Vestar acquires Dallas grocery-anchored center
Vestar announced the close of a deal to acquire the Twin Creeks Marketplace in Allen, Texas, north of Dallas.
Opened in 2016, the 43,134-sq.-ft. center sits on five acres at the intersection of W. Exchange Parkway and Alma Drive. Tenants include Sprouts Farmers Market, Verizon, Starbucks, Advancial Credit Union, Luxe Nails, Studio Smiles, and ATI Physical Therapy.
"Allen is one of the fastest growing cities in the Dallas-Fort Worth metroplex with an affluent and highly educated population," said Vestar VP of acquisitions Clint Marchuk, who added that the company is in buying mode for more grocery-anchored properties.
The company operates more than 26 million sq. ft. of retail space throughout the western United States.
Tractor Supply packs a double-digit wallop in Q4
Tractor Supply Company shot up by the double-digits in the fourth quarter, with net sales jumping 16.4% over the year-ago quarter.
"While it was obviously a challenging retail environment, our Tractor Supply team managed the business well and drove strong comparable store sales and earnings per share growth," said CEO Greg Sandfort. "Throughout the quarter, the team worked hard to take advantage of weather trends, localize assortments, manage inventory and shorten the supply chain."
"Our focus was on driving sales in key categories and keeping our inventory current in others. On a market-by-market basis, we aligned our business from all sides — merchandise, pricing, promotion and inventory. We did this by communicating regularly with our field managers and customers, analyzing sales and product data, and regularly reviewing pricing and promotional strategies. While we never have all the answers, we believe we were successful at driving growth in the fourth quarter through careful planning and execution of our business."
Net sales for the quarter ended Dec. 31 came in at $1.92 billion, up from $1.65 billion in fourth quarter 2015.
Comparable store sales increased 3.1% versus a decrease of 1.4% in the prior year's fourth quarter, driven by strong performance in everyday basic items across a number of consumable, usable and edible (C.U.E.) and hardline related areas such as livestock and pet, bird and wildlife, trailers and accessories, hand tools and livestock equipment.
Meanwhile, net income increased 10.6% to $123.6 million from $111.7 million.
The company also opened 21 new stores and closed one Del's store during the quarter, compared to 26 new store openings and three store closures, two of which were Del's stores, in the prior-year period.
This year's fourth quarter was also marked by the acquisition of Petsense LLC.
For fiscal 2016, net sales increased 8.9% to $6.78 billion, and net income increased 6.5% to $437.1 million.
The company issued its guidance for 2017, which involved net sales between $7.22 billion and $7.29 billion, and net income between $445 million and $457 million.
Pet specialty retailer empowers associates with mobile-delivered data
PetSmart has a new strategy to keep its 55,000 employees informed and abreast of key insights.
When the 1,500-store retailer wanted to improve data accessibility across its enterprise, it turned to mobility. The chain began its mobility effort by developing one mobile app in 2010. By leveraging the MicroStrategy 10 mobility platform from long-time partner MicroStrategy, the company now has nearly 20 internal apps that deliver key insights to senior leaders and associates across the enterprise, the company said.
“A mobile approach to our data analytics and business intelligence strategy dramatically increases our efficiency and puts insights into the palm of our associates’ hands,” said Brian Rensing, senior director, enterprise information management, PetSmart.
PetSmart’s first mobile analytics app was deployed to improve data accessibility among executives and distribution center leaders. By expanding its use of the MicroStrategy Mobile platform, the chain now has almost a dozen iPhone apps and five iPad apps — a model that allows the company to democratize data beyond executives to district managers, regional vice presidents, and field and store leaders.
“A wide range of users access our internal BI apps every day — even multiple times a day — including senior leaders, field associates, distribution center and store managers and associates across all functions of the company such as finance, marketing, HR and store operations,” he said. “We are streamlining reporting with insightful and actionable data through our mobile apps and dashboards.”