Topshop’s Philip Green in talks to sell 25% stake
Los Angeles — Multiple reports on Tuesday said that British billionaire and Topshop owner Sir Philip Green is negotiating with Leonard Green & Partners to sell a 25% stake in the TopShop and Topman chains.
The two brands, which would be broken off from Philip Green’s other Arcadia Group retail holdings, are valued at $1.61 billion. An announcement is expected as early as Thursday.
Neither Philip Green nor Leonard Green has commented directly on the impending transaction.
Leonard Green, together with TPG Capital, bought J. Crew in 2010 in a deal valued at about $3 billion.
Francesca’s profit surges in Q3 with 76 added stores
Houston — Francesca’s Holdings Corp. reported Wednesday net income of $11 million, compared with $6.1 million in the year-ago period. Sales surged 44% to $72 million, driven by a 16.7% increase in same-store sales as well as 76 new boutique openings since the end of the third quarter last year.
"We delivered another quarter of strong results, demonstrating the appeal of our business model of a differentiated merchandise strategy in a boutique environment,” said John De Meritt, CEO. “Our scalable, high-margin merchandising model combined with productive new boutique economics provides a runway for boutique growth and gives us confidence in Francesca’s long-term growth potential."
Walgreens sales dip in November
Deerfield, Ill. — Walgreen Co. reported Wednesday that sales for November dipped 3.9% to $5.85 billion, compared with $6.09 billion for the same month in fiscal 2012.
Total front-end sales decreased 0.3% and same-store front-end sales decreased 1.7%.
Walgreens opened 39 stores during November, including 10 relocations and closed one.