REAL ESTATE

Walmart to open dozens of stores in South Carolina

BY CSA STAFF

Columbia, S.C. — Walmart plans to open dozens of new stores throughout South Carolina during the next five years, adding more than 4,000 jobs. Bill Simon, president and CEO of Walmart U.S., announced plans for the new stores at an event at the new South Carolina Farmers Market, in Columbia, S.C.

The new stores will include energy-efficient technology and sustainable features to reduce energy and water consumption and minimize waste.

Walmart already has a notable presence throughout South Carolina, with 77 Walmart stores, nine Sam’s Club locations and two distribution centers.

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FINANCE

Big Five Q1 income slides 54%

BY CSA STAFF

El Segundo, Calif. — Big 5 Sporting Goods Corp.’s first-quarter net income fell 54% and missed analysts’ expectations because of increased expenses as customer traffic declined.

The company also gave a second-quarter earnings outlook much lower than Wall Street’s view.

Big 5 reported late Tuesday that it earned $2.8 million for the period ended April 3, down from $5 million a year ago.

Selling and administrative expenses rose to $67.3 million from $63.1 million because of a bigger store count, higher employee benefit costs and increased advertising expenses.

Revenue improved to $221.1 million from $218.5 million, helped by a shift in the Easter holiday. Big 5, which operates nearly 400 locations mostly in the Western United States, said its stores close for Easter. Same-store sales slipped 0.9%.

The performance narrowly missed Wall Street’s estimate of $221.4 million.

Chairman, president and CEO Steven Miller said in a statement that shoppers likely pulled back on purchases in the quarter due to rising gas prices and high unemployment.

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REAL ESTATE

Harry & David wants to hire DJM Realty to help close stores

BY CSA STAFF

New York City — Harry & David Holdings, which filed for Chapter 11 in March, asked the court Tuesday for permission to hire a real estate consultant to help close 50 of its 122 stores.

The company seeks approval to hire DJM Realty Services, a subsidiary of the Gordon Brothers Group. The filing said that DJM also could help Harry & David renegotiate leases with landlords for 69 of its other stores

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