REAL ESTATE

Tommy Bahama prepares to open Fifth Ave. flagship

BY Katherine Boccaccio

New York — Tommy Bahama Group Inc. said Thursday its first Tommy Bahama global flagship store will open on Nov. 17 at 551 Fifth Avenue in Manhattan.

The 5,000-sq.-ft. store, coined “Manhattan Island,” is the largest Tommy Bahama retail location worldwide and features an expanded merchandise collection, a 1,300-sq.-ft. Marlin Bar – the only freestanding bar between the Empire State Building and Central Park – and a 6,700-sq.-ft. restaurant on the second floor. The restaurant opening has been delayed to December due to problems caused by Hurricane Sandy.

"It took us a long time to find the right space, but we are confident that this is the perfect location for us — New York’s Fifth Avenue is the epicenter of luxury, style and the heart of Mid-town Manhattan," said Terry Pillow, CEO, Tommy Bahama.

Located in the circa 1927 Fred F. French Building, the Tommy Bahama store was designed by Michael Neumann Architecture.

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FINANCE

Limited’s Q3 profit dips, but beats view

BY Katherine Boccaccio

Columbus, Ohio — Limited Brands Inc. reported Thursday that net income for the quarter ended Oct. 27 dropped to $73.4 million from $94.3 million in the same quarter last year. Results still managed to beat Wall Street expectations.

Limited, which also owns Victoria’s Secret and Bath & Body Works, saw sales slip 5.7% to $2.05 billion from $2.17 billion, but results matched analysts’ forecasts. Same-store sales climbed 5%.

Limited Brands also said Wednesday its board authorized the repurchase of up to $250 million in stock. The authorization includes $49.6 million remaining under the previous $500 million program.

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FINANCE

Ross Stores profit rises 11% in Q3, sales miss

BY Katherine Boccaccio

Pleasanton, Calif. — Ross Stores Inc. reported Thursday that net income rose 10.8% to $159.5 million in the third quarter, compared with $144 million a year earlier.

Revenue rose 10.6% to $2.26 billion, missing Wall Street’s expected $2.34 billion in revenue. Same-store sales climbed 5%.

The retailer has reaffirmed its guidance for the fourth quarter.

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