores, close 10 to 15 stores and expand another 15 stores.

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REAL ESTATE

Daffy’s opens store in Bay Plaza Shopping Center

BY CSA STAFF

Bronx, N.Y. –New Rochelle, N.Y.-based Welco Realty Inc., an X Team partner, announced that Daffy’s opened its first store in Bronx, N.Y.

The retailer opened a store in Bay Plaza Shopping Center, one of the largest strip shopping centers in New York City. Welco Realty negotiated the deal on behalf of the landlord, Prestige Properties & Development Co.

Bay Plaza is a 1+-million-sq.-ft. center that features Barnes & Noble, J.C. Penney, Old Navy, Marshall’s, P.C. Richards, Kmart, Modell’s, AMC Theatres, Staples, Toys "R" Us and Babies "R" Us, among others.

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