Target plans second CityTarget for Los Angeles
Minneapolis — Target announced it will open a CityTarget store in the Westwood Market Place, Westwood, Calif., in July 2012. The 98,000- sq.-ft. store will occupy a space that formerly housed Home Depot Expo.
The Westwood location is the second CityTarget store confirmed in the Los Angeles metropolitan area. Target previously announced that it would open a small-format, urban store at Figueroa and 7th in downtown Los Angeles in October 2012.
In addition to the two Los Angeles area CityTarget stores, Target will open small-format stores in Chicago, Seattle and San Francisco in 2012.
Urban Outfitters Q3 profit falls 31%
Philadelphia — Urban Outfitters Inc.’s third-quarter profit fell 31% amid a decline in same-store sales and as merchandise markdowns continued to weigh on margins.
For the quarter ended Oct. 31, Urban Outfitters posted earnings of $50.7 million, down from $73.1 million in the year-ago period.
Gross margin narrowed to 35.4% from 41.1%, partly due to increased merchandise markdowns at Anthropologie and Urban Outfitters. Total inventories grew by $78 million.
Net sales, as reported earlier, increased 6.3% to $610 million. Same-store sales were down 7%.
Family Dollar enters California
Matthews, N.C. — Family Dollar has entered the state of California, opening four stores, in Ontario, Rialto, Riverside and Fontana.
The discounter plans to open 450-500 new stores in fiscal 2012.