Hahn Brothers, Inc. recalls ready-to-eat ham products due to misbranding and an undeclared malted barley

WASHINGTON, 2017-Aug-07 — /EPR Retail News/ — Hahn Brothers, Inc., a Westminster, Md. establishment, is recalling approximately 115,773 pounds of ready-to-eat (RTE) ham products due to misbranding and an undeclared allergen, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced today (Aug. 5, 2017). The products contain malted barley, a known allergen, which is not declared on the final product label.

The ready-to-eat ham products were produced from Dec. 17, 2015 to July 27, 2017. The products have a 70-day sell-by date. The following product is subject to recall: 

  • 1.75-lb. of vacuum-packed mini ham packages containing “Lou’s Garrett Valley Natural, All Natural black forest seasoned uncured ham nugget, FULLY COOKED WOOD SMOKED” with a case code 74045.

The products subject to recall bear establishment number “EST. 2000” inside the USDA mark of inspection. These items were shipped to a distributor in New Jersey and further distributed to retail locations.

The problem was discovered when the FSIS Office of Public Health Science (OPHS) received a consumer complaint on July 11, 2017 with regard to a mislabeling of Lou’s Garret Valley Black Forest Seasoned Uncured Ham Nugget produced by Hahn Brothers Incorporated. The complainant noted that malted barley is listed as an ingredient on the company’s website, but is not listed as an ingredient on the product label.

There have been no confirmed reports of adverse reactions due to consumption of these products. Anyone concerned about an injury or illness should contact a healthcare provider.

Consumers who have purchased these products are urged not to consume them. These products should be thrown away or returned to the place of purchase.

FSIS routinely conducts recall effectiveness checks to verify recalling firms notify their customers of the recall and that steps are taken to make certain that the product is no longer available to consumers.

Media and consumers with questions about the recall can contact Barry Blevins, Vice President of Operations, at (443) 375-7762.

Consumers with food safety questions can “Ask Karen,” the FSIS virtual representative available 24 hours a day at AskKaren.gov or via smartphone at m.askkaren.gov. The toll-free USDA Meat and Poultry Hotline 1-888-MPHotline (1-888-674-6854) is available in English and Spanish and can be reached from 10 a.m. to 6 p.m. (Eastern Time) Monday through Friday. Recorded food safety messages are available 24 hours a day. The online Electronic Consumer Complaint Monitoring System can be accessed 24 hours a day at: https://www.fsis.usda.gov/reportproblem.

USDA Recall Classifications
Class I This is a health hazard situation where there is a reasonable probability that the use of the product will cause serious, adverse health consequences or death.
Class II This is a health hazard situation where there is a remote probability of adverse health consequences from the use of the product.
Class III This is a situation where the use of the product will not cause adverse health consequences.

Congressional and Public Affairs
Veronika Medina
(202) 720-9113

Source: USDA

Beth Newlands Campbell appointed President of Rexall Drugstore

Beth Newlands Campbell appointed President of Rexall Drugstore


MISSISSAUGA, ON, 2017-Aug-07 — /EPR Retail News/ — Domenic Pilla, Chief Executive Officer of McKesson Canada, today (August 4, 2017) announced the appointment of Beth Newlands Campbell as President of Rexall Drugstore effective August 8, 2017.

Newlands Campbell is a highly accomplished retail executive with a successful history of innovating and executing business strategies to build brands, future leaders and a deepening commitment to communities. She had an extensive 27-year career at Delhaize America, including Hannaford Supermarkets and Food Lion, where she served as President. Most recently, she served as President, Atlantic/Ontario Business Unit, Sobeys Inc.

“The retail pharmacy industry faces many challenges. Competitive dynamics, regulatory pressure and meeting the expectations of consumers and patients are amongst the biggest. Rexall is poised to take advantage of these challenges and lead the transformation of the sector to significantly improve health outcomes and help lower the cost of providing care in Canada,” said Pilla. “Beth is a dynamic leader with a long and proven track record of delivering business results in Canada and the United States. She brings with her a passion for creating a diverse and inclusive work environment that will engage our employees to grow our business and to serve even more customers and patients.”

In her new role, Newlands Campbell will lead Rexall’s long-term business strategies that enhance corporate growth and strengthen the organizations’ position in the marketplace. Newlands Campbell will report directly to Domenic Pilla, CEO of McKesson Canada.

“I am honoured and excited to become the newest member of the Rexall team,” said Newlands Campbell. “Rexall is a trusted and reliable brand with deep roots in the communities we serve. I’m looking forward to building on our existing strengths and charting a course that not only sets us apart from the competition, but also makes it even easier for patients and consumers to choose Rexall.”

About Rexall Drugstores

With a heritage dating back over a century, Rexall/Pharma Plus is a leading drugstore operator with a dynamic history of innovation and growth. Our focus is helping Canadians improve their overall health and wellness with a wide assortment of products and easily accessible, more convenient services. Operating 471 pharmacies across Canada, Rexall’s 7,300 employees are dedicated to providing exceptional patient care and customer service. Rexall is a member of the Rexall Pharmacy Group Ltd., a wholly owned subsidiary of McKesson Corporation. For more information, visit rexall.ca.

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For More Information:
Derek Tupling
(w) 905.501.7894
(c) 647.282.1689

Source:  Rexall Drugstore


ARKET to open 1 September in Copenhagen

ARKET will open 1 September at Købmagergade 33 in Copenhagen. The new store, 004002-941, is the brand’s second opening and follows the launch on Regent Street in London, as well as online on arket.com in 18 European markets, on 25 August.

STOCKHOLM, Sweden, 2017-Aug-07 — /EPR Retail News/ — Customers who sign up to the mailing list on arket.com can access the online store on 23 August, two days before the official launch, and can shop at a reduced rate for a limited period.

ARKET is a modern-day market offering essential products for men, women, children and the home. Its mission is to democratise quality through widely accessible, well-made, durable products designed to be used and loved for a long time. The collections are composed of ARKET’s own products alongside a selection of the best examples from other brands.

Located in one of Copenhagen’s historical palatial townhouses, the store will also include a café based on the New Nordic Food Manifesto.

For more information, please contact press@arket.com


Head of Media Relations
Camilla Emilsson Falk
+46 8 796 39 95


British Land: New research reveals symbiotic relationship between a brand’s physical store and its ecommerce platform

British Land: New research reveals symbiotic relationship between a brand’s physical store and its ecommerce platform


New research revealing a symbiotic relationship between a brand’s physical stores and its ecommerce platform has been published today by British Land.

London, 2017-Aug-07 — /EPR Retail News/ — The research, using data from Connexity Hitwise, shows that when a new store opens, traffic to the retailer’s website from the surrounding postal area increases by 52% on average within six weeks of opening. Importantly, digital traffic from the local area then remains around this level (figure 1), demonstrating that a physical store has a significant, positive and sustained impact on digital interaction with the brand.

Brands with fewer than 30 stores enjoyed the greatest positive impact from store openings, with uplifts in local traffic to their websites of 84% on average (figure 2), showing that a physical store can make a critical contribution to the online success of expanding brands.

These findings take British Land’s True Value of Stores research one step further and starts to quantify the ‘halo effect’. More work is already underway, in partnership with Revo, to measure the distinct contribution of each channel and ensure leasing models and valuation methods reflect the benefit of the store to retail businesses as a whole.

Ben Dimson, Head of Retail Business Development for British Land, said: “One year on from the True Value of Stores report, the findings are more relevant than ever. Blending channels is increasingly common, pure-plays are still moving to physical and click & collect, an increasingly important link between physical and online, is continuing to take ground. Click & collect usage is on average 46% greater than the national average at our Local centres proving they are particularly well positioned for omnichannel shopping.”

Charles Maudsley, Head of Retail, Leisure & Residential for British Land, said: “The research shows that physical stores are an engine of online growth. Consumers choose brands that align to their lifestyle and values: a physical store enables a retailer to demonstrate its brand in action and drive interest online. At the same time, stores enable retailers to respond to evolving shopping habits, market their brand effectively, and deliver products more efficiently. At British Land, we provide the perfect platform for retailers to do this through our continued investment in Regional and Local centres across the UK.”

Notes to Editors

About the True Value of Stores Research

The True Value of Stores research quantified for the first time the value of click & collect sales and online sales browsed in store. The key findings were that 89% of all UK retail sales touch a store and non-food physical sales are boosted by 9% when adding click & collect sales and online sales browsed in store. The research also identified a ‘halo effect’ which improves brand awareness, customer service and trust, therefore contributing to online sales that do not directly touch the store. Further details can be found at www.britishland.com/truevalueofstores.

About British Land

Our portfolio of high quality UK commercial property is focused on Retail around the UK and London Offices. We own or manage a portfolio valued at £19.1 billion (British Land share: £13.9 billion) as at 31 March 2017 making us one of Europe’s largest listed real estate investment companies.

Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles – Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.

Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 48% of our portfolio. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 49% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 46 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.

Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. Our industry-leading sustainability performance led to British Land being named a European Sector Leader in the 2016 Global Real Estate Sustainability Benchmark for the third year running.

In April 2016 British Land received the Queen’s Award for Enterprise: Sustainable Development, the UK’s highest accolade for business success for economic, social and environmental achievements over a period of five years.

Further details can be found on the British Land website at www.britishland.com.

Investor Relations:
Cressida Curtis
British Land
020 7467 2938

Pip Wood
British Land
020 7467 2838

Jackie Janssen
British Land
020 7467 3449

Emma Hammond
FTI Consulting
020 3727 1227

Gordon Simpson
Finsbury Group
020 7251 3801

Source: British Land


NRF: Retail industry employment declined slightly in July, decreasing 1,700 jobs from June

WASHINGTON, 2017-Aug-07 — /EPR Retail News/ — Retail industry employment declined slightly in July, decreasing 1,700 jobs from June, the National Retail Federation said today. The numbers exclude automobile dealers, gasoline stations and restaurants. The economy overall saw gains of 209,000 jobs in July, exceeding growth expectations for the month.

“Overall job and wage growth are positive indicators for the retail industry since it means consumers have more money to spend when they come into stores or shop online,” NRF Chief Economist Jack Kleinhenz said. “Of note, the oft-maligned department store sector has had two consecutive months of job increases. With back-to-school shopping ramping up and the holiday season just around the corner, retailers will only be busier in the weeks and months ahead.”

On a three-month average, retail jobs have decreased by 4,200 jobs as calculated by NRF using current government data.

Kleinhenz noted that retail job numbers reported by the Labor Department don’t paint an entirely accurate picture of the industry because they count only employees who work in stores while excluding retail workers in other parts of the business like corporate headquarters, distribution centers, call centers and innovation labs.

While the sporting goods sector saw decreased employment in July, department stores, building materials and supply stores, and health and personal care stores all saw job gains. Department store employment has increased for the past two months, with June and July gaining a combined total of 6,000 jobs. The increase in health and personal care employment was a reversal of June’s decline in jobs.

Economy-wide, average hourly earnings in July grew 2.5 percent year-over-year, keeping pace with the increase in June. The Labor Department said July unemployment was at 4.3 percent, down from 4.4 percent in June.

About NRF
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.

Robin Roberts
(855) NRF-Press

Source: NRF

US Foods to participate at the Barclays Global Consumer Staples Conference in Boston on Thursday, September 7

ROSEMONT, Ill., 2017-Aug-07 — /EPR Retail News/ — US Foods Holding Corp. (NYSE: USFD) President and Chief Executive Officer Pietro Satriano and Chief Financial Officer Dirk Locascio will present at the Barclays Global Consumer Staples Conference in Boston on Thursday, September 7 at 12:45 p.m. EDT (11:45 a.m. CDT).

Media and investors can access a copy of the presentation slides and listen to a live audio webcast by visiting the Investor Relations page of the company’s website at www.usfoods.com. A replay of the presentation will be available later that same day.

About US Foods

US Foods is one of America’s great food companies and a leading foodservice distributor, partnering with approximately 250,000 restaurants and foodservice operators to help their businesses succeed. With nearly 25,000 employees and more than 60 locations, US Foods provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. and generates approximately $23 billion in annual revenue. Visit usfoods.com to learn more.

Melissa Napier

Sara Matheu

Source: US Foods

BRC announces winner of 2017 Cyber Security Challenge

A PhD student from Royal Holloway University has been announced the winner of the BRC’s 2017 Cyber Security Challenge.

London, 2017-Aug-07 — /EPR Retail News/ — The latest BRC Annual Retail Crime Survey revealed that an estimated 53 per cent of reported fraud in the retail industry is cyber-enabled, which represents a total direct cost of around £100 million. UK retailers already have some of the most secure IT infrastructures available, and the BRC is a lead partner for its members and key specialists in joint efforts to further strengthen those structures.

As part of that work, the BRC is pleased to announce the results of its Retail Cyber Security Student Challenge for 2017 covering the cyber security risks facing the UK retail industry and how to tackle them.

The challenge, which was open to any student based at a UK higher education establishment, invited new ideas on how government, law enforcement and industry should work together to tackle the main cyber security threats facing retail in the UK. The judging panel for the final consisted of a group of leading cyber security scholars: Professor Chris Hankin (Imperial College, London), Professor M. Angela Sasse FREng (UCL) and Dr Tim Stevens (King’s College, London).

The winning paper was authored by Andreas Haggman, currently studying for a PhD in Cyber Security and Geopolitics at Royal Holloway University of London. Andreas will receive a cash prize of £500 and the opportunity to present his work to the BRC’s Fraud and Cyber Security Member Group, at which members can test and apply the expert analysis and have his work published in full in the BRC’s membership magazine, The Retailer.

Commenting on the winning entry, Dr Tim Stevens at King’s College, London and member of the judging panel said:

“Andreas’ winning essay balances excellent awareness of retail operations with the contemporary demands of cybersecurity. It offers a picture of key threats and how retailers factor them in to their relationships with customers. In its focus on point of sale interactions, and thinks about where future threats might arise and makes concrete recommendations for improving security thinking and practice. Overall, it offers sound advice for charting a way forward for retailers and their partners in law enforcement and government.”

James Martin, Crime and Security Adviser at the BRC said:

“The BRC remains fully committed to supporting its members to meet their security and cyber-security needs, and works with cutting edge partners across the corporate and public sectors, as well as in academia, to do that. The response to this competition was excellent, with the standard extremely high, and like the judges we think that the winning entries showed a combination of innovation and real-world problem solving.”

Retailers seeking guidance on cyber security can look at the BRC’s ‘Cyber Security Toolkit’, which provides retail businesses of all sizes with a practical, step-by-step guide to prevent and manage cyber security threats and protect the customers they serve. The toolkit aims to provide retailers with practical guidance to ensure they have the appropriate preventative and response measures in place to reduce their vulnerabilities and to protect both themselves and their customers.

BRC Press Office
TELEPHONE: + 44 (0) 20 7854 8924
EMAIL: media@brc.org.uk
OUT OF HOURS: +44 (0) 7557 747 269

Source: BRC

Introducing the new Krispy Kreme Reese’s Peanut Butter Doughnut!

Introducing the new Krispy Kreme Reese’s Peanut Butter Doughnut!


Combining Two Iconic Flavors, the New Doughnut is Available for a Limited Time Only at Participating U.S. Shops

WINSTON-SALEM, N.C., 2017-Aug-07 — /EPR Retail News/ — Your two favorite things – Krispy Kreme Doughnuts and Reese’s Peanut Butter – are about to become your new favorite thing. Introducing the new Krispy Kreme Reese’s Peanut Butter Doughnut, available for a limited time only at participating shops in the U.S.

“Similar to our hot, fresh doughnuts, the matchmaking of chocolate and peanut butter is a delicious combination that consumers have enjoyed for generations,” said Jackie Woodward, Chief Marketing Officer of Krispy Kreme Doughnuts. “In partnering with The Hershey Company, we’re satisfying an intense desire that Krispy Kreme and Reese’s fans never knew they had.”

Combining two iconic American flavors, the new Krispy Kreme Reese’s Peanut Butter Doughnut is filled with a Reese’s Peanut Butter Kreme™ filling, dipped in chocolate icing and topped with a chocolate and peanut butter drizzle, and Reese’s Mini Peanut Butter chips and peanuts.

Go to www.krispykreme.com/reeses to find a participating Krispy Kreme shop near you. Share your experience on social by tagging @krispykreme and using the hashtag #ReesesPeanutButterDoughnut.

About Krispy Kreme Doughnut Corporation

Krispy Kreme Doughnut Corporation is a global retailer of premium-quality sweet treats, including its signature Original Glazed doughnut. Headquartered in Winston-Salem, N.C., the Company has offered the highest-quality doughnuts and great-tasting coffee since it was founded in 1937. Krispy Kreme Doughnuts is proud of its Fundraising program, which for decades has helped non-profit organizations raise millions of dollars in needed funds. Krispy Kreme doughnuts can be found in approximately 12,000 grocery, convenience and mass merchant stores in the U.S. The Company has more than 1,300 retail shops in 31 countries. Connect with Krispy Kreme Doughnuts at www.KrispyKreme.com, or on one of its many social media channels, including www.Facebook.com/KrispyKreme, and www.Twitter.com/KrispyKreme.

Sarah Roof
Manager of Corporate Communication

Source: Krispy Kreme Doughnut Corporation


PHILIPPINES: SM Prime registered a 15% net income growth to PHP7.79 billion in Q2 2017 from PHP6.75 billion in same period last year

Pasay City, Philippines, 2017-Aug-07 — /EPR Retail News/ — SM Prime Holdings, Inc. (SM Prime), the Philippines’ leading integrated property company registered a 15% net income growth to PHP 7.79 billion in the second quarter of 2017 from PHP 6.75 billion in same period last year. This brought SM Prime’s first half’s net income to PHP 14.39 billion from PHP 12.59 billion of last year, an increase of 14%. Consolidated revenues grew by 10% to PHP 43.25 billion from PHP 39.23 billion in same period last year. Meanwhile, overall operating income went up by 13% year-on-year to PHP 20.11 billion from PHP 17.85 billion.

“SM Prime’s performance in the first half of the year reflects a more balanced revenue and income streams from our various businesses including the growing contribution from our provincial operations. We are happy to report that our investments in the provinces are now bearing fruits, particularly in mall operations given that these account for more than half of our Philippine malls portfolio. In the coming years, we are expecting a growing contribution from our residential group as we are launching more housing projects across the country,” SM Prime President Jeffrey C. Lim said.

Mall Operations

Mall revenues, which contributed 60% of SM Prime’s consolidated revenues, rose by 10% in the first half of the year to PHP 25.68 billion from PHP 23.42 billion last year. Mall rentals improved by 10% to PHP 21.75 billion from PHP 19.79 billion, driven by additional 1.1 million square meters (sqm) gross floor area (GFA) of retail spaces from new malls and expansions in 2015 to 2017, as well as 7% same-mall-sales growth. Cinema and event ticket sales was almost flat at PHP 2.35 billion due to fewer blockbuster movies. Revenues from amusement and merchandise sales amounted to PHP 1.58 billion, up by 26%. Consolidated mall operating income increased by 10% to PHP 14.18 billion from PHP 12.90 billion, while operating margins were stable at 55% in the period under review.

To date, SM Prime has 63 shopping malls in the Philippines and seven in China with a GFA of 7.8 million sqm and 1.3 million sqm, respectively. The company is scheduled to open new malls, including SM City Puerto Princesa in Palawan.

Residential Development

Residential group, which accounts for 32% of SM Prime’s consolidated revenues, recorded a 5% increase in revenues to PHP 13.91 billion from PHP 13.25 billion. Revenue growth came from higher construction accomplishments of SM Development Corporation (SMDC) projects launched since 2014. These are Shore 2 Residences in Pasay City, Air Residences in Makati City, Cool Residences in Tagaytay City, Fame Residences in Mandaluyong City, Trees Residences in Quezon City and South Residences in Las Piñas City.

Recently launched projects continue to enjoy brisk sales, resulting in 22% reservation sales growth to PHP 27.55 billion from PHP 22.60 billion or 8% increase in unit sales to 8,699 units from 8,078 units. These residential projects are mostly located in the Mall of Asia Complex.

Other Businesses

The rest of SM Prime’s businesses posted a revenue growth of 43% to PHP 3.74 billion in the first half of the year from PHP 2.61 billion last year. Operating income increased by 49% to PHP 1.77 billion from PHP 1.19 billion while operating income margin improved by 47% from 45% in the same period. The growth was attributed to the rental revenues from FiveE-comCenter, launched in 2015, and Conrad Manila which opened last June 2016.

Currently, SM Prime has six office buildings with a combined GFA of 383,000 sqm. ThreeE-Com and FourE-Com Centers are under construction and scheduled for completion in 2018 and 2020, respectively. These additional office buildings will add an estimated GFA of 320,000 sqm in the company’s office portfolio. While Hotel and Convention Centers group has a portfolio of six hotels with over 1,500 rooms, four convention centers and three trade halls.

SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.

For further information, please contact:
Alexander Pomento
Vice President, Investor Relations
SM Prime Holdings, Inc.
E-mail: alex.pomento@smprime.com
Tel. no.: +632 862 7940

Source:  SM Prime Holdings

UK: B&M opens new store in Livingston, Scotland

Hartlepool, United Kingdom, 2017-Aug-07 — /EPR Retail News/ — There was plenty of excitement in Livingston today (03 August 2017) as a new B&M store, with Garden Centre, was opened.

It’s the latest addition to the stores in the West Lothian region and comes as a huge boost to the local economy thanks to the creation of 70 jobs.

Visitors to the store, based in Almondvale Business Park, will be able to browse a wide range of branded and own label goods, including toys, groceries, health & beauty and pet ranges.

The new store also features a large 5000 square foot garden centre attachment.

As part of the opening day celebrations, B&M colleagues invited along a local charity, River Kids Scottish Children’s Charity, to be their VIP for the day – who also received £250 worth of B&M vouchers as a thank you for taking part.

The charity aim to make sure that all children and young people receive the best care and experience when in need of help.

168,000 babies, children and young people are treated at Glasgow Hospital every year. River Kids Scottish Children’s Charity sits firmly at the heart of the hospital, raising money to ensure that their young patients and families receive the best possible care.

A spokesperson for B&M said: “We’re feeling really positive about the creation of new jobs for local people and we hope customers are going to be delighted with their new store.

“We are all really excited to get the doors open and welcome our new customers through the door in a few weeks.”


email: press@bmstores.co.uk

Source: B&M

The Wendy’s Company declares regular quarterly cash dividend of $0.07 per share

DUBLIN, Ohio, 2017-Aug-07 — /EPR Retail News/ — The Wendy’s Company (NASDAQ: WEN) today ( Aug. 3, 2017) announced the declaration of its regular quarterly cash dividend of $0.07 per share, payable on September 15, 2017, to shareholders of record as of September 1, 2017.

The approximate number of common shares outstanding as of August 1, 2017 was 243.4 million.

About The Wendy’s Company
The Wendy’s Company is the world’s third-largest quick-service hamburger company. The Wendy’s system includes approximately 6,500 franchise and Company-operated restaurants in the United States and 30 countries and U.S. territories worldwide. For more information, visit www.aboutwendys.com.

There can be no assurance that any additional regular quarterly cash dividends will be declared or paid after the date hereof, or of the amount or timing of such dividends, if any. Future dividend payments, if any, are subject to applicable law, will be made at the discretion of the Board of Directors and will be based on factors such as The Wendy’s Company’s earnings, financial condition and cash requirements and other factors.

Peter Koumas
Director – Investor Relations
(614) 764-8478

SOURCE: The Wendy’s Company

Build-A-Bear Workshop details new partnership with PBS KIDS

Partnership includes video messages aired during “Curious George” and “Wild Kratts,” digital messaging and content integration during in-store events

ST. LOUIS, 2017-Aug-07 — /EPR Retail News/ — Build-A-Bear Workshop today (Aug. 3, 2017) announced official details of a new partnership with PBS KIDS. In April, Build-A-Bear kicked off a corporate sponsorship of two PBS KIDS programs, Curious George and Wild Kratts. This is the first time Build-A-Bear Workshop has underwritten national programming on PBS. The ongoing 2017 partnership is being communicated during “Curious George” and “Wild Kratts” airings through custom, 15-second video underwriting messages, developed to convey the brand benefits of Build-A-Bear and its alignment with PBS KIDS.

“Like Build-A-Bear Workshop, PBS KIDS values the advancement of creativity and imagination,” said Sharon Price John, president and chief executive officer, Build-A-Bear Workshop. “Build-A-Bear encourages children of all ages to use their inventiveness as they experience our unique process to make their own special furry friend. And now, as we approach our 20th birthday, many of our Guests who were introduced to Build-A-Bear as kids have little ones of their own—not unlike PBS.”

Suzanne Zellner, Vice President, Sponsorship Group for Public Television, added, “PBS KIDS sponsors set themselves apart from competitors by showing support of public television and aligning with its values: love of learning, STEM education, social and emotional learning, appreciation of the arts and self-expression, and more. Research shows that parents overwhelmingly view PBS KIDS as the number one educational media brand, and we are proud to partner with a trusted family brand like Build-A-Bear Workshop.”

The underwriting messages from Build-A-Bear Workshop include videos that air during episodes of “Curious George” and “Wild Kratts,” as well as digital advertising on pbskids.org and pbs.org/parents. The on-air and digital messages, which encourage creativity and imagination, will run through the end of 2017 as part of an extended sponsorship.

Build-A-Bear also plans to integrate summer- and friendship-themed content from PBS KIDS into select events at U.S. Build-A-Bear Workshop stores, including a friendship celebration weekend August 4-6 in honor of National Friendship Day. The PBS KIDS content includes activity sheets and booklets for kids as well as resources for parents to use in educating their children about friendship and empathy.

As it relates to the company’s continued commitment to television advertising as an effective communication channel, Build-A-Bear also recently unveiled a new TV commercial that features an original jingle and highlights the iconic, Make-Your-Own experience Guests can only find at Build-A-Bear Workshop. The spot is currently airing on a variety of networks that reach moms and kids; it also offers the brand an opportunity to develop inserts around seasonally relevant product stories.

For more information about Build-A-Bear Workshop, visit buildabear.com and follow the brand on FacebookTwitterYouTube and Instagram.

About Build-A-Bear
Celebrating 20 years of business in 2017, Build-A-Bear is a global brand kids love and parents trust that seeks to add a little more heart to life. Build-A-Bear Workshop has approximately 400 stores worldwide where Guests can create customizable furry friends, including company-owned stores in the United States, Canada, Denmark, Ireland, Puerto Rico, the United Kingdom and China, and franchise stores in Africa, Asia, Australia, Europe, Mexico and the Middle East. The company was named to the Fortune 100 Best Companies to Work For® list for the ninth year in a row in 2017. Build-A-Bear Workshop, Inc. (NYSE:BBW) posted a total revenue of $364.2 million in fiscal 2016. For more information, visit buildabear.com.

About the Sponsorship Group for Public Television
The Sponsorship Group for Public Television represents the best sponsorships on PBS, with national program inventory from WGBH Boston and other producers of quality public television programs, across all genres. For more information on PBS sponsorship opportunities, contact the Sponsorship Group for Public Television at 800.886.9364, e-mail sgptv@wgbh.org or visit sgptv.org.


Maria Lemakis
(314) 423-8000, ext. 5367

SOURCE: Build-A-Bear Workshop

French luxury group Kering and Alibaba take joint enforcement actions online and offline against infringers

Landmark agreement between the luxury group home to some of the world’s most desired luxury brands and Alibaba’s e-commerce marketplaces

PARIS and HANGZHOU, China, 2017-Aug-07 — /EPR Retail News/ — French luxury group Kering, and Alibaba Group and its affiliate Ant Financial Services have come to a groundbreaking agreement to cooperate in their efforts to protect intellectual property and take joint enforcement actions online and offline against infringers in order to provide the best consumer experience and a trusted environment.

The new partnership represents a milestone in both parties’ investment and efforts to protect brands’ intellectual property rights. The companies have established a joint task force with the purpose of collaborating fully, exchanging useful information, and working closely with law enforcement bodies to take appropriate action against infringers of Kering’s brands identified with Alibaba’s advanced technology capabilities.

Kering and its brands will continue to vigorously enforce their intellectual property rights against individuals and third parties responsible for the production, distribution and sale of unauthorized materials in China and throughout the world.

This agreement reflects the parties’ firm belief that taking proactive measures and using advanced technology will help law enforcement bodies and other relevant authorities address the challenges of intellectual property infringement.

As part of the agreement, Kering has agreed to dismiss the lawsuit filed against Alibaba and Alipay, an Ant Financial subsidiary, in the US district court in New York.

About Kering
A global Luxury group, Kering develops an ensemble of luxury houses in fashion, leather goods, jewellery and watches: Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, McQ, Stella McCartney, Tomas Maier, Boucheron, Dodo, Girard-Perregaux, Pomellato, Qeelin and Ulysse Nardin. Kering is also developing the Sport & Lifestyle brands Puma, Volcom and Cobra. By ‘empowering imagination’, Kering encourages its brands to reach their potential, in the most sustainable manner. The Group generated revenue of €12.385 billion in 2016 and had more than 40,000 employees at year end. The Kering share is listed on Euronext Paris (FR 0000121485, KER.PA, KER.FP).

About Alibaba Group
Alibaba Group’s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a company that lasts at least 102 years.

Kering Contacts:
Paul Michon
+33 (0)1 45 64 63 48

Astrid Wernert
+33 (0)1 45 64 61 57

Claire Roblet
+33 (0)1 45 64 61 49

Alibaba Contacts:
Brion Tingler

Bob Christie

Source: Kering

Apranga APB sells Kirtimu street office and warehouse premises to Ogmios pulsas UAB

Vilnius, Lithuania, 2017-Aug-07 — /EPR Retail News/ — On 3 August 2017, Apranga APB has signed with Ogmios pulsas UAB an agreement on the sale of office and warehouse premises and other assets located in Kirtimu str. 51 in Vilnius. The value of the transaction of the sale of assets totalled EUR 6.05 million (including VAT). The transaction will have a positive impact of approximately EUR 3.4 million on results of year 2017.

“The company is located in Kirtimu str. 51 for almost 50 years, since 1970. We have been growing rapidly over the past few decades, expanding our network in three countries, with a great deal of technological change that has an impact on everyday activities. With a growing team of employees, we have come up with a new, modern and high-standard office and logistics center in order to offer the best possible work conditions. We focused on analysing international experience, interested in innovations and the latest technological solutions in the process of designing. We hope, that will not only facilitate the daily work processes of our employees, but also contribute to the creation of their welfare in the workplace and ensure optimal speed and product movement in all three Baltic States”, – Rimantas Perveneckas, the General Director of Apranga Group, said.

Apranga Group will lease the new complex, which will provide 15 400 square metres of space. According to plans nearly 200 employees will settle in the new premises in the first half of 2018. The complex of buildings will consist of one-three storey buildings, which will stand out with unique architecture, the highest technical requirements and energy efficiency.

The new Apranga Group administrative complex is developed by MG Valda, one of the largest real estate management and development companies in Lithuania.

Apranga APB temporarily will lease complex of buildings in Kirtimu str. 51 from a new owner Ogmios pulsas UAB till the new headquarters will be built and equipped.


Rimantas Perveneckas
Apranga Group General Director
+370 5 2390801

Source: Apranga Group

Lenta earns A+ (RU) credit rating with “Stable” outlook from ACRA

St. Petersburg, Russia, 2017-Aug-07 — /EPR Retail News/ — Lenta, (LSE, MOEX: LNTA), one of the largest retail chains in Russia, today (3 August 2017) announced that the ACRA has assigned A+ (RU) credit rating to Lenta LLC. The outlook on the ratings is “Stable”.

The rating is under the National Scale for the Russian Federation and is assigned to Lenta by ACRA for the first time.

According to ACRA, the credit rating assigned to Lenta is stems from its strong operating profile, very strong corporate governance, moderate leverage, comfortable fixed charge coverage and very strong liquidity. The rating is further supported by a high share of own selling space in the total selling area of the Company.

About Lenta

Lenta is the largest hypermarket chain in Russia (in terms of selling space) and the country’s fourth largest retail chain (in terms of Q1 2017 sales). The Company was founded in 1993 in St. Petersburg. Lenta operates 195 hypermarkets in 78 cities across Russia and 59 supermarkets in Moscow, St. Petersburg, Novosibirsk and the Central region with a total of approximately 1,173,416 sq.m of selling space. The average Lenta hypermarket store has selling space of approximately 5,700 sq.m. The average Lenta supermarket store has selling space of approximately 900 sq.m. The Company operates seven owned distribution centres.

The Company’s price-led hypermarket formats are differentiated in terms of their promotion and pricing strategies as well as their local product assortment. The Company employed approximately 45,689 people as of 31 December 2016.

The Company’s management team combines a mix of local knowledge and international expertise coupled with extensive operational experience in Russia. Lenta’s largest shareholders include TPG Capital and the European Bank for Reconstruction and Development, both of which are committed to maintaining high standards of corporate governance. Lenta is listed on the London Stock Exchange and on the Moscow Exchange and trades under the ticker: ‘LNTA’.

A brief video summary on Lenta’s business and its Big Data initiative can be seen here.

For further information please visit www.lentainvestor.com

Forward looking statements:

This announcement includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as “anticipate”, “target”, “expect”, “estimate”, “intend”, “expected”, “plan”, “goal”, “believe”, or other words of similar meaning.

By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, a number of which are beyond Lenta’s control. As a result, actual future results may differ materially from the plans, goals and expectations set out in these forward-looking statements.

Any forward-looking statements made by or on behalf of Lenta speak only as at the date of this announcement. Save as required by any applicable laws or regulations, Lenta undertakes no obligation publicly to release the results of any revisions to any forward-looking statements in this document that may occur due to any change in its expectations or to reflect events or circumstances after the date of this document.


FTI Consulting
Russian Media:
Anton Karpov & Victoria Afonina
Тel:+7 495 795 06 23
E-mail: lenta@FTIconsulting.com

FTI Consulting International
Leonid Fink & Jenny Payne
Тel: +44 7497 783 705
E-mail: Leonid.Fink@fticonsulting.com

Source: Lenta

The Container Store Group Q1 2017 results: Consolidated net sales were $183.1 million, up by 3.2% from previous year

  • Net Sales up 3.2%; Comparable Store Sales down 1.2%
    0.7% of Comparable Store Sales Decline Attributable to Easter Shift
  • Comparable Store Sales Slightly Positive in June; Continuing Positive in July
  • SG&A Savings and Efficiency Program and Custom Closets
    Continue to Drive Financial Results
  • Reiterates Fiscal 2017 Earnings Per Share Outlook of $0.25 to $0.35

COPPELL, Texas, 2017-Aug-07 — /EPR Retail News/ — The Container Store Group, Inc. (NYSE: TCS) (the “Company”), today (08/02/2017) announced financial results for the first quarter of fiscal 2017 ended July 1, 2017.

  • Consolidated net sales were $183.1 million, up 3.2%. Net sales in The Container Store retail business (“TCS”) were $167.1 million, up 3.6%. Elfa International AB (“Elfa”) third-party net sales were $16.0 million, down 1.2%, primarily due to the negative impact of foreign currency translation of 7.2%.
  • Comparable store sales were down 1.2%. The Easter timing shift negatively impacted the quarter’s comparable store sales by approximately 0.7%.
  • Consolidated net loss per share was ($0.16) compared with ($0.04) in the first quarter of fiscal 2016. Adjusted net loss per share was ($0.11) compared with ($0.09) in the first quarter of fiscal 2016 (see Reconciliation of GAAP to Non-GAAP Financial Measures table). Net loss per share and adjusted net loss per share in the first quarter of fiscal 2017 include a $0.01 negative impact related to the Easter timing shift.

“We are pleased with our first quarter fiscal 2017 financial performance and the progress we have made on many fronts. The quarter’s results were largely as we expected from both a top and bottom line perspective. Our Custom Closets business continues to positively contribute to our sales and profitability, and we’ve seen sustained sales trend improvement in our other product categories. In first quarter 2017, our comparable store sales improved as the quarter progressed, moving into slightly positive territory by June. This improvement continued into July, the first month of our second quarter. Our results reflect some benefits from the key sales revitalizing initiatives we are working on, as well as the savings and efficiency efforts we launched last year, and have been building upon this year,” said Melissa Reiff, Chief Executive Officer.

Reiff continued, “Based on our first quarter performance, we are reiterating our previously provided outlook for fiscal 2017. Looking ahead to the remainder of the year, we intend to remain focused on executing our previously announced Optimization Plan to drive improvement in sales and profitability. Additionally, we plan to continue our efforts with the key strategic priorities of the Company, which include customer experience and store formats and design, product and merchandising, customer acquisition and retention, and investments in our employees.”

New and Existing Stores

During the first quarter of fiscal 2017 the Company opened one new store in Cleveland, Ohio. In addition, the Company opened a new store in Albuquerque, New Mexico on July 8, 2017. As previously announced, the Company plans to open the following additional locations during the remainder of fiscal 2017: Livingston, New Jersey; Staten Island, New York; and the relocation of its Chestnut Hill, Massachusetts store.

First Quarter Fiscal 2017 Results

For the first quarter (thirteen weeks) ended July 1, 2017:

  • Consolidated net sales were $183.1 million, up 3.2% as compared to the first quarter of fiscal 2016. Net sales at TCS were $167.1 million, up 3.6%, with the increase driven by new store net sales, partially offset by a 1.2% decrease in net sales from comparable stores. Elfa third-party net sales were $16.0 million, down 1.2% compared to the first quarter ended July 2, 2016, primarily due to the negative impact of foreign currency translation during the quarter which reduced third-party net sales by 7.2%, partially offset by higher sales in Russia.
  • Consolidated gross margin was 56.6%, a decrease of 240 basis points compared to the first quarter of fiscal 2016. TCS gross margin declined 210 basis points to 56.5% primarily due to a greater portion of sales generated by merchandise campaigns during the quarter, combined with strong sales growth in lower gross margin business-to-business sales and higher costs associated primarily with our installation services business. Elfa gross margin declined 310 basis points primarily due to higher direct materials costs, partially offset by production efficiencies.
  • Consolidated selling, general and administrative expenses (“SG&A”) increased by 4.7% to $96.6 million from $92.3 million in the first quarter of fiscal 2016. SG&A as a percentage of net sales increased 80 basis points. This was primarily due to the reversal of accrued deferred compensation associated with executive employment agreements amended and restated during the first quarter of fiscal 2016, net of costs incurred to execute the agreements, of $3.9 million, or a 220 basis points benefit in the prior year first quarter. This increase as a result of the prior period benefit was partially offset by a 140 basis point improvement in SG&A expense as a percentage of net sales, primarily due to ongoing savings and efficiency efforts, combined with lower self-insurance costs, partially offset by deleveraging of occupancy costs associated with negative comparable store sales growth, as well as other additional SG&A costs.
  • The Company recorded other expenses of $3.5 million in the first quarter of fiscal 2017, which were related to severance costs incurred to implement the previously announced Optimization Plan.
  • Consolidated net interest expense increased slightly to $4.2 million.
  • The effective tax rate was 37.4%, as compared to 33.3% in the first quarter ended July 2, 2016. The increase in the effective tax rate is primarily due to a shift in the mix of projected domestic and foreign earnings.
  • Net loss was $7.7 million, or ($0.16) per share, in the first quarter of fiscal 2017 compared to net loss of $2.1 million, or ($0.04) per share in the first quarter of fiscal 2016. Adjusted net loss was $5.5 million, or ($0.11) per share, in the first quarter of fiscal 2017 compared to adjusted net loss of $4.2 million, or ($0.09) per share in the first quarter of fiscal 2016 (see Reconciliation of GAAP to Non-GAAP Financial Measures table).
  • Adjusted EBITDA was $6.4 million in the first quarter of fiscal 2017 compared to $12.0 million in the first quarter of fiscal 2016 (see Reconciliation of GAAP to Non-GAAP Financial Measures table). The Adjusted EBITDA of $12.0 million in the first quarter of fiscal 2016 includes the aforementioned benefit from the impact of amended and restated employment agreements during the prior year first quarter, net of costs incurred to execute the agreements of $3.9 million.

In May 2017, the Company announced the implementation of a four-part Optimization Plan to drive improved sales and profitability. This plan includes sales initiatives, certain full-time position eliminations at TCS, organizational realignment at Elfa and ongoing savings and efficiency efforts. The Company continues to expect to incur pre-tax charges associated with the Optimization Plan of approximately $9 to $11 million in fiscal 2017, or $0.12 to $0.14 on a per share basis. The expected annualized pre-tax savings associated with the Optimization Plan continue to be approximately $20 million, of which approximately $12 to $15 million, or $0.15 to $0.19 on a per share basis, is expected to be realized in fiscal 2017, for an estimated net benefit of approximately $0.03 to $0.05 on a per share basis.Optimization Plan


As previously outlined, for fiscal 2017, consolidated net sales are expected to be $830 to $850 million, based on the Company’s four expected new store openings and a comparable store sales decrease in the low single digit range. Net income is expected to be $0.25* to $0.35* per common share based on estimated common shares outstanding of 49 million, and includes the aforementioned Optimization Plan charges and benefits. This assumes a tax rate of approximately 39% for the full year.

Fiscal 2017 adjusted net income is expected to be $0.37* to $0.49* per share, which compares to adjusted net income of $0.27 per share in fiscal 2016 (see Reconciliation of GAAP to Non-GAAP Financial Measures table).

*Assumes existing debt structure remains in place. As previously disclosed, the Company is currently seeking opportunities to refinance its debt.

Conference Call Information

A conference call to discuss first quarter fiscal 2017 financial results is scheduled for today, August 2, 2017, at 4:30 PM Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 407-3982 (international callers please dial (201) 493-6780) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at investor.containerstore.com.

A taped replay of the conference call will be available within two hours of the conclusion of the call and can be accessed both online and by dialing (844) 512-2921 (international callers please dial (412) 317-6671). The pin number to access the telephone replay is 13666342. The replay will be available until September 2, 2017.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements about our expectations regarding our goals, strategies, priorities and initiatives, including our Optimization Plan and key strategic priorities; expectations regarding new store openings and relocations; anticipated financial performance and tax rate for fiscal 2017; anticipated charges and savings in connection with our Optimization Plan; and seeking opportunities to refinance our debt.

These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our Optimization Plan may not result in improved sales and profitability; our inability to open or relocate new stores, or remodel existing stores, in the timeframe and at the locations we anticipate; overall decline in the health of the economy, consumer spending, and the housing market; our operating and financial performance in a given period may not meet the guidance we provided to the public; our inability to manage costs and risks relating to new store openings; our inability to source and market new products to meet consumer preferences; our failure to achieve or maintain profitability; our dependence on a single distribution center for all of our stores; effects of a security breach or cyber-attack of our website or information technology systems; our vulnerability to natural disasters and other unexpected events; our reliance upon independent third party transportation providers; our inability to protect our brand; our failure to successfully anticipate consumer preferences and demand; our inability to manage our growth; inability to locate available retail store sites on terms acceptable to us; our inability to maintain sufficient levels of cash flow to meet growth expectations; disruptions in the global financial markets leading to difficulty in borrowing sufficient amounts of capital to finance the carrying costs of inventory to pay for capital expenditures and operating costs; fluctuations in currency exchange rates; our inability to effectively manage our online sales; competition from other stores and internet based competition; our inability to obtain merchandise on a timely basis at competitive prices as a result of changes in vendor relationships; vendors may sell similar or identical products to our competitors; our reliance on key executive management, and the transition in our executive leadership; our inability to find, train and retain key personnel; labor relations difficulties; increases in health care costs and labor costs; our dependence on foreign imports for our merchandise; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti bribery and anti-kickback laws; and our indebtedness may restrict our current and future operations, and we may not be able to refinance our debt on favorable terms, or at all.

These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on June 1, 2017, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

About The Container Store

The Container Store (NYSE: TCS) is the nation’s leading retailer of storage and organization products — a concept they originated in 1978. Today, with locations nationwide, the retailer offers more than 11,000 products designed to save space and time, a suite of custom closet systems and an array of digital shopping services. Visit www.containerstore.com for more information about store locations, the product collection and services offered. Visit www.containerstore.com/blog for real solutions from the really organized and www.whatwestandfor.com to learn more about the company’s unique culture.

Note Regarding Non-GAAP Information

This press release includes financial measures that are not calculated in accordance with GAAP, including adjusted net income (loss), adjusted net income (loss) per diluted share, and Adjusted EBITDA. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures in a table accompanying this release. These non-GAAP measures should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP and they should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. These non-GAAP measures are key metrics used by management, the Company’s board of directors, and Leonard Green and Partners, L.P., its controlling stockholder, to assess its financial performance. The Company presents these non-GAAP measures because it believes they assist investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance and because the Company believes it is useful for investors to see the measures that management uses to evaluate the Company. These non-GAAP measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry. In evaluating these non-GAAP measures, you should be aware that in the future the Company will incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of these non-GAAP measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by relying on our GAAP results in addition to using non-GAAP measures supplementally. These non-GAAP measures are not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

The Company defines adjusted net income (loss) as net income (loss) available to common shareholders before distributions accumulated to preferred shareholders, stock-based compensation and other costs in connection with our IPO, restructuring charges, impairment charges related to intangible assets, losses on extinguishment of debt, certain gains on disposal of assets, certain management transition costs incurred and benefits realized, charges incurred as part of the implementation of our Optimization Plan, and the tax impact of these adjustments and other unusual or infrequent tax items. We define adjusted net income (loss) per diluted share as adjusted net income (loss) divided by the diluted weighted average common shares outstanding. We use adjusted net income (loss) and adjusted net income (loss) per diluted share to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions and to compare our performance against that of other peer companies using similar measures. We present adjusted net income (loss) and adjusted net income (loss) per diluted share because we believe they assist investors in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance and because we believe it is useful for investors to see the measures that management uses to evaluate the Company.

We have included a presentation of adjusted net loss for the thirteen weeks ended July 2, 2016 to show the net impact of the amended and restated employment agreements entered into with key executives during the thirteen weeks ended July 2, 2016 (“management transition costs (benefits)”). Although we disclosed the net positive impact of the amended and restated employment agreements in our discussions of earnings per share and SG&A in our earnings press releases in fiscal 2016, we did not include in those press releases a presentation of adjusted net income. However, in the thirteen weeks ended July 1, 2017, our Optimization Plan has caused us to incur similar charges that we believe are not indicative of our core operating performance, and we expect to continue to incur such charges in the remainder of fiscal 2017. As a result, we believe that adjusting net loss in the thirteen weeks ended July 2, 2016 for management transition costs (benefits), in addition to adjusting net loss for the thirteen weeks ended July 1, 2017 for charges incurred as part of the implementation of our Optimization Plan, will assist investors in comparing our core operating performance across reporting periods on a consistent basis. Likewise, we believe that presenting full year fiscal 2017 adjusted net income guidance and fiscal 2016 adjusted net income as a comparative measure, will assist investors in evaluating our anticipated financial performance as it relates to our core operations.

The Company defines EBITDA as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is calculated in accordance with its credit facilities and is one of the components for performance evaluation under its executive compensation programs. Adjusted EBITDA reflects further adjustments to EBITDA to eliminate the impact of certain items, including certain non-cash and other items that the Company does not consider in its evaluation of ongoing operating performance from period to period as discussed further below. The Company uses Adjusted EBITDA in connection with covenant compliance and executive performance evaluations, and to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions and to compare its performance against that of other peer companies using similar measures. The Company believes it is useful for investors to see the measures that management uses to evaluate the Company, its executives and its covenant compliance. EBITDA and Adjusted EBITDA are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry.

ICR, Inc.
Farah Soi / Shannon Devine
Farah.Soi@icrinc.com / Shannon.Devine@icrinc.com

The Container Store Group, Inc.
Melanie Graham

Source: The Container Store Group, Inc.

James Avery opens new store in Brownsville, Texas at the Domain Shopping Center

Enter drawing for a chance to win a James Avery Gift Card

KERRVILLE, TEXAS, 2017-Aug-07 — /EPR Retail News/ — James Avery, a family-owned jewelry retailer, announces the opening of its new store today (August 2, 2017) in Brownsville, Texas at the Domain Shopping Center. To celebrate the grand opening, visitors may enter a drawing for a chance to win one of thirty James Avery gift cards valued at $50, $100, or $500.

John McCullough, COO at James Avery Jewelry, comments: “We are very pleased to be opening a new store at the Domain Shopping Center. Everyone is invited to come browse the new store that opens today, August 2, and meet our great store associates. Be sure to register for the gift card drawing while you’re there, and plan to attend the grand opening celebration on Saturday, August 12.”

The new location is under the direction of Store Manager, Gabriel Hernandez. Store hours are 10:00 a.m. to 8:00 p.m. Monday through Saturday and 12:00 p.m. to 6:00 p.m. on Sunday. The new store is located at 2355 North Expressway 77 across from Sunrise Mall, next door to T-Mobile.

About James Avery Jewelry®—James Avery Jewelry is a vertically integrated, family-owned company located in the heart of the Texas Hill Country. We offer finely crafted jewelry designs for men and women in sterling silver, 14K and 18K gold, gemstones, and leather wallets – designed by our own skilled artisans in Kerrville, Texas. We are a multi-channel retailer with 77 James Avery stores in 5 states. Our jewelry is also available in 200 Dillard’s stores in Texas and in 27 additional states; and nationwide through JamesAvery.com. James Avery crafts jewelry in four Texas workshops— one each in Comfort, Fredericksburg, Hondo and Kerrville. For additional information, visit JamesAvery.com or Facebook facebook.com/JamesAvery.

About the Drawing—Odds of winning depend on total number of entries received. Thirty James Avery gift cards will be awarded: twenty-four $50 gift cards, three $100 gift cards, and three $500 gift cards. Entries accepted August 2 through August 12, 2017. Hourly drawings on August 12 from 11:00 a.m. until 6:00 p.m. during the Grand Opening celebration at the James Avery Jewelry store located at the Domain. No purchase necessary. Must be at least 13 years old to enter. Only one entry per person per day. Winners not eligible to win a subsequent gift card in the same promotion. Winners need not be present to win. Employees and immediate family members not eligible for this gift card promotion.

Give us a call:  
(800) 283-1770

Source: James Avery Jewelry

UAE’s RAKBANK in partnership with Diebold Nixdorf launched Samsung Pay on their ATMs

RAS AL KHAIMAH, United Arab Emirates, 2017-Aug-07 — /EPR Retail News/ —RAKBANK, one of the leading banks in the United Arab Emirates (UAE), in partnership with Diebold Nixdorf, the leader in driving connected commerce, has launched Samsung Pay on their ATMs. With more than 250 Diebold Nixdorf (NYSE: DBD) ATMs, RAKBANK is maximizing consumer convenience by enabling cardless ATM transactions via the Samsung Pay mobile wallet on their smartphones.

The Samsung Pay solution on ATMs is an end-to-end contactless process that offers an effective, secure, convenient and easy-to-use digital solution that enables consumers to withdraw cash without a card at RAKBANK ATMs. Once a consumer is registered for a Samsung Pay account, the user can easily begin to use the cardless solution by tapping their device to the near field communications (NFC) reader on the ATM. Once detected, the consumer enters their PIN and completes the transactions as normal.

“Diebold Nixdorf was the first in the world to enable a live deployment and direct interaction between a phone and an ATM,” said Habib Hanna, Diebold Nixdorf managing director, Middle East. “Years later, we continue to pioneer cardless transactions with our mobile-enabled solutions that bridge the physical to digital worlds of cash to truly drive connected commerce.”

According to an ATMMarketplace.com report, mobile integration is one of the top three trends that will impact the ATM industry worldwide. Pre-staged mobile withdrawals will become the most popular and secure method for accessing cash—leading to greater consumer convenience and satisfaction.

“We are the first bank in the Middle East to launch Samsung Pay solutions to ATMs and it not only simplifies the customer experience when withdrawing cash, but also offers them the utmost convenience,” said Peter England, CEO of RAKBANK. “We are delighted to have worked with Diebold Nixdorf and Samsung Pay to take advantage of this innovative and reliable digital service. RAKBANK is fully committed to placing our customers’ needs first and providing them with highly convenient, secure, and simple digital banking services,” added Peter.

RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 38 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

About Diebold Nixdorf
Diebold Nixdorf, Incorporated (NYSE: DBD) is a world leader in enabling connected commerce for millions of consumers each day across the financial and retail industries. Its software-defined solutions bridge the physical and digital worlds of cash and consumer transactions conveniently, securely and efficiently. As an innovation partner for nearly all of the world’s top 100 financial institutions and a majority of the top 25 global retailers, Diebold Nixdorf delivers unparalleled services and technology that are essential to evolve in an ‘always on’ and changing consumer landscape.

Diebold Nixdorf has a presence in more than 130 countries with approximately 24,000 employees worldwide. The organization maintains corporate offices in North Canton, Ohio, USA and Paderborn, Germany. Visit www.DieboldNixdorf.com for more information.

Diebold Nixdorf Media Relations:
Kelly Piero

Diebold Nixdorf Investor Relations:
Steve Virostek

RAKBANK Media Relations:
Geraldine Dagher

SOURCE: Diebold Nixdorf

The Children’s Place to host Q2 2017 results conference call on Wednesday, August 9, 2017

SECAUCUS, N.J., 2017-Aug-07 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE) today (Aug. 02, 2017) announced that in conjunction with the release of its Second Quarter 2017 financial results, you are invited to listen to the Company’s conference call on Wednesday, August 9, 2017, beginning at 8:00 a.m. Eastern Time.

To access the webcast, visit http://investor.childrensplace.com. An archive of the webcast can be accessed two hours after the live call has concluded.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of April 29, 2017, the Company operated 1,033 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 156 international points of distribution open and operated by its 6 franchise partners in 18 countries.

Forward Looking Statement

This press release contains, and the above referenced conference call may contain, forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  These forward-looking statements are based upon the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 28, 2017. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Robert Vill
Group Vice President, Finance
(201) 453-6693

Source: Children’s Place, Inc./globenewswire

Commercial Bank of Ethiopia expands its ATM network with 200 new NCR SelfServ™ ATMs and NCR APTRA™ Vision

ADDIS ABABA, Ethiopia, 2017-Aug-07 — /EPR Retail News/ — NCR Corporation (NYSE: NCR), a global leader in omni-channel solutions, today (August 02, 2017) announced that Commercial Bank of Ethiopia (CBE), the largest bank in the country, is expanding its ATM network with the addition of 200 new NCR SelfServ™ ATMs together with NCR APTRA™ Vision, a multi-vendor ATM management system that offers an accurate view of the banks entire self-service network in real time.

NCR APTRA Vision helps CBE make faster business decisions and improve availability of its self-service channels by knowing exactly which ATMs require maintenance or cash replenishment, allowing them to send support staff in time to address the service needs.

“Ensuring that the new ATMs we introduce are supported by NCR’s innovative APTRA Vision software is a big step forward, as it allows us to achieve operational excellence, reduce cost and improve customer experience,” said Addis Tilaye, Director E-Payment Process, CBE. “NCR remains the undisputed market leader and we are confident this partnership will serve to strengthen our relationship further and help us not only expand our reach, but allow us to introduce world-class technologies to better serve our customers”.

NCR APTRA Vision seamlessly combines data from assisted and self-service devices, and provides CBE with incident management support and real-time access to transaction data on their self-service networks that enables CBE to be more agile and better serve customers. The addition of this software gives CBE the edge to transform operations, improve network availability, reduce operational costs and deliver exceptional customer service.

“Undisrupted services, complete control of all the banking channels and being available to customers when and where they want remains a key priority for financial institutions,” said Dimitri Kanellopoulos, channel leader for Africa at NCR Corporation. “The ability of APTRA Vision to combine and analyze granular details on every consumer transaction across all self-service devices gives CBE maximum control of all the services and payment channels, enabling them to react in seconds rather than hours.”

About NCR Corporation
NCR Corporation (NYSE: NCR) is a leader in omni-channel solutions, turning everyday interactions with businesses into exceptional experiences. With its software, hardware, and portfolio of services, NCR enables nearly 700 million transactions daily across retail, financial, travel, hospitality, telecom and technology, and small business. NCR solutions run the everyday transactions that make your life easier.

NCR is headquartered in Duluth, Ga., with over 30,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries.

Web site: www.ncr.com
Twitter: @NCRCorporation
Facebook: www.facebook.com/ncrcorp
LinkedIn: www.linkedin.com/company/ncr-corporation
YouTube: www.youtube.com/user/ncrcorporation

News Media Contacts:
Rakesh Aulaya
NCR Public Relations
+912. 261.954. 583

Source: NCR Corporation

RioCan Real Estate Investment Trust Q2 2017 results: IFRS Operating income reached $185 million; up by 8.5% from same period last year

RioCan’s HIGHLIGHTS for the three and six months ended June 30, 2017:

  • For the quarter ended June 30, 2017 (“Second Quarter”), IFRS Operating income increased to $185 million from $171 million or 8.5% in the quarter from the prior year;
  • Revenue increased 3.6% for the Second Quarter to $286 million as compared to $276 million for the second quarter of 2016;
  • Funds From Operations (“FFO”) in the Second Quarter increased 10.1% to $147 million as compared to $133 million during the second quarter of 2016, despite the sale of our discontinued U.S. operations in May 2016. On a continuing operations basis, FFO increased 25.5% to $146 million for the Second Quarter, as compared to $116 million in the second quarter of 2016;
  • Same property NOI grew by 1.9%, or $3.0 million in the Second Quarter as compared to the same period in 2016;
  • Committed occupancy continued to improve, up 160 basis points to 96.7% at June 30, 2017 as compared to 95.1% at June 30, 2016;
  • Retention rate further improved to 93.9% in the Second Quarter as compared to a retention rate of 91.6% in the same period in 2016;
  • Renewal rent increases were 4.7% in the Second Quarter as compared to renewal rent increases of 3.3% with in the same period in 2016;
  • As part of RioCan’s ongoing capital recycling program, RioCan completed the sale of its Cambie Street property in Vancouver, B.C. for $94.2 million at a 3.29% capitalization rate. RioCan also sold a portion of its marketable securities and recognized a gain of $10.3 million in the Second Quarter;
  • During the quarter, RioCan entered into two strategic residential joint ventures. One with Killam Apartment REIT for the Gloucester residential development, and the other with Concert Real Estate Corporation for the Sunnybrook Plazaredevelopment project; and
  • RioCan completed the offering of $300 million Series Z senior unsecured debentures that mature in April 2021 with a 2.194% coupon rate. RioCan also redeemed $149.5 million of the Trust’s cumulative rate reset preferred trust units Series C on June 30, 2017.

TORONTO, 2017-Aug-07 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today (08/03/2017) announced its financial results for the three and six months ended June 30, 2017.

“I am very pleased with what we have been able to accomplish in the first half of 2017. Our Canadian operations have generated very strong growth in Funds From Operations and our portfolio is performing well with occupancy levels returning to near our best of around 97%,” said Edward Sonshine Chief Executive Officer of RioCan. “We are creating substantial value in our development program, as evidenced by the quality of partners that we have been able to attract to projects such as Gloucester City Centre and Sunnybrook Plaza. Our development with Allied Properties at King and Portland is progressing very well and the office component is 93% pre-leased. These and other projects currently well underway will be solid contributors to the continued growth in Funds From Operations for RioCan.”

Financial Highlights
All figures are expressed in Canadian dollars unless otherwise noted. For further information about RioCan’s results for the three and six months ended June 30, 2017, this earnings release should be read in conjunction with our unaudited interim consolidated financial statements (“Consolidated Financial Statements”), as well as Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2017.

RioCan’s Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). Consistent with RioCan’s management framework, management uses certain financial measures to assess RioCan’s financial performance, which are not generally accepted accounting principles (GAAP) under IFRS. For full definitions of these measures, please refer to “Non-GAAP Measures” in RioCan’s June 30, 2017 Management’s Discussion and Analysis. As a result of the sale of the U.S. operations, we have reported our former U.S. geographic segment performance as “discontinued operations” with comparative income statement amounts adjusted to reflect this change, unless otherwise noted.

Continuing Operations
FFO from continuing operations increased from $116.1 million in the second quarter of 2016 to $145.7 million in the second quarter of 2017, an increase of $29.6 million or 25.5%. The $29.6 million increase in FFO from continuing operations for the quarter was primarily due to higher NOI of $13.7 million (at RioCan’s proportionate share) mainly as a result of acquisitions net of dispositions and growth in same property NOI, $10.3 million gains related to the sale of available-for-sale marketable securities, $3.5 million lower interest costs (at RioCan’s proportionate share), $2.6 million lower general and administrative expenses mainly resulting from mark to market adjustments for certain cash-settled unit-based compensation, and $1.7 million higher fee income and other income, partially offset by $1.1 million in lower dividend income on available-for-sale marketable securities $1.2 million in other costs associated with transactions that the Trust decided not to pursue further, and $0.6 million lower inventory sales net of costs.

FFO for the first half of 2017 is $289.4 million compared to $275.8 million representing an increase of approximately $13.6 million or 4.9%. On a basic per unit basis, FFO is $0.89 compared to $0.85, representing an increase of 4.2%, despite the sale of the U.S. portfolio in May 2016.

Continuing Operations
FFO from continuing operations increased from $224.8 million in the first half of 2016 to $288.7 million in the comparable period in 2017, an increase of $63.8 million or 28.4%. The $63.8 million increase in FFO from continuing operations for the period was primarily due to higher NOI of $23.1 million (at RioCan’s proportionate share) mainly as a result of acquisitions net of dispositions and growth in same property NOI, $21.8 million gains related to the sale of available-for-sale marketable securities, $7.0 million lower interest costs (at RioCan’s proportionate share), $4.8 million lower general and administrative expenses, $4.3 million Series A preferred unit redemption costs in Q1 2016, $1.6 million less Series A preferred unit distributions, $1.3 million higher interest income and $1.0 million higher property management and asset management fee income, partially offset by $1.8 million lower dividend income from the sale of available-for-sale marketable securities and $1.2 million in other costs associated with transactions that the Trust decided not to pursue further.

Other Operating Statistics

  • Renewal rents increased on average 4.7% and RioCan’s retention rate increased from 91.6% in Q2 2016 to 93.9% this quarter. The lower renewal average net rent increase in Q2 2017 in comparison to Q1 2017 is primarily due to a higher proportion of renewals with fixed rates many of which were completed with anchor tenants in secondary markets compared to renewals at market rental rates.
  • We expect to generate  $13.0 million of annualized net incremental IFRS rent once all tenants that have signed leases as of June 30, 2017 take possession of their space. Approximately 40.3% of the incremental IFRS rent relates to the leasing of former Targetspace and leasing of other tenant space in development projects expected to be completed in the second half of 2017; and
  • Consistent with RioCan’s stated strategy, its portfolio is concentrated in Canada’s six major markets (consisting of Toronto, Ottawa, Calgary, Edmonton, Montreal and Vancouver). Assets in these markets contribute approximately 75.2% of RioCan’s annualized rental revenue as at June 30, 2017 (75.5% at December 31, 2016).

Acquisitions and Dispositions

Income Producing Property Acquisitions and Dispositions
During the quarter, we completed the acquisition of one income property for $16.5 million.  During the quarter, we disposed of one income property (Cambie Street property in Vancouver, British Columbia) for sale proceeds of $94.2 million at a capitalization rate of 3.29%.

As at August 3, 2017, RioCan expects to complete the sale of a portfolio of six chartered bank branches located in British Columbia at a sale price of $30.3 million, at a capitalization rate of 3.72%, subject to customary closing conditions. There is no debt associated with these properties.

Development Property Acquisitions and Dispositions
We did not acquire any development properties during the second quarter of 2017. During the quarter, we disposed of 50% interests in the following two development properties for gross sale proceeds of $35.2 million.

  • Gloucester Residential – On April 21, 2017, RioCan and Killam Apartment REIT announced the creation of a 50/50 Joint Venture to develop a residential community at Gloucester City Centre in Ottawa, Ontario. The site has zoning approval for a total of four residential towers containing up to an aggregate of 840 units. The first phase of the development will be a 23-storey tower containing approximately 222 units. This leading edge development will maximize efficiency with the incorporation of a geothermal energy system for the building’s heating and cooling. Construction has commenced and occupancy is anticipated in mid-2019.
  • Sunnybrook Plaza – On June 14, 2017, RioCan completed the sale of a 50% interest in Sunnybrook Plaza to Concert Properties(“Concert”). RioCan and Concert plan to construct a 16-storey and 11-storey mixed use residential project. Currently, RioCan and Concert are contemplating that the residential component will be developed as rental suites.

Development Pipeline

RioCan’s development program is an important component of its long-term growth strategy and is focused on well- located urban and suburban properties in the six major markets in Canada. Often, these are properties that RioCan already owns and are located directly on, or in proximity, to major transit lines. RioCan’s development program continues to be a significant value creation driver and will secure diversification and growth for our future cash flows.

Pipeline Summary
RioCan’s overall estimated development pipeline as at June 30, 2017, represents approximately 24.1 million square feet of density (at RioCan’s interest). These projects include commercial space (office and retail), residential rental held for long-term rental income, condominiums and townhouses for sale, and density associated with air rights sales. Approximately 3.5 million square feet of net leaseable area (“NLA”) in the estimated development pipeline is existing NLA which is currently income producing, therefore the net incremental density included in the total development pipeline is estimated at 20.6 million square feet (at RioCan’s interest) as of June 30, 2017. Approximately 94.1% or 22.7 million square feet of our overall estimated development pipeline is residential or mixed-use projects.

A key milestone of the development process and in creating value for the Trust is the the zoning approval process. Of the Trust’s estimated 24.1 million square feet of development pipeline (at RioCan’s interest) 10.7 million square feet have zoning approvals, representing approximately 44.6% of total estimated NLA in the Trust’s current estimated development pipeline. In addition, the Trust has 7.1 million square feet with zoning applications submitted, representing an additional 29.4% of the Trust’s current development pipeline as of June 30, 2017.

RioCan has categorized its development pipeline into three primary components: active projects with detailed cost estimates, active projects with cost estimates in progress, and future estimated density. As of June 30, 2017, RioCan has active projects with detailed cost estimates that when complete over the next six years represent 4.4 million square feet (4.6 million square feet including Residential Inventory) with total estimated project costs of $2.2 billion, after projected proceeds from land and air rights dispositions, of which $1.1 billion of costs have been incurred to date.

The Trust will continue to fund its development pipeline through its capital recycling program and strategic development partnerships.

Completed Developments in 2017
During the Second Quarter, RioCan transferred $41.8 million in costs to income producing properties pertaining to 232,000  square feet of completed greenfield development and expansion and redevelopment projects.

Liquidity and Capital
RioCan’s debt and leverage metrics are disclosed below to help facilitate an understanding of RioCan’s leverage and its ability to service such leverage. The definitions that management uses, as well as the calculation methodology for the ratios included in the table below are described in RioCan’s Management’s Discussion and Analysis for the six months ended June 30, 2017.

The interest and debt service coverage ratios calculated at RioCan’s proportionate share for the twelve months ended June 30, 2017 improved compared to December 31, 2016 mainly due to lower interest and debt service costs as a result of the repayment of debt using the net proceeds from the U.S. sale and interest savings from mortgage refinancing, partially offset by a decrease in adjusted EBITDA mainly in connection with our U.S. property portfolio disposition.

The fixed charge coverage ratio calculated at RioCan’s proportionate share for the twelve months ended June 30, 2017 improved compared to December 31, 2016 mainly due to lower total fixed charges (interest cost plus unitholder distributions) partially offset by the same changes in adjusted EBITDA as described above.

Debt to adjusted EBITDA at RioCan’s proportionate share has decreased to 7.51x for the twelve months ended June 30, 2017 mainly as a result of lower average debt balances outstanding, partially offset by a decrease in adjusted EBITDA mainly in connection with our U.S. property portfolio disposition in the second quarter of 2016.

Our leverage ratio at RioCan’s proportionate share increased from 40.0% at December 31, 2016 to 41.5% at June 30, 2017 primarily due to the payment of U.S. taxes that have been accrued in 2016, relating to the sale of our U.S. portfolio in 2016, as well as redemption of the Trust’s Series C preferred trust units on June 30, 2017. We expect our total debt to total asset ratio to fluctuate between 38% to approximately 42%. Over the next 12 to 18 months, we expect this ratio to rise toward the higher end of this range.

The percentage NOI generated from unencumbered assets has improved from 49.5% to 52.6% as we continued to unencumber assets during the first half of 2017. The unencumbered assets to unsecured debt ratio, however, decreased from 240% to 231% this period as the increase in our unsecured debt of $333 million, partially driven by tax payments relating to the U.S. portfolio sale and redemption of the Trust’s Series C preferred units, outpaced the $503 million increase in unencumbered assets on a relative basis.  Overall, we are still well over our 200% target.

Selected Financial Information
The following includes financial information prepared by management in accordance with IFRS and based on the Trust’s Consolidated Financial Statements for the period ended June 30, 2017. This financial information does not contain all disclosures required by IFRS, and accordingly should be read in conjunction with the Trust’s Consolidated Financial Statements and MD&A for the period ended June 30, 2017, which is available on RioCan’s website and on SEDAR.

Conference Call and Webcast
Interested parties are invited to participate in a conference call with management on Friday, August 4, 2017 at 8:30 a.m. Eastern time. You will be required to identify yourself and the organization on whose behalf you are participating.

In order to participate, please dial 647-427-3230 or 1-877-486-4304. If you cannot participate in the live mode, a replay will be available. To access the replay, please dial 1-855-859-2056 and enter passcode 47045117#.

Alternatively, to access the simultaneous webcast, go to the following link on RioCan’s website http://investor.riocan.com/investor-relations/events-and-presentations/events/ and click on the link for the webcast. The webcast will be archived 24 hours after the end of the conference call and can be accessed for 120 days.

About RioCan
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $13.9 billion as at June 30, 2017. RioCan owns and manages Canada’s largest retail focused portfolio with ownership interests in 299 retail and mixed-use properties, including 15 properties under development, containing an aggregate net leasable area of 45 million square feet. For the past 25 years, we have shaped the future, sensibly cultivated growth, and taken our stakeholders and partners wherever they needed to go. Currently, we have more than 6,350 retail tenants and approximately 660 employees with a presence from coast to coast. We know that there is a home for every retailer. Whether we find it today or build it for tomorrow, we deliver real vision, solid ground. For more information, visit www.riocan.com.

Non-GAAP Measures
RioCan’s consolidated financial statements are prepared in accordance with IFRS. Consistent with RioCan’s management framework, management uses certain financial measures to assess RioCan’s financial performance, which are not generally accepted accounting principles (GAAP) under IFRS. The following measures, RioCan’s Interest, RioCan’s Proportionate Share, Funds From Operations (“FFO”), Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Interest Coverage Ratio, Debt Service Coverage Ratio, Debt to Adjusted EBITDA, Net Operating Income (“NOI”), Same Property NOI, Fixed Charge Coverage, Percentage of NOI Generated from Unencumbered Assets, Unencumbered Assets to Unsecured Debt, and Total Enterprise Value, as well as other measures discussed elsewhere in this release, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers. RioCan supplements its IFRS measures with these non-GAAP measures to aid in assessing the Trust’s underlying performance and reports these additional measures so that investors may do the same. Non- GAAP measures should not be considered as alternatives to net earnings or comparable metrics determined in accordance with IFRS as indicators of RioCan’s performance, liquidity, cash flow, and profitability. For a full definition of these measures, please refer to the “Non-GAAP Measures” in RioCan’s Management Discussion and Analysis for the period ending June 30, 2017.

Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable Canadian securities laws. This information includes, but is not limited to, statements made in “Financial Highlights”, “Operational Performance”, “Acquisitions and Dispositions”, “Development Pipeline Summary”, Liquidity and Capital” and other statements concerning RioCan’s objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements.

Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described under “Risks and Uncertainties” in RioCan’s Management’s Discussion and Analysis for the period ended June 30, 2017 (“MD&A”), which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Those risks and uncertainties include, but are not limited to, those related to: liquidity and general market conditions; tenant concentrations and related risk of bankruptcy or restructuring (and the terms of any bankruptcy or restructuring proceeding), occupancy levels and defaults, including the failure to fulfill contractual obligations by the tenant or a related party thereof; lease renewals and rental increases; the ability to re-lease and find new tenants for vacant space; retailer competition; changes in Ontario’s rent control legislation; access to debt and equity capital; interest rate and financing risk; joint ventures and partnerships; the relative illiquidity of real property; unexpected costs or liabilities related to acquisitions and dispositions; development risk associated with construction commitments, project costs and related approvals; environmental matters; litigation; reliance on key personnel; unitholder liability; income, sales and land transfer taxes; and credit ratings.

RioCan currently qualifies as a real estate investment trust for Canadian tax purposes and intends to qualify for future years. The Income Tax Act (Canada) contains provisions which potentially impose tax on publicly traded trusts that qualify as specified investment flow-through entities (the SIFT Provisions). However, the SIFT Provisions do not impose tax on a publicly traded trust which qualifies as a REIT. Should RioCan no longer qualify as a Canadian REIT under the SIFT Provisions, certain statements contained in this News Release may need to be modified. RioCan is still subject to Canadian tax in its incorporated Canadian subsidiaries.

Our U.S. subsidiary qualified as a REIT for U.S. income tax purposes up to May 25, 2016, subsequent to the closing date of the sale of our U.S. property portfolio. For U.S. income tax purposes, the subsidiary distributed all of its U.S. taxable income and is entitled to deduct such distributions against its taxable income. The subsidiary’s qualification as a REIT depends on the REIT’s satisfaction of certain asset, income, organizational, distribution, unitholder ownership and other requirements up until May 25, 2016. Our U.S. subsidiary was subject to a 30% or 35% withholding tax on distributions of its U.S. taxable income to Canada. We do not intend to distribute any withholding taxes paid or payable to our unitholders related to the disposition. Should RioCan’s U.S. subsidiary no longer qualify as a U.S. REIT for U.S. tax purposes prior to May 25th, 2016, certain statements contained in this MD&A may need to be modified.

Other factors, such as general economic conditions, including interest rate fluctuations, may also have an effect on RioCan’s results of operations. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; relatively low and stable interest costs; a continuing trend toward land use intensification, including residential development in urban markets; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; and the availability of investment opportunities for growth in Canada. For a description of additional risks that could cause actual results to materially differ from management’s current expectations, see “Risks and Uncertainties” in RioCan’s MD&A for the period ended June 30, 2017, and in “Risks and Uncertainties” in RioCan’s most recent Annual Information Form. Although the forward- looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. Certain statements included in this News Release may be considered “financial outlook” for purposes of applicable Canadian securities laws, and as such the financial outlook may not be appropriate for purposes other than this News Release. The forward-looking information contained in this News Release is made as of the date of this News Release , and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release.

Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward- looking information, whether as a result of new information, future events or otherwise.

Contact Information:
RioCan Real Estate Investment Trust
Qi Tang
Senior Vice President and Chief Financial Officer

Source: RioCan Real Estate Investment Trust