Target 3Q Earnings Soar on Mervyn’s Sale
Minneapolis, Target Corp. reported earnings of $537 million in the third quarter ended Oct. 30, an increase of 78% when compared with earnings of $302 million in the prior-year period. The results were boosted from the sale of its Mervyn’s department store chain, which added $203 million to the figures. Same-store sales were up 4.5% for the 13-week period while overall sales rose 11% to $10.9 billion.
Food Lion Buys Handful of Winn-Dixie Stores
Salisbury, N.C., Supermarket chain Food Lion is spending an undisclosed sum in cash to acquire 10 stores from Winn-Dixie in North Carolina and Virginia. The acquisition will fill in and reinforce the retailer’s presence in its current geographic footprint. The stores are located in Dunn, Elizabeth City, Elizabethtown and Havelock, N.C., and Clarksville, Danville, Farmville, Martinsville, South Hill and Stanleytown, Va.
Food Lion plans to quickly rebrand five of the stores in Virginia with only a few-days gap in store operations. Also, the store in Elizabethtown will be remodeled significantly to replace Food Lion’s current location there. It says it will conduct further analysis of the remaining locations to better determine how the stores fit in its growth plans. Food Lion, which operates more than 1,200 stores in 11 Southeastern and mid-Atlantic states, is a division of Delhaize America, which also operates the Hannaford Bros. and Kash ’n Karry grocers.
Sport Chalet Adding Two Stores in California
Los Angeles, Specialty retailer Sport Chalet, Inc. will open two stores in The Golden State later this month, in Elk Grove and Visalia. Both stores, which average 42,000 sq. ft., feature an on-site SCUBA training pool.