Toys ‘R’ Us posts wider Q3 loss under weight of interest expenses
New York — Toys “R” Us posted a wider loss for its fiscal third quarter due primarily to an increase in interest expenses. The retailer said it lost $105 million for the quarter ended Oct. 27, compared with a loss of $93 million in the year-ago period.
Toys “R” Us attributed the wider loss to a $29 million increase in its interest expenses due to an issuance of senior notes and repayment of other senior note
The company said net sales fell 3.4% to $2.6 billion due to negative effects of foreign exchange rates. Same-store sales fell 4.1% in the United States. The chain said the decrease was partially due to a less promotional stance and an earlier start to its layaway program, which was launched seven weeks before the end of the third quarter. (Sales related to layaway items can not be recognized until customers pick up their orders.)
“Our primary focus during the third quarter was making strategic preparations for the important holiday season,” said Jerry Storch, Toys “R” Us chairman and CEO. “We believe the new programs we’ve introduced such as Free Layaway, Price Match Guarantee, Hot Toy Reservation and our strengthened omnichannel offerings, including Ship from Store, have benefitted our customers and provided even more reasons to shop with us.”
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CVS increases size of tender offer
Woonsocket, R.I. — CVS Caremark has upped the size of its previously announced tender offers to refinance a portion of its debt. The company announced that it will buy back up to $1.33 billion in notes, up from the previously announced $1 billion.
"Through this transaction as well as our recent debt issuance, we are taking advantage of the current favorable interest rate environment. This debt refinancing will enhance our long-term debt structure and decrease our interest expense going forward,” stated Dave Denton, EVP and CFO of CVS Caremark.
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Couche-Tard acquires 29 stores in Illinois, Missouri and Oklahoma
Laval, Quebec City — Alimentation Couche-Tard Inc. announced that it has signed, through its wholly owned indirect subsidiary, Mac’s Convenience Stores LLC, an agreement to acquire 29 stores, 25 stores are located in Illinois, three in Missouri and one in Oklahoma. The transaction is anticipated to close in December 2012.
All the stores would eventually be rebranded under the Circle K brand. Couche-Tard’s Midwest division would operate 28 of them and the other one would be operated by the Southwest division.
“Subsequent to this transaction, our network in the Midwest division would include a total of 527 company operated stores and 212 locations under wholesale or franchise agreements. These stores occupy strategic locations within their respective trade areas. Strategically, this acquisition would be a great addition to our expansion and growth plans for the Midwest division.” commented Bruce Landini, VP operations, Midwest.