Category Archives: Asset Inventory

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RCH Group Cements its International Reach

RCH Group’s New German Headquarters for international strategy and market-specific TSE compliance

New German Headquarters for international strategy and market-specific TSE compliance

TREVISO, Italy, 2020-Jul-29 — /EPR Retail News/ — RCH Group SpA, leading provider of retail and restaurant POS solutions, announces the launch of RCH Germany based in Saarbrucken, Saarland Lander. Expanding upon the existing presence of RCH in the international markets, this new base will augment RCH’s operations in the German and Austrian Countries, as well as beyond.

RCH Group designs, manufactures and sells telematic recorders, fiscal printers, and POS (Point of Sale) hardware and software. Their products, all designed in Italy, are recognised in several markets for their advanced technology, intelligent design and ease of use.

As RCH continues to expand, they are committed to being able to provide country-specific support to regions where they are securing increasingly significant market share. Germany constitutes one such market – particularly in light of RCH’s growing provision of solutions which meet the recently implemented TSE fiscal reporting legislation. More than merely serving the German market though, the expansion of RCH in Germany is a step towards strengthening and growing the company’s customer portfolio across the continent.

By opening a new headquarters in Saarbrucken, RCH is able to keep its finger even closer to the pulse of market needs; particularly in the field of catering, restaurants and food and beverage service. RCH’s product offerings in this field help to not only ensure that businesses are TSE compliant, but also offer a host of benefits which can bring genuine competitive advantages to their users; providing levels of data analysis capable of completely revolutionising the entire supply chain process: from menu design and purchase, to stock control, Customer Relationship Management (CRM), full financial/tax compliance, and beyond.

This means that because of the exceptional value offered by RCH products, even small, single unit businesses can benefit from levels of commercial insight previously only available to large scale operations. However, by virtue of its cloud-based approach to information management and third party integrability, RCH systems are also ideal for coordinating the activities of large-scale, multi-outlet restaurants and retail businesses. RCH products are truly capable of catering to the full spectrum of operators.

“This is an exciting time for RCH Group and marks an important milestone for our company as we further expand our presence in the heart of Europe,” says Stefano De Pra, CEO of the company. “The German market is particularly suited to the nature of RCH products, which places a focus not only on technological innovation and intuitive user experience, but also pays heavy attention to solidity, style and aesthetics”.

This expansion has been possible due to the exceptional performance that RCH secured in the period of 2019-2020, seeing the launch of a number of new products across a range of new geographical markets, as well as the formation of a collaboration with Jeunes Restaurateurs d’Europe (JRE) – whose slogan of ‘endless passion’ echoes the mindset of RCH themselves.

This growing demand for RCH products and their increased recognition in the industry, combined with the need for centralized operations to manage all regional distribution and after-sales technical support, led RCH to choose Germany as a complimentary operational and strategic base to its existing offices in Treviso.

More information about RCH Group and RCH Germany is available at http://www.rch-group.com and http://www.rch-europe.de

About RCH Group

The RCH Group of companies offers advanced point of sale systems for the retail, food and beverage, entertainment, hospitality and franchising markets.The Group’s innovative products include cash registers, automatic cash desks and cloud-based back office services.

Founded in 1969, RCH Group has grown into a global organization, comprising of several companies with a presence in 40 countries worldwide. It is renowned for its successful combination of advanced product engineering with distinctive design. Headquartered in Northern Italy, RCH Group has operational offices in Austria, Vietnam, China, and Asia, as well as a vast network of partner resellers.

RCH Contact:

Nicola Cassoli

Director Marketing & Sales Italy

T. +39 0422365255

E. n.cassoli@rch.it

RCH Germany Contact:

info@rch-europe.de

T.+49 0681 9677 8752

Press Contact:

Fiorenza Mella

Xpresso Communications              

T. +31 715238210

E.: fiorenza@xpressocommunications.com

Logo:

RCH logo

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RCH Group at EuroCIS: Convenience, personalisation, and speed of transaction key for customer satisfaction in retail

ITALY, 2018-Feb-06 — /EPR Retail News/ — Technology plays a crucial role in the modern world of retail, affecting all areas of the sales cycle from inventory management right through to pricing and customer experience. EuroCIS is the leading trade fair for the retail technology sector, taking place in Dusseldorf, Germany from February 27th to March 1st, 2018.

RCH Group SpA is once again taking the opportunity provided by EuroCIS to demonstrate how it is responding to the requirements of this fast-paced digital era. Visitors to Hall 10, Stand E59 will view a range of hardware and software solutions based on decades of technological research and innovation. Each solution caters specifically to one or more points in the sales cycle.

“Convenience, personalisation, and speed of transaction are key success factors for customer satisfaction in retail,” states Michele Stecca, Director of Exports at RCH Group. “In our digital world, consumers expect multichannel sales points where they can decide if they want to shop online or physically instore via a self-service kiosk or with a cashier. Intelligent technology that can merge the old with the new, offline with online, providing tools to monitor and manage all aspects of the sales cycle will allow retailers to deliver a fast, convenient and personalised shopping experience while retaining customer loyalty.”

RCH’s products are conceived to be at the centre of the point of sale. Smart on the inside, each product has a distinguished and modern design made in Italy. An RCH product is characterised by its perfect combination of elegance with the simplicity of functionality.

More information about RCH Group is available at http://www.rch-europe.com/ Further information about DATA4 and its products is available at http://www.data4.it/?lang=en

SOURCE: EuropaWire

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Cabela’s enters into agreements with Synovus Financial Corp and Capital One for the sale of assets and liabilities of World’s Foremost Bank

  • Synovus Bank to Acquire Assets and Deposits of World’s Foremost Bank; Capital One to Acquire Credit Card Assets and Related Liabilities and Become Long-term Cabela’s Credit Card Issuing Partner
  • Cabela’s Shareholders to Receive $61.50 Per Share Under Amended Bass Pro Shops Merger Agreement
  • Transaction Expected to Close in Third Quarter of 2017 Subject to Cabela’s Shareholder Approval, Regulatory Approvals and Customary Closing Conditions

SIDNEY, Neb, 2017-Apr-19 — /EPR Retail News/ — Cabela’s Incorporated (NYSE:CAB) today (Apr. 17, 2017) announced that it has entered into agreements with subsidiaries of Synovus Financial Corp.(NYSE:SNV) and Capital One Financial Corporation (NYSE:COF) (“Capital One”) (the “Bank Transaction Agreements”) in connection with the sale of the assets and liabilities of Cabela’s wholly owned bank subsidiary, World’s Foremost Bank (the “Bank”).

Under the terms of the Bank Transaction Agreements, Synovus Bank (“Synovus”), a bank subsidiary of Synovus Financial Corp., a financial services company based in Columbus, Georgia, with approximately $30 billion in assets, will acquire certain assets and assume certain liabilities of the Bank, including deposits totaling approximately $1.2 billion. Following the completion of the sale of the Bank’s assets and liabilities, Synovus will sell the Bank’s credit card assets and related liabilities to Capital One. Synovus will retain the Bank’s deposits.

As originally announced, Capital One will be the exclusive issuing partner of Cabela’s branded CLUB Visa program pursuant to a 10-year program agreement. Capital One intends to continue to operate the Cabela’s CLUB servicing center in Lincoln, Nebraska.

Cabela’s also announced that it has amended the terms of the definitive merger agreement signed on October 3, 2016, under which Bass Pro Shops will acquire Cabela’s (the “Amended Merger Agreement”). Under the Amended Merger Agreement, Bass Pro Shops will acquire Cabela’s for $61.50per share in cash, representing an aggregate transaction value of approximately $5.0 billion. Cabela’s Board of Directors unanimously approved the transaction, which is expected to close in the third quarter of 2017, subject to Cabela’s shareholder approval, regulatory approvals and other customary closing conditions. Additional detail about the Amended Merger Agreement can be found in the Form 8-K that Cabela’s will file with the Securities and Exchange Commission.

“We’re excited to announce this agreement, which allows us to look ahead with greater certainty toward the completion of our merger with Bass Pro Shops and offers a positive step forward for all parties,” said Tommy Millner, Cabela’s Chief Executive Officer. “We look forward to completing these transactions for the benefit of our shareholders, Outfitters and outdoor enthusiasts.”

Johnny Morris, founder and CEO of Bass Pro Shops said, “We remain excited about the exceptional opportunity we have to continue to serve sportsmen and sportswomen by bringing together Cabela’s, Bass Pro Shops and White River Marine Group. Today’s announcement is an important step forward and we are excited about the opportunity to continue celebrating the great Cabela’s brand with ours as one unified outdoor family for our customers and for conservation.”

The Bass Pro Shops merger remains subject to approval by Cabela’s shareholders, as well as antitrust clearance and other customary closing conditions. The Bank transaction is subject to regulatory approvals by Synovus’s primary bank regulators and other customary closing conditions. The Bank transaction will close immediately prior to the closing of the Bass Pro Shops merger.

Guggenheim Securities served as exclusive financial advisor to Cabela’s and Sidley Austin LLP and Koley Jessen P.C., L.L.O. served as Cabela’s legal counsel with expert advice from Sullivan & Cromwell LLP.

The Kessler Group and Credit Suisse acted as financial advisers to Capital One and Wachtell, Lipton, Rosen & Katz and Chapman and Cutler acted as legal advisers.

About Cabela’s Incorporated

Cabela’s Incorporated, headquartered in Sidney, Nebraska, is a leading specialty omni-channel retailer of hunting, fishing, camping, shooting sports, and related outdoor merchandise. Since the Company’s founding in 1961, Cabela’s® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World’s Foremost Outfitter®. Cabela’s offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela’s also issues the Cabela’s CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela’s stock is traded on the New York Stock Exchange under the symbol “CAB”.

About Bass Pro Shops

Bass Pro Shops is a leading destination retailer offering outdoor gear and apparel in an immersive setting. Founded in 1972 when avid young angler Johnny Morris began selling tackle out of his father’s liquor store in Springfield, Missouri, today more than 100 retail and marine centers host 120 million people annually. Bass Pro Shops also operates White River Marine Group, offering an unsurpassed collection of industry-leading boat brands, and Big Cedar Lodge, America’s Premier Wilderness Resort. Under the visionary conservation leadership of Johnny Morris, Bass Pro Shops is known as a national leader in protecting habitat and introducing families to the outdoors and has been named by Forbes as “one of America’s Best Employers.”

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $236.8 billion in deposits and $357.0 billion in total assets as of December 31, 2016. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

About Synovus

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $30 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services to customers through 28 locally-branded divisions, 248 branches, and 327 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, was recognized as one of America’s Most Reputable Banks by American Banker and the Reputation Institute in 2016 and 2015, and was named “Best Regional Bank, Southeast” by MONEYMagazine for 2016-17. Synovus is on the web at synovus.com, on Twitter @synovus, and on LinkedIn at http://linkedin.com/company/synovus.

ADDITIONAL INFORMATION REGARDING THE TRANSACTION AND WHERE TO FIND IT

This communication does not constitute an offer to sell or the solicitation of an offer to buy the securities of Cabela’s Incorporated (the “Company”) or the solicitation of any vote or approval. This communication is being made in respect of the proposed merger transaction involving the Company, Bass Pro Group, LLC (“Bass Pro Group”) and a wholly-owned subsidiary of Bass Pro Group. The proposed merger of the Company will be submitted to the stockholders of the Company for their consideration. In connection therewith, the Company intends to file relevant materials with the Securities and Exchange Commission (the “SEC”), including a definitive proxy statement regarding the proposed merger. However, such documents are not currently available. The definitive proxy statement regarding the proposed merger will be mailed to the stockholders of the Company. BEFORE MAKING ANY VOTING OR ANY INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT REGARDING THE PROPOSED MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain free copies of the definitive proxy statement, any amendments or supplements thereto and other documents containing important information about the Company, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by the Company will be available free of charge on the Company’s website at www.cabelas.com under the heading “SEC Filings” in the “Investor Relations” portion of the Company’s website. Stockholders of the Company may also obtain a free copy of the definitive proxy statement regarding the proposed merger and any filings with the SEC that are incorporated by reference in such definitive proxy statement by contacting the Company’s Investor Relations Department at (308) 255-7428.

PARTICIPANTS IN THE SOLICITATION

The Company and its directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information about the directors and executive officers of the Company is set forth in its definitive proxy statement for its 2016 Annual Meeting of Stockholders, which was filed with the SEC on November 17, 2016, and in subsequent documents filed with the SEC, each of which can be obtained free of charge from the sources indicated above. Other information regarding the participants in the proxy solicitation of the stockholders of the Company and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the preliminary and definitive proxy statements and other relevant materials to be filed with the SEC when they become available.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains “forward-looking statements” that are based on the Company’s beliefs, assumptions, and expectations of future events, taking into account the information currently available to the Company. All statements other than statements of current or historical fact contained in this report are forward-looking statements. The words “believe,” “may,” “should,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “plan,” “confident,” and similar statements are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause the Company’s actual results, performance, or financial condition to differ materially from the expectations of future results, performance, or financial condition the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the satisfaction of the conditions precedent to the consummation of the proposed merger, including, without limitation, the receipt of stockholder and regulatory approvals; unanticipated difficulties or expenditures relating to the proposed merger; legal proceedings, judgments or settlements, including those that may be instituted against the Company, the Company’s board of directors, executive officers and others following the announcement of the proposed merger; disruptions of current plans and operations caused by the announcement and pendency of the proposed merger; potential difficulties in employee retention due to the announcement and pendency of the proposed merger; the response of customers, suppliers, business partners and regulators to the announcement of the proposed merger; the state of the economy and the level of discretionary consumer spending, including changes in consumer preferences, demand for firearms and ammunition, and demographic trends; adverse changes in the capital and credit markets or the availability of capital and credit; the Company’s ability to successfully execute the Company’s omni-channel strategy; increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; the cost of the Company’s products, including increases in fuel prices; the availability of the Company’s products due to political or financial instability in countries where the goods the Company sells are manufactured; supply and delivery shortages or interruptions, and other interruptions or disruptions to the Company’s systems, processes, or controls, caused by system changes or other factors; increased or adverse government regulations, including regulations relating to firearms and ammunition; the Company’s ability to protect the Company’s brand, intellectual property, and reputation; the Company’s ability to prevent cybersecurity breaches and mitigate cybersecurity risks; the outcome of litigation, administrative, and/or regulatory matters (including the ongoing audits by tax authorities and compliance examinations by the Federal Deposit Insurance Corporation (“FDIC”)); the Company’s ability to manage credit, liquidity, interest rate, operational, legal, regulatory capital, and compliance risks; the Company’s ability to increase credit card receivables while managing credit quality; the Company’s ability to securitize the Company’s credit card receivables at acceptable rates or access the deposits market at acceptable rates; the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry; and other risks, relevant factors, and uncertainties identified in the Company’s filings with the Securities and Exchange Commission (“SEC”) (including the information set forth in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and in subsequent filings), which filings are available at the SEC’s website at www.sec.gov. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company’s forward-looking statements speak only as of the date of this document. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

Media Contact:
For Cabela’s
Cabela’s Incorporated
Corporate Communications
308-255-1204
Media.Communications@cabelas.com

Joele Frank, Wilkinson Brimmer Katcher
Michael Freitag / Scott Bisang, 212-355-4449
Jed Repko / Joe Millsap, 415-869-3950

For Capital One
Sie Soheili
703-720-3929
Sie.Soheili@capitalone.com

For Bass Pro Shops
Bass Pro Shops Media Center
417-873-4567
press@basspro.com

Sard Verbinnen & Co
Bryan Locke / Debbie Miller / Jacob Crows, 312-895-4700

For Synovus
Lee Underwood
706-644-0528

Investors Contact:
Cabela’s Incorporated
Andrew Weingardt
308-255-7428

Capital One
Danielle Dietz
703-720-2455
Danielle.Dietz@capitalone.com

Synovus Financial Corp.
Bob May
706-649-3555

Source: Cabela’s Incorporated

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Hudson’s Bay Company closes amendment to its asset-based revolving credit facility to increases total capacity by $350 million

TORONTO & NEW YORK, 2017-Feb-08 — /EPR Retail News/ — Hudson’s Bay Company (“HBC” or the “Company”) (TSX: HBC) is pleased to announce the closing of an amendment to its asset-based revolving credit facility (“Global ABL”) that increases its total capacity by $350 million to a total of $2.25 billion. Of this $350 million increase, $100 million is allocated to financing the working capital requirements and other general corporate purposes of the Company’s operations in the Netherlands. All other terms remain substantially the same.

Paul Beesley, Chief Financial Officer, HBC commented, “This amendment to our Global ABL provides additional financial flexibility to HBC. Our solid capital structure is supported by long term mortgages on our 5th Avenue flagships, and we are pleased to strengthen our balance sheet even further with this amendment. As we open our first Hudson’s Bay stores in the Netherlands later this year, we will be able to rely on this facility to help finance our inventory and other working capital requirements associated with the entry into this market.”

The Global ABL allows HBC to use its inventory and accounts receivable as collateral to finance working capital requirements, capital expenditures and other general corporate purposes. The $2.25 billion facility has a maturity date of February 5, 2021 with key terms that are consistent with the initial Global ABL facility closed in February of 2016. Interest rates on this facility range between LIBOR+125 to LIBOR+175. At the end of Fiscal 2016, January 28, 2017, there was a total of $330 million outstanding borrowings on the Global ABL, as compared to $939 million at the end of the third quarter, October 29, 2016.

About Hudson’s Bay Company

Hudson’s Bay Company is one of the fastest-growing department store retailers in the world, based on its successful formula of growing through acquisitions, driving the performance of high quality stores and their all-channel offerings and unlocking the value of real estate holdings. Founded in 1670, HBC is the oldest company in North America. HBC’s portfolio today includes ten banners, in formats ranging from luxury to premium department stores to off price fashion shopping destinations, with more than 480 stores and 66,000 employees around the world.

In North America, HBC’s leading banners include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, and Saks OFF 5TH, along with Home Outfitters. In Europe, its banners include GALERIA Kaufhof, the largest department store group in Germany, Belgium’s only department store group Galeria INNO, as well as Sportarena.

HBC has significant investments in real estate joint ventures. It has partnered with Simon Property Group Inc. in the HBS Global Properties Joint Venture, which owns properties in the United States and Germany. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture.

Forward-Looking Statements

Certain statements made in this news release are forward-looking within the meaning of applicable securities laws, including, among others, with respect to the amended Global ABL helping, among

other things, to finance HBC’s working capital requirements, capital expenditures and other general corporate purposes as it opens its first Hudson’s Bay stores in the Netherlands, and providing additional financial flexibility and further strengthening HBC’s balance sheet. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms or variations of them or similar terminology.

Although HBC believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking statements for a variety of reasons. Some of the factors – many of which are beyond the Company’s control and the effects of which can be difficult to predict – include, among others: ability to execute retailing growth strategies, ability to achieve comparable sales growth, changing consumer preferences, marketing and advertising program success, damage to brands, dependence on vendors, ability to realize synergies and growth from strategic acquisitions, ability to make successful acquisitions and investments, successful inventory management, and other risks inherent to the Company’s business and/or factors beyond the Company’s control which could have a material adverse effect on the Company.

HBC cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause HBC’s actual results to differ from current expectations, please refer to the “Risk Factors” section of HBC’s annual information form dated April 28, 2016, as well as HBC’s other public filings, available at www.sedar.com and at www.hbc.com.

The forward-looking statements contained in this news release describe HBC’s expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, HBC does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

INVESTOR RELATIONS:
Kathleen de Guzman
646-802-7070
kathleen.deguzman@hbc.com

Elliot Grundmanis
646-802 2469
elliot.grundmanis@hbc.com

MEDIA CONTACTS:
Andrew Blecher
646-802-4030
andrew.blecher@hbc.com

Source: Hudson’s Bay Company

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U.S.Green certified buildings now represents 40.2 percent according to third annual Green Building Adoption Index study

Los Angeles, 2016-Oct-13 — /EPR Retail News/ — Institutional owners of office buildings continued to pursue green building certifications in the 30 largest U.S. markets during 2015. Continuing an upward trend over the past decade, green certifications are now held by 11.8 percent of all surveyed buildings, representing 40.2 percent of all office space. Both figures are slightly above last year’s results, according to the third annual Green Building Adoption Index study by CBRE Group, Inc. and Maastricht University. “Green” office buildings in the U.S. are defined as those that hold either an EPA ENERGY STAR label, USGBC LEED certification or both.

After placing second on the Green Building Adoption Index the two prior years, the San Francisco market claimed the top spot with 73.7 percent of its space qualified as green certified. Chicago claimed the second spot, narrowly trailing the leader at 72.3 percent and Minneapolis fell from the top into third spot at 60.6 percent. Houston, Atlanta and Los Angeles all also achieved more than 50 percent green certification in their office markets.

“While the rate of growth in ‘green’ buildings has slowed modestly, our latest study underscores that in most major markets, sustainable office space has become the ‘new normal,’” said David Pogue, CBRE’s Global Director of Corporate Responsibility.

The overall results of the study do show that the while the uptake of green building practices in the 30 largest U.S. cities continues to be significant, the rate of adoption is slowing. In 2014 the total sq. ft. of green office space in the top 30 markets was 39.3 percent compared to the latest rate of 40.2 percent.

“This likely reflects the fact that only a certain fraction of the building stock can obtain a green or energy-efficiency certification,” said Dr. Nils Kok, associate professor in Finance and Real Estate, Maastricht University (NL). “Additionally, we believe that some buildings that were previously certified did not renew their certification in 2015. This does not necessarily mean that the energy use of these buildings has changed, but that some owners and managers may choose not to spend the time or expense to reapply for certification every year.”

A new feature of the 2015 study is a geographic mapping platform that highlights the name, location and details of the specific green certification for each building in all 30 markets.

Executed in close collaboration with the U.S. Green Building Council (USGBC) and CBRE Research, this is the third release of the annual Green Building Adoption Index. Based on a rigorous methodology, the Index shows the growth of ENERGY STAR- and LEED-certified space for the 30 largest U.S. office markets, both in aggregate and in individual markets, over the previous 10 years. View the study’s findings HERE.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue).  The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide.  CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

MEDIA CONTACT:
Robert McGrath
Senior Director, Global Media Relations
+1 212 9848267

Source:  CBRE Group, Inc.

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CBRE: Availability of U.S. industrial space declined by 20 bps to 8.4 percent in the third quarter from the second

Los Angeles, 2016-Oct-13 — /EPR Retail News/ — The U.S. industrial-property market continued its record run of improvement in the third quarter, given that availability of industrial space declined for the 26th consecutive quarter, according to the latest analysis from CBRE Group, Inc.

Availability of industrial space across markets tracked by CBRE declined by 20 basis points (bps) to 8.4 percent in the third quarter from the second, extending the longest stretch of consecutive quarterly declines since CBRE began tracking the figures in 1989. Forty-five markets registered declines in availability in the quarter, and 10 reported increases likely due to completion of new buildings.

The industrial market continues to draw momentum from e-commerce, as hefty flows of goods stream into the U.S., the world’s largest consumer economy, and online sales claim a steadily growing portion of overall retail sales. Industrial users in turn have embarked on a supply-chain arms race of sorts by adding more distribution space, be it for big-box distribution centers, last-mile facilities nearest population centers or reverse-logistics facilities to handle returns.

“The industrial market is running full-throttle,” said Jeffrey Havsy, CBRE’s Chief Economist in the Americas. “The pace of demand has been running nearly double that of supply, and vacancy continues to decline in big chunks. Demand is being driven by strong growth in e-commerce, a healthy auto industry and some re-shoring of certain types of manufacturing.”

Among the markets that showed the largest year-over-year declines in availability in the third quarter are Memphis (down 260 bps), Detroit (down 250), New York City (down 240), Tampa (down 200), Boston (down 180) and Philadelphia (150). Those that registered increases in availability, often due to new construction, include Denver, Houston, Cincinnati and California’s Riverside market.

Availability as referenced by CBRE encompasses all space available for lease, including space currently occupied but otherwise listed for use by other tenants. This is in contrast to vacancy, which denotes only empty space. Several markets now are posting their lowest availability in decades, including Memphis, Los Angeles, Pittsburgh, Raleigh, South Central Pennsylvania and Orange County, Calif.

CBRE expects the nationwide decline in availability of industrial space to eventually slow or reverse as new buildings are completed and begin to narrow the gap between demand and supply. That often benefits users by providing more options for space to lease and tempering lease-rate increases. CBRE anticipates that developers in the U.S. will deliver 173 million square feet of industrial space in 2016 and 172 million in 2017 after delivering 158 million in 2015.

“The industrial market is forecast to remain healthy for the next several quarters as the fundamentals move closer to equilibrium,” Mr. Havsy said.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue).  The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide.  CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

MEDIA CONTACT:
Robert McGrath
Senior Director, Global Media Relations
+1 212 9848267

Source:  CBRE Group, Inc.

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Equity One provides preliminary property assessment on its Florida portfolio following Hurricane Matthew

New York, NY, 2016-Oct-10 — /EPR Retail News/ — Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, provided a preliminary property assessment of the impact that Hurricane Matthew had on its Florida portfolio. The company noted that, based on its initial assessment, it does not appear that any of the properties within this portfolio sustained any material damage. A final determination will be made as soon as possible and will require more intensive inspections, but the initial reports indicate that no material damage was sustained at this time.

ABOUT EQUITY ONE, INC.

As of June 30, 2016, the company’s portfolio comprised 122 properties, including 97 retail properties and five nonretail properties totaling approximately 12.2 million square feet of gross leasable area, or GLA, 14 development or redevelopment properties with approximately 2.9 million square feet of GLA, and six land parcels. As of June 30, 2016, the company’s retail occupancy excluding developments and redevelopments was 96.3% and included national, regional and local tenants. Additionally, the company had joint venture interests in six retail properties and two office buildings totaling approximately 1.4 million square feet of GLA. To be included in the company’s e-mail distributions for press releases and other company notices, please click here or send contact details to Investor Relations at investorrelations@equityone.com

Contact:

Equity One, Inc.
410 Park Avenue, Suite 1220
New York, NY 10022
212-796-1760

For additional information:
Matthew Ostrower
EVP and Chief Financial Officer

Source: EQUITY ONE, INC.

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Key historical data released on the financial results of Ahold Delhaize post their merger

Zaandam, the Netherlands, 2016-Oct-08 — /EPR Retail News/ — Ahold Delhaize today (October 6, 2016 ) published pro forma combined financial information following the merger between Ahold and Delhaize Group which was completed on July 23, 2016.

The unaudited pro forma information includes key historical data on the results of Ahold Delhaize and provides a comparative basis to facilitate assessment of the current performance of the combined company for illustrative purposes. The information, which may be subject to change, is presented in a format that is aligned with Ahold Delhaize’s future reporting structure and reporting segments.

The pro forma key historical data has been prepared assuming the merger became effective on the first day of Ahold’s 2015 financial year. Delhaize Group’s assets and liabilities have been accounted for at fair value, in accordance with IFRS 3, and calculated on the basis of values/data established on the date of merger completion, i.e. July 23, 2016. No adjustments were made for the difference in number of weeks per quarter. The reporting calendar will be aligned to 13 week quarters for all segments as of the first quarter of 2017.

The following main adjustments to the combined historical data were made to arrive at the pro forma information:

• Exclusion of the performance of remedy stores and other divestments
• Exclusion of merger transaction costs
• Inclusion of Purchase Price Allocation effects on Delhaize assets and liabilities, impacting depreciation and amortization, net interest expense and rent
• Alignment of Global Support Office functions and related costs
• Alignment of foreign exchange rates for consolidation of foreign group entities

Following provisional fair value adjustments were made to the Delhaize balance sheet:

• Property, Plant and Equipment increased by €0.8 billion
• Goodwill & non-amortizable intangibles increased by €5.2 billion, which includes €2.4 billion allocated to Ahold banners
• Other intangible assets increased by €0.9 billion
• Net debt increased by €0.7 billion to €2.7 billion

Media Contacts:

Email: media.relations@aholddelhaize.com
Phone: +31 88 659 9111

Source: Ahold Delhaize Group

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SPAR Russia reports 19% growth in sales last year

AMSTERDAM, The Netherlands, 2016-Aug-27 — /EPR Retail News/ — SPAR Russia showed remarkable resilience last year, achieving an overall growth in sales of 19% which was above industry average in the market. The continued development has seen the expansion of the brand into new territories as well as the introduction of a wider range of formats as the brand becomes well known to consumers.

The focus of our SPAR Russia Partners on improving the efficiency of the retail business, broadening the overall in store offer and ensuring great customer service has driven this growth.

A total of 12 SPAR Partners operate the brand in Russia, spanning the country from St. Petersburg in the Northwest to Irkutsk in Southeastern Siberia. All together, SPAR Partners in Russia opened 75 new stores last year – adding to the total of 420 SPAR stores with a combined sales area of 294,740 m2.

Furthermore, SPAR Russia has given a lot of attention to the development of its Own Brand ranges – achieving 61% growth in sales of Own Brand products last year. Currently, SPAR Partners in Russia operate a combination of SPAR Express, SPAR, EUROSPAR and INTERSPAR stores, with each region opening formats most suited to their market. SPAR Middle Volga and SPAR Kaliningrad for instance have been developing EUROSPAR alongside their modern SPAR Supermarkets, offering a wider range of fresh foods, restaurant quality Food-to-Go offerings and other innovations.

“We are confident in the continued growth of SPAR in Russia,” says SPAR Russia Managing Director, Sergey Loktev. “SPAR is very attractive to regional retailers – they feel the spirit of cooperation and appreciate the free exchange of knowledge and expertise between the partners – this is SPAR’s greatest advantage and it’s what makes us all grow and move forward.”

Watch this video of Sergey Loktev speaking about SPAR Russia’s 2015 results contained within the overall global reporting about SPAR.

Contact:

Telephone: +31 20 626 6749
Email: info@spar-international.com

###

SPAR Russia reports 19% growth in sales last year
SPAR Russia reports 19% growth in sales last year

 

Source: Spar International

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Ulta Beauty announces 2Q and 1H FY2016 financial results

BOLINGBROOK, Ill, 2016-Aug-27 — /EPR Retail News/ — Ulta Beauty (NASDAQ:ULTA) today (Aug. 25, 2016) announced financial results for the thirteen week period (“Second Quarter”) and twenty-six week period (“First Six Months”) ended July 30, 2016, which compares to the same periods ended August 1, 2015.

“The Ulta Beauty team achieved another quarter of excellent top and bottom line performance, while making significant progress on many elements of our growth strategy,” said Mary Dillon, Chief Executive Officer. “Our second quarter results reflect a strong pipeline of newness and innovation in merchandising, progress in growing our brand awareness, major milestones related to our loyalty program, continued rapid growth in our e-commerce business, and successful execution of our supply chain investments.”

For the Second Quarter

  • Net sales increased 21.9% to $1,069.2 million from $877.0 million in the second quarter of fiscal 2015;
  • Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 14.4% compared to an increase of 10.1% in the second quarter of fiscal 2015. The 14.4% comparable sales increase was driven by 9.7% growth in transactions and 4.7% growth in average ticket;
  • Retail comparable sales increased 12.6%, including salon comparable sales growth of 8.0%;
  • Salon sales increased 14.3% to $59.0 million from $51.6 million in the second quarter of fiscal 2015;
  • E-commerce sales grew 54.9% to $55.9 million from $36.1 million in the second quarter of fiscal 2015, representing 180 basis points of the total company comparable sales increase of 14.4%;
  • Gross profit increased 110 basis points to 36.0% from 34.9% in the second quarter of fiscal 2015, due to improvements in merchandise margins and leverage in fixed store costs, partly offset by planned supply chain deleverage related to our new distribution centers;
  • Selling, general and administrative (SG&A) expense as a percentage of net sales increased 110 basis points to 22.1%, compared to 21.0% in the second quarter of fiscal 2015, due to increased headcount to support our growth initiatives and an impairment charge associated with the closure of our Chicago State Street store, due to damage resulting from construction in an adjacent building;
  • Pre-opening expenses increased to $4.7 million, compared to $4.1 million in the second quarter of fiscal 2015. Real estate activity in the second quarter of fiscal 2016 included 24 new stores, one relocation and five remodels compared to 20 new stores, one relocation and two remodels in the second quarter of fiscal 2015;
  • Operating income increased 21.4% to $143.8 million, or 13.5% of net sales, compared to $118.5 million, or 13.5% of net sales, in the second quarter of fiscal 2015;
  • Net income increased 21.3% to $90.0 million compared to $74.2 million in the second quarter of fiscal 2015; and
  • Income per diluted share increased 24.3% to $1.43 compared to $1.15 in the second quarter of fiscal 2015.

For the First Six Months

  • Net sales increased 22.8% to $2,142.9 million from $1,745.1 million in the first six months of fiscal 2015;
  • Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 14.8% compared to an increase of 10.8% in the first six months of fiscal 2015. The 14.8% comparable sales increase was driven by 10.4% growth in transactions and 4.4% growth in average ticket;
  • Retail comparable sales increased 13.3%, including salon comparable sales growth of 7.9%;
  • Salon sales increased 14.5% to $117.9 million from $102.9 million in the first six months of fiscal 2015;
  • E-commerce comparable sales grew 46.0% to $116.9 million from $80.1 million in the first six months of fiscal 2015, representing 150 basis points of the total company comparable sales increase of 14.8%;
  • Gross profit increased 130 basis points to 36.2% from 34.9% in the first six months of fiscal 2015;
  • SG&A expense as a percentage of net sales increased 70 basis points to 22.3% compared to 21.6% in the first six months of fiscal 2015;
  • Pre-opening expenses were equal to the first six months of 2015 at $7.2 million. Real estate activity in the first six months of 2016 included 37 new stores, one relocation and five remodels compared to 44 new stores, two relocations and two remodels in the first six months of fiscal 2015;
  • Operating income increased 28.7% to $290.9 million, or 13.6% of net sales, compared to $226.0 million, or 13.0% of net sales, in the first six months of fiscal 2015;
  • Net income increased 29.0% to $182.0 million compared to $141.1 million in the first six months of fiscal 2015; and
  • Income per diluted share increased 32.0% to $2.89 compared to $2.19 in the first six months of fiscal 2015.

Balance Sheet

Merchandise inventories at the end of the second quarter of fiscal 2016 totaled $930.2 million, compared to $705.7 million at the end of the second quarter of fiscal 2015, representing an increase of $224.5 million. Average inventory per store increased 18.7%, compared to the second quarter of fiscal 2015. The increase in inventory was primarily driven by 90 net new stores, the opening of the Company’s fourth and fifth distribution centers in Greenwood, Indiana and Dallas, Texas, investments in inventory to ensure high in-stock levels to support sales growth, and incremental inventory for new brands and in-store prestige brand boutiques. Average inventory per store, excluding the investment in the new Dallas, Texas distribution center, increased 14.5%.

The Company ended the second quarter of fiscal 2016 with $304.1 million in cash and short-term investments.

Share Repurchase Program

During the second quarter, the Company repurchased 107,725 shares of its stock at a cost of $25.8 million under its 10b5-1 plan and completed the accelerated share repurchase (ASR) under an agreement entered into in March 2016. Under the ASR agreement, the Company paid $200 million and received initial delivery of 851,653 shares in the first quarter of 2016, which were retired and represented 80% of the total shares the Company expected to receive based on the market price at the time of the initial delivery. In May 2016, the ASR settled and an additional 153,418 shares were delivered to the Company and retired. The final number of shares delivered upon settlement was determined with reference to the average price of the Company’s common stock over the term of the agreement.

Year to date, including the ASR and activity under our 10b5-1 plan, the Company has repurchased 1,270,552 shares at an average price of $198.69. As of July 30, 2016, approximately$193 million remained available under the $425 million share repurchase program announced in March 2016.

Store Expansion

During the second quarter, the Company opened 24 stores located in Asheboro, NC; Baytown, TX; Beavercreek, OH; Canton Township, MI; Chambersburg, PA; Cincinnati, OH;Downey, CA; Elko, NV; Fort Collins, CO; Glenwood Springs, CO; Joliet, IL; King of Prussia, PA; Las Vegas, NV; Lodi, CA; Lufkin, TX; Naples, FL; Norwalk, CT; Oklahoma City, OK;Omaha, NE; Pittsburgh, PA; Porterville, CA; Salinas, CA; Tampa, FL and Yulee, FL. In addition, the Company closed three stores during the quarter. The Company ended the second quarter with 907 stores and square footage of 9,555,192, representing an 11% increase in square footage compared to the second quarter of fiscal 2015.

Outlook

For the third quarter of fiscal 2016, the Company currently expects net sales in the range of $1,072 million to $1,090 million, compared to actual net sales of $910.7 million in the third quarter of fiscal 2015. Comparable sales for the third quarter of 2016, including e-commerce sales, are expected to increase 11% to 13%. The Company reported a comparable sales increase of 12.8% in the third quarter of 2015.

Income per diluted share for the third quarter of fiscal 2016 is estimated to be in the range of $1.25 to $1.30. This compares to income per diluted share for the third quarter of fiscal 2015 of $1.11.

The Company is raising its previously announced fiscal 2016 guidance. The Company plans to:

  • achieve comparable sales growth of approximately 11% to 13%, including the impact of the e-commerce business, compared to previous guidance of 10% to 12%;
  • increase total sales in the high teens percentage range;
  • grow e-commerce sales in the 40% range;
  • expand square footage by approximately 11% with the opening of 100 net new stores;
  • remodel 12 locations;
  • deliver earnings per share growth in the low to mid-twenties percentage range, compared to previous guidance of low twenties percentage range, including the impact of the new Dallas distribution center, the accelerated rollout of prestige brand boutiques, the accelerated share repurchase program, and continued open market share repurchases; and
  • incur capital expenditures in the $390 million range in fiscal 2016, compared to $299 million in fiscal 2015. The planned increase in capital expenditures includes approximately $80 million to fund an accelerated rollout of prestige brand boutiques and enhancements to the Ulta Beauty Collection and fragrance fixtures in hundreds of stores.

Conference Call Information

A conference call to discuss second quarter results is scheduled for today, August 25, 2016, at 5:00 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 705-6003. The conference call will also be web-cast live at http://ir.ulta.com and remain available for 90 days. A replay of this call will be available until 11:59 p.m. (ET) on September 8, 2016 and can be accessed by dialing (877) 870-5176 and entering conference ID number 13642433.

About Ulta Beauty

Ulta Beauty (NASDAQ: ULTA) is the largest beauty retailer in the United States and the premier beauty destination for cosmetics, fragrance, skin, hair care products and salon services. Since opening its first store in 1990, Ulta Beauty has grown to become the top national retailer providing All Things Beauty, All in One Place™. The Company offers more than 20,000 products from over 500 well-established and emerging beauty brands across all categories and price points, including Ulta Beauty’s own private label. Ulta Beauty also offers a full-service salon in every store featuring hair, skin and brow services. Ulta Beauty is recognized for its commitment to personalized service, fun and inviting stores and its industry-leading ULTA mate Rewards loyalty program. As of July 30, 2016 Ulta Beauty operates 907 retail stores across 48 states and the District of Columbia and also distributes its products through its website, which includes a collection of tips, tutorials and social content. For more information, visit www.ulta.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which reflect our current views with respect to, among other things, future events and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “plans,” “estimates,” “targets,” “strategies” or other comparable words. Any forward-looking statements contained in this press release are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, targets, strategies or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties, which include, without limitation: the impact of weakness in the economy; changes in the overall level of consumer spending; the possibility that we may be unable to compete effectively in our highly competitive markets; the possibility that cyber security breaches and other disruptions could compromise our information or result in the unauthorized disclosure of confidential information; the possibility that the capacity of our distribution and order fulfillment infrastructure and the performance of our newly opened distribution centers may not be adequate to support our recent growth and expected future growth plans; our ability to gauge beauty trends and react to changing consumer preferences in a timely manner; our ability to attract and retain key executive personnel; customer acceptance of our rewards program and technological and marketing initiatives; our ability to sustain our growth plans and successfully implement our long-range strategic and financial plan; the possibility that our continued opening of new stores could strain our resources and have a material adverse effect on our business and financial performance; the possibility of material disruptions to our information systems; changes in the wholesale cost of our products; the possibility that new store openings and existing locations may be impacted by developer or co-tenant issues; weather conditions that could negatively impact sales; our ability to successfully execute our common stock repurchase program or implement future common stock repurchase programs; and other risk factors detailed in our public filings with the Securities and Exchange Commission (the “SEC”), including risk factors contained in our Annual Report on Form 10-K for the fiscal year ended January 30, 2016, as such may be amended or supplemented in our subsequently filed Quarterly Reports on Form 10-Q. Our filings with the SEC are available at www.sec.gov. Except to the extent required by the federal securities laws, the Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Scott Settersten
Chief Financial Officer
(630) 410-4807

Laurel Lefebvre
Vice President, Investor Relations
(630) 410-5230

Karen May
Director, Public Relations
(630) 410-5457

Source: Ulta Beauty

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GameStop Corp. announces sales and earnings for the second quarter ended July 30, 2016

GRAPEVINE, TX , 2016-Aug-27 — /EPR Retail News/ — GameStop Corp. (NYSE: GME), a global family of specialty retail brands that makes the most popular technologies affordable and simple, today ( 08/25/16) reported sales and earnings for the second quarter ended July 30, 2016.

The following table summarizes the second quarter results for fiscal 2016 and 2015 ($ in millions, except per share amounts):

Quarter Ended
July 30, 2016 Aug. 1, 2015 Change
Net Sales $1,631.8 $1,761.9 -7.4%
Same store sales* -10.6% 8.1%
GAAP Net Income $27.9 $25.3 10.3%
GAAP Diluted EPS $0.27 $0.24 12.5%
Non-GAAP Net Income $27.9 $33.1 -15.7%
Non-GAAP Diluted EPS $0.27 $0.31 -12.9%
Technology Brands Operating Earnings $13.9 $0.4 3,375.0%
*excludes Technology Brands stores

Paul Raines, chief executive officer, stated, “As expected, the continued growth and increased profit contribution of our non-physical gaming businesses drove our second quarter results. Tech Brands sales grew more than 50%, omni-channel sales increased 16%, Collectibles sales more than doubled and year-to-date, more than half of GameStop’s operating earnings have come from non-physical gaming categories. These new businesses offset a tough quarter for video gaming and prove that our diversification strategy is succeeding.”

Second Quarter Results

Total global sales decreased 7.4% to $1.63 billion, while consolidated comparable store sales declined 10.6% (-12.5% in the U.S. and -5.9% internationally). Video game sales were impacted by a lack of new titles to offset strong Q2 2015 title launches, such as Batman: Arkhman Knight and Elder Scrolls Online, and a decline in hardware sales caused primarily by new information being released about upcoming new consoles. Pre-owned sales significantly outperformed the new side of the video game business, declining only 3.2% compared to the second quarter of 2015.

In July, GameStop, via its GameTrust division and partnership with Insomniac Games, launched its first Indie game, Song of the Deep. GameTrust has several new titles in development, including De-formers, set to launch this holiday.

Non-GAAP digital receipts rose 3.3%, to $205.6 million, driven by sales of DLC and console digital currency. GAAP digital sales decreased 12.7%.

Sales in the Mobile and Consumer Electronics category increased 43.0% to $203.3 million, as Technology Brands revenues increased 54.6% to $175.9 million. Technology Brands operating earnings were $13.9 million compared to $400,000 in the prior year quarter. Overall, this segment contributed 23.8% of the company’s second quarter operating earnings. Technology Brands is on track to deliver between $85 million and $100 million of operating earnings in fiscal 2016.

Collectibles sales rose 119.5% to $90.0 million, driven by sales of ThinkGeek.com, various Pokémon products, assorted Five Nights at Freddy’s skus and character pop vinyls from recently released movies like Suicide Squad. The company added ten Collectibles stores during the quarter, bringing the total global portfolio to 47 stores.

GameStop’s net earnings for the second quarter were $27.9 million, or $0.27 per diluted share, compared to diluted earnings per share of $0.24 in the prior year quarter. Non-GAAP earnings for the quarter were $27.9 million, or $0.27 per diluted share, compared to Non-GAAP earnings of $33.1 million, or $0.31 per diluted share, in the prior year quarter. Last year’s reconciliation of GAAP net income to non-GAAP net income is included with this release (Schedule III).

Capital Allocation Update

On August 22, 2016, GameStop’s board of directors declared a quarterly cash dividend of $0.37 per common share payable on September 22, 2016 to shareholders of record as of the close of business on September 9, 2016. As previously announced, GME acquired 507 new AT&T Mobility stores through the acquisition of three national AT&T authorized retailers for approximately $441 million.

Earnings Guidance

For the third quarter of fiscal 2016, GameStop expects comparable store sales to range from -2.0% to 1.0%. Diluted earnings per share are expected to range from $0.53 to $0.58. For fiscal 2016, the company is reiterating its full year diluted earnings per share guidance of $3.90 to $4.05 and comparable store sales are now expected to range of -4.5% to -1.5%.

Note: The guidance is based on weighted average shares outstanding of 104,500,000.

Conference Call Information

A conference call with GameStop Corp.’s management is scheduled for August 25, 2016 at 4:00 p.m. CT to discuss the company’s financial results. The phone number for the call is 888-500-6948 and the pass code is 5743731. This call, along with supplemental information, can also be accessed at GameStop Corp.’s investor relations home page at http://investor.GameStop.com/. The conference call will be archived for two months on GameStop’s corporate website.

About GameStop

GameStop Corp. (NYSE: GME), a Fortune 500 company headquartered in Grapevine, Texas, is a global, multichannel video game, consumer electronics and wireless services retailer. GameStop operates more than 7,500 stores across 14 countries. The company’s consumer product network also includes www.gamestop.com; www.Kongregate.com, a leading browser-based game site; Game Informer® magazine, the world’s leading print and digital video game publication; and ThinkGeek, www.thinkgeek.com, the premier retailer for the global geek community featuring exclusive and unique video game and pop culture products. In addition, our Technology Brands segment includes Simply Mac and Spring Mobile stores. Simply Mac, www.simplymac.com, operates 72 stores, selling the full line of Apple products, including laptops, tablets, and smartphones and offering Apple certified warranty and repair services. Spring Mobile, www.springmobile.com, sells all of AT&T’s products and services, including DIRECTV through its 1,424 AT&T branded stores and offers pre-paid wireless services, devices and related accessories through its 70 Cricket branded stores in select markets in the U.S.

General information about GameStop Corp. can be obtained at the company’s corporate website. Follow @GameStop on Twitter and find GameStop on Facebook at www.facebook.com/GameStop.

Non-GAAP Measures

As a supplement to our financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), GameStop may use certain non-GAAP measures, such as digital receipts and constant currency, to provide a clearer perspective of the current operating performance of the company. GameStop defines digital receipts as the full amount paid by the customer for digital content at the time of sale and/or the value attributed to digital content when physical and digital products are sold combined. Results reported as constant currency exclude the impact of fluctuations in foreign currency exchange rates by converting our local currency financial results using the prior period exchange rates and comparing these adjusted amounts to our current period reported results. Our definition and calculation of constant currency information may differ from that of other companies. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported GAAP financial results.

Safe Harbor

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, the outlook for the third quarter and fiscal 2016, future financial and operating results and projections, projected store openings, timing and terms of potential acquisitions, the company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of GameStop’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. GameStop undertakes no obligation to publicly update or revise any forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the inability to obtain sufficient quantities of product to meet consumer demand, including console hardware and accessories; the timing of release and consumer demand for new and pre-owned video game titles; our ability to continue to expand, and successfully open and operate new stores for, our collectibles and tech brands businesses; risks associated with achievement of anticipated financial and operating results from acquisitions; our ability to sustain and grow our console digital video game sales; the risks associated with international operations, wireless industry partnerships and operations and the completion and integration of acquisitions; increased competition and changing technology in the video game industry, including browser and mobile games and digital distribution of console games, and the impact of that competition and those changes on physical video game sales; and economic, regulatory and other events, including litigation, that could reduce or impact consumer demand or affect the company’s business. Additional factors that could cause GameStop’s results to differ materially from those described in the forward-looking statements can be found in GameStop’s Annual Report on Form 10-K, as amended, for the fiscal year ended Jan. 30, 2016 filed with the SEC and available at the SEC’s Internet site at http://www.sec.gov or http://investor.GameStop.com.

Contact:
Matt Hodges
Vice President
Corporate Communications & Investor Relations
GameStop Corp.
(817) 424-2130

Source: GameStop Corporation

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Tiffany & Co. reports 2Q and 1H FY2016 financial results

NEW YORK, 2016-Aug-27 — /EPR Retail News/ — Tiffany & Co. (NYSE:TIF) reported its financial results for the three months (“second quarter”) and six months (“first half”) ended July 31, 2016. Worldwide net sales were below the prior year in both periods, which management attributed to declines in sales to both local customers and foreign tourists in most regions. Net earnings as reported in the second quarter were above the prior year (but declined when compared with adjusted net earnings in the equivalent prior-year period – see “Non-GAAP Measures”) and declined in the first half. In both periods, earnings benefited from higher gross margins, but there was a lack of sales leverage on operating expenses.

In the second quarter:

  • Worldwide net sales declined 6% to $932 million and comparable store sales declined 8%. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see “Non-GAAP Measures”), worldwide net sales and comparable store sales declined 6% and 9%, respectively.
  • Net earnings rose 1% to $106 million, or $0.84 per diluted share, from $105 million, or $0.81, in the prior year. Net earnings declined 5% from the prior-year period’s $111 million, or $0.86 per diluted share, which excludes a specific charge in that period (see “Non-GAAP Measures”).

In the first half:

  • Worldwide net sales of $1.8 billion were 7% below the prior year and comparable store sales declined 9%. On a constant-exchange-rate basis, worldwide net sales and comparable store sales declined 6% and 9%, respectively.
  • Net earnings of $193 million, or $1.53 per diluted share, included a tax benefit of $0.05 per diluted share in the first quarter related to the settlement of a tax examination. This compared with the prior year’s $210 million, or $1.62 per diluted share, as reported, and $216 million, or $1.67 per diluted share, when adjusted for the charge referenced above (see “Non-GAAP Measures”).

Frederic Cumenal, chief executive officer, said, “The global environment continues to reflect well known challenges that we believe have had broad effects on spending by local customers, as well as foreign tourists, especially from China. We are managing expenses efficiently, but also maintaining our marketing spending as a percentage of sales and continuing to invest in key strategic initiatives and opportunities to further strengthen Tiffany’s competitive position among global luxury brands. By delivering extraordinary products and experiences to our customers around the world, we remain focused on growing sales, operating margins and earnings, and creating greater value for stockholders.”

Net sales by region were as follows:

  • In the Americas, total sales of $434 million in the second quarter and $837 million in the first half were both 9% below last year, with declines of 9% and 10%, respectively, in comparable store sales. On a constant-exchange-rate basis, total sales and comparable store sales declined 8% and 9%, respectively, in both the second quarter and first half. Management attributed the declines to lower spending by U.S. customers as well as by Chinese and other foreign tourists.
  • In the Asia-Pacific region, total sales of $230 million in the second quarter and $469 million in the first half were 6% and 7%, respectively, lower than the prior year, and comparable store sales declined 12% and 13%, respectively. On a constant-exchange-rate basis, total sales and comparable store sales declined 3% and 9%, respectively, in the second quarter and 4% and 11%, respectively, in the first half. Sales growth in China and Korea was offset by a continuation of significant declines in Hong Kong and more moderate declines in most other markets.
  • In Japan, total sales increased 10% to $138 million in the second quarter and rose 9% to $269 million in the first half due to comparable store sales growth of 13% and 12%, respectively. However, on a constant-exchange-rate basis, total sales and comparable store sales declined 5% and 3%, respectively, in the second quarter and declined 2% and rose 1%, respectively, in the first half. Management noted lower spending by Chinese tourists in both periods.
  • In Europe, total sales declined 12% to $111 million in the second quarter and 11% to $208 million in the first half, due to respective declines of 17% and 16% in comparable store sales. On a constant-exchange-rate basis, total sales and comparable store sales declined 8% and 13%, respectively, in the second quarter and 7% and 13%, respectively, in the first half. Lower sales in continental Europe were attributed by management to weak demand by foreign tourists and local customers, in contrast to better performance in the United Kingdom.
  • Other sales declined 3% to $18 million in the second quarter and 20% to $40 million in the first half, reflecting comparable store sales declines of 22% and 21%, respectively. Management noted lower retail sales in the United Arab Emirates(“UAE”) and an increase in wholesale sales of diamonds.
  • Tiffany opened four Company-operated stores in the second quarter and closed one existing location. At July 31, 2016, the Company operated 311 stores (125 in the Americas, 83 in Asia-Pacific, 55 in Japan, 43 in Europe, and five in theUAE), compared with 304 stores a year ago (124 in the Americas, 79 in Asia-Pacific, 56 in Japan, 40 in Europe, and five in the UAE).

Other financial highlights:

  • Gross margin (gross profit as a percentage of net sales) increased to 61.9% in the second quarter and 61.6% in the first half, from 59.9% and 59.5% in the respective prior-year periods. The increases were due to lower product input costs, changes in product sales mix and price increases taken in the past year.
  • SG&A expenses declined 4% in the second quarter and 1% in the first half, reflecting lower variable labor-related costs, lower sales-related variable costs, lower marketing expenses and higher store-related costs. Excluding the effect of a specific charge in the prior year period, SG&A expenses declined 2% in the second quarter and increased less than one percent in the first half.
  • The effective tax rates were 34.5% in the second quarter and 32.1% in the first half, compared with 34.2% and 34.4%, respectively, in the comparable prior-year periods. The decline in the first half rate was due to a benefit related to the conclusion of a tax examination.
  • Net inventories at July 31, 2016 were 1% lower than at July 31, 2015.
  • Capital expenditures of $101 million in the first half were slightly higher than $98 million in last year’s first half.
  • The Company maintained an active pace of share repurchases in the second quarter, buying approximately 1.1 million shares of its Common Stock at an average cost of approximately $63 per share; in the first half the Company bought approximately 2.3 million shares at an average cost of approximately $65 per share. At July 31, 2016, $344 million remained available for repurchases under a program that authorizes the repurchase of up to $500 million of the Company’s Common Stock and that expires on January 31, 2019.
  • Cash and cash equivalents and short-term investments totaled $720 million at July 31, 2016, versus $771 million at July 31, 2015. Total short-term and long-term debt as a percentage of stockholders’ equity was 37% at both July 31, 2016 and 2015.

Outlook:

For the full 2016 fiscal year, management is maintaining its outlook to expect: (i) worldwide net sales declining by a low single-digit percentage from the prior year and (ii) earnings per diluted share declining by a mid-single-digit percentage from 2015’s adjusted earnings of $3.83 per diluted share (which excluded loan impairment and certain staffing and occupancy charges – see “Non-GAAP Measures”). These expectations are approximations and are based on the Company’s plans and assumptions, including: (i) worldwide gross retail square footage increasing 2%, net through 11 openings, 6 relocations and 9 closings; (ii) operating margin below the prior year’s 19.7% (excluding the prior year’s charges – see “Non-GAAP Measures”) due to an anticipated increase in gross margin (although at a considerably lesser rate in the second half than in the first half of the year) more than offset by SG&A expense growth; (iii) interest and other expenses, net unchanged from 2015; (iv) an effective income tax rate slightly lower than the prior year; (v) the U.S. dollar unchanged from current spot rates for the balance of the year; and (vi) weighted average diluted shares outstanding modestly lower than in fiscal 2015.

Management also expects for the full 2016 fiscal year: (i) net cash provided by operating activities of at least $660 million and (ii) free cash flow (net cash provided by operating activities less capital expenditures) of at least $400 million. These expectations are also based on the Company’s plans and assumptions, including: (i) net inventories unchanged from the prior year, (ii) capital expenditures of $260 million and (iii) net earnings in line with management’s expectations as described above.

Today’s Conference Call:

The Company will conduct a conference call today at 8:30 a.m. (Eastern Time) to review actual results and the outlook. Please click on http://investor.tiffany.com (“Events and Presentations”).

Next Scheduled Announcement:

The Company expects to report third quarter results on Tuesday November 29th before the market opens. To be notified of future announcements, please register at http://investor.tiffany.com (“E-Mail Alerts”).

Tiffany is the internationally-renowned jeweler founded in New York in 1837. Through its subsidiaries, Tiffany & Co. manufactures products and operates TIFFANY & CO. retail stores worldwide, and also engages in direct selling through Internet, catalog and business gift operations. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110.

Forward-Looking Statements:

The historical trends and results reported in this document and on our second quarter earnings call should not be considered an indication of future performance. Further, statements contained in this document and made on such call that are not statements of historical fact, including those that refer to plans, assumptions and expectations for the current fiscal year and future periods, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the statements under “Outlook” as well as statements that can be identified by the use of words such as ‘expects,’ ‘projects,’ ‘anticipates,’ ‘assumes,’ ‘forecasts,’ ‘plans,’ ‘believes,’ ‘intends’, ‘estimates,’ ‘pursues,’ ‘continues,’ ‘outlook,’ ‘may,’ ‘will,’ ‘can,’ ‘should’ and variations of such words and similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding the Company’s plans, assumptions, expectations, beliefs and objectives with respect to store openings and closings; product introductions; sales; sales growth; retail prices; gross margin; operating margin; expenses; interest and other expenses, net; effective income tax rate; net earnings and net earnings per share; share count; inventories; capital expenditures; cash flow; liquidity; currency translation; growth opportunities; the collectability of amounts due under financing arrangements with diamond mining and exploration companies; and certain ongoing or planned product, marketing, retail, manufacturing and other operational and strategic initiatives.

These forward-looking statements are based upon the current views and plans of management, speak only as of the date on which they are made and are subject to a number of risks and uncertainties, many of which are outside of our control. Actual results could therefore differ materially from the planned, assumed or expected results expressed in, or implied by, these forward-looking statements. While we cannot predict all of the factors that could form the basis of such differences, key factors include, but are not limited to: global macroeconomic and geopolitical developments; changes in interest and foreign currency rates; shifting tourism trends; regional instability, violence (including terrorist activities) and weather conditions that may affect local and tourist consumer spending; changes in consumer confidence, preferences and shopping patterns, as well our ability to accurately predict and timely respond to such changes; shifts in the Company’s product and geographic sales mix; variations in the cost and availability of diamonds, gemstones and precious metals; changes in our competitive landscape; disruptions impacting the Company’s business and operations; gains or losses in the trading value of the Company’s stock, which may impact the amount of stock repurchased; and our ability to successfully control costs and execute on, and achieve the expected benefits from, the operational and strategic initiatives referenced above. Developments relating to these and other factors may also warrant changes to the Company’s operating and strategic plans, including with respect to store openings, closings and renovations, capital expenditures, inventory management, and continuing execution on, or timing of, the aforementioned initiatives. Such changes could also cause actual results to differ materially from the expected results expressed in, or implied by, the forward-looking statements.

Additional information about potential risks and uncertainties that could affect the Company’s business and financial results is included under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2016 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent quarterly report on Form 10-Q. Readers of these documents should consider the risks, uncertainties and factors outlined above and in the Form 10-K in evaluating, and are cautioned not to place undue reliance on, the forward-looking statements contained herein. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law or regulation.

Contact:

Mark L. Aaron
212-230-5301
mark.aaron@tiffany.com

Source: Tiffany & Co.

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Signet Jewelers Limited announced its results for the 13 weeks ended July 30, 2016

HAMILTON, Bermuda, 2016-Aug-27 — /EPR Retail News/ — Signet Jewelers Limited (“Signet”) (NYSE: SIG), the world’s largest retailer of diamond jewelry, today ( August 25, 2016) announced its results for the 13 weeks ended July 30, 2016 (“second quarter Fiscal 2017”).

Summary:

  • Same store sales down 2.3%. Total sales $1.4 billion down 2.6%. Total sales at constant exchange rate down 1.3%.
  • Second quarter Fiscal 2017 diluted earnings per share (“EPS”) $1.06. Adjusted EPS $1.14.
  • Zale integration continues to progress well. On track to deliver cumulative synergies of $158 million to $175 million by end of this fiscal year and $225 million to $250 million by end of next fiscal year.
  • Repurchased over 2.8 million shares in second quarter for $250 million along with insider buying.
  • Credit review process proceeding according to plan.
  • Leonard Green & Partners (“LGP”) commits to $625 million convertible preferred investment in Signet.
  • Annual financial guidance revised downward based on current trends.

Mark Light, Chief Executive Officer of Signet Jewelers said, “We are disappointed by our Q2 results and market conditions have been challenging particularly in the energy-dependent regions. This has contributed to a downward revision in our annual guidance.

“We achieved some important wins in the second quarter. Select diamond fashion jewelry, bracelets, and earrings sold well. We saw success in a variety of selling channels including outlets, kiosks, and on-line due to improvements in our consumer websites and mobile sites. The Zale integration is running well and synergies remain on target. We remain confident in the medium and long-term prospects of our business.

“Demonstrating our confidence in our company, we repurchased nearly four percent of our outstanding common stock during the quarter coupled with purchases by our Directors and Officers. As announced, and in a further demonstration of confidence in our company, LGP, one of the world’s preeminent retail investors, agreed to purchase a $625 million stake in Signet. Finally, our credit review process is proceeding according to plan.”

Mr. Light concluded, “We have experience and success in navigating through the kind of uncertain business conditions we are seeing today. We are confident that our organization will do so again this year. We are intensely focused on preparations for the fourth quarter when we will launch new initiatives around merchandising, marketing, digital, and the customer experience. I want to thank all Signet team members for their dedication and hard work as we move in to the all-important holiday season.”

Contact:
Investors:
James Grant
VP Investor Relations
1 330-668-5412

Media:
David Bouffard
VP Corporate Affairs
1 330-668-5369

Source: Signet Jewelers Limited

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Lenta Ltd announces its reviewed consolidated IFRS results for the half year ending 30 June 2016

St. Petersburg, Russia, 2016-Aug-26 — /EPR Retail News/ — Lenta Ltd (“Lenta” or the “Company”), one of the largest retail chains in Russia, today (24 August 2016) announces its reviewed consolidated IFRS results for the half year ending 30 June 2016 [1].

1H 2016 Financial Highlights:
•Total sales grew 21.9% to Rub 140.1bn (1H 2015: Rub 114.9bn);
•Adjusted EBITDA [2] of RUB 13.7bn, up 16.4% (1H 2015: RUB 11.7bn) with a margin of 9.8% (1H 2015: 10.2%);
•Gross margin of 21.9% (+0.2 p.p vs. 1H 2015) rose due to better supplier terms, supply chain improvements and more efficient in-store production which more than offset investments in prices;
•SG&A increased to 15.5% of sales (+0.9 p.p vs. 1H 2015) despite continuing successful productivity measures in the like-for-like stores, due to combined effects of the high number of new stores in the ramp-up phase, additional investments in marketing and increases in utility costs;
•Capital expenditures of RUB 16.1bn, an increase of 37.0% compared to 1H 2015 (RUB 11.8bn) linked to higher investments in land acquisition and hypermarket construction;
•Net cash generated from operating activities, before net interest and income taxes paid, of RUB 7.2bn compared to RUB 5.1bn in 1H 2015 (an increase of 39.3%) primarily driven by EBITDA growth;
•Net interest expenses of RUB 4.5bn, a decrease of 12.7% compared to 1H 2015 (RUB 5.1bn) primarily due to lower interest rates;
•Net Profit [3] of RUB 4.3bn, up 45.9% (1H 2015: RUB 3.0bn) with a margin of 3.1%; and
•Net Debt of RUB 67.1bn as of 30 June 2016 (Net debt/Adjusted EBITDA of 2.2x).

1H 2016 Operational Highlights:
•Eight hypermarkets and 10 supermarkets opened during the first half of 2016;
•Total store count reached 189 stores as at 30 June 2016, comprising 147 hypermarkets and 42 supermarkets;
•Total selling space increased to 922,865 sq.m. as at 30 June 2016 (+22.8% vs. 30 June 2015);
•Like-for-like (“LFL”) [4] sales growth of 5.2% vs 1H 2015;
•LFL average ticket increased by 3.0%;
•LFL traffic growth of 2.1%;
•Number of active loyalty cardholders [5] increased to 9.3m (+23% y-o-y) with approximately 93% of transactions in the second quarter made using the loyalty card.

Material events after the reported period:
•Lenta agreed a Rub 53bn credit limit with Sberbank, providing access to new long-term loans of up to RUB 25bn for a period of up to 5 years;
•Lenta registered an Exchange Bond programme for up to a total maximum principal amount of RUB 100bn;
•Fitch Ratings has upgraded Lenta’s Long-term foreign and local currency Issuer Default Ratings (IDRs) from ‘BB-’ to ‘BB’ and National Long-term rating from ‘A+(rus)’ to ‘AA-(rus)’. The outlook on the ratings is stable;
•Started operations in a new dedicated supermarket distribution centre in Moscow during August.

Lenta’s Chief Executive Officer, Jan Dunning said:
“We continue to deliver strong results against the back-drop of a challenging consumer and macro environment.

Lenta’s results demonstrate continuing efficiency improvements in all areas of our business. Further development of logistics led to additional benefits in supply chain cost which in combination with better supplier conditions and improved productivity in our own production allowed us to deliver an increase in gross profit margin increase despite additional price investments made to support customers. We proved that the operational improvements made last year were sustainable and in the first half of this year continued optimizing processes, especially in the like-for-like stores, to drive productivity. However, the productivity improvements in the like-for-like stores were not enough to offset the impact of enhanced investments in marketing activities to support traffic and the increase in housing costs, mainly driven by the large number of new stores we opened. As a result, Lenta reports a slight reduction in EBITDA margin.

We continue to strengthen our financial position and improve our debt profile. Falling market interest rates and optimization of our major long-term loan facilities translated into a significant reduction in interest expenses which supported 46% growth in net income.

We are well on track to meet our target of at least 40 new hypermarket openings this year, while in our supermarket format we plan to further accelerate of expansion. We have almost finalized the pipeline of hypermarket openings for the next year and continue our very selective approach focused on opportunities with attractive returns”.
[1] Certain amounts do not correspond to the IFRS financial statements for the half year ended 30 June 2015 and reflect adjustments made as detailed in Note 2 of the IFRS financial statements
[2] Adjusted EBITDA is reported EBITDA as set out in Note 6 of the IFRS financial statements adjusted for non-recurring one-off items such as changes in accounting estimates and one-off non-operating costs and income
[3] Net Profit equates to “Profit for the year” in the attached IFRS Financial Statements
[4] Lenta’s stores are included in the LFL store base starting 12 months after the end of the month they are opened
[5] Cardholders who made at least 2 purchases at Lenta during the 12 months to 30 June 2016 are considered active

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.

For further information please visit www.lentainvestor.com

Contact:
Lenta
Anna Meleshina,
Public Relations & Government Affairs Director
Tel: +7 812 363 28 53
E-mail: anna.meleshina@lenta.com

Anastasia Kuznetsova,
Corporate Communications Manager
Тel:+7 (812) 336 39 97
E-mail: a.kuznetsova@lenta.com

David Westover
Senior Director
+44 207 282 2886 desk
+44 7768 897722 mobile
David.westover@citigatedr.co.uk

Marina Zakharova
Director
+44 207 282 1079 desk
+44 7774 256545
Marina.zakharova@citigatedr.co.uk

Source: Lenta

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RioCan Real Estate Investment Trust issues public offering of $250 million of Series X senior unsecured debentures

TORONTO, ONTARIO, 2016-Aug-25 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) announced today (08/23/2016) that it has reached an agreement to issue to the public $250 million principal amount of Series X senior unsecured debentures (the “Debentures”).

The Debentures are being offered on a best efforts agency basis by a syndicate of agents co-led by RBC Capital Markets, TD Securities and BMO Capital Markets. The Debentures will carry a coupon rate of 2.185% and will mature on August 26, 2020.

The net proceeds will be used by RioCan to fund development, for property acquisitions, to repay certain indebtedness and for general trust purposes.

It is a condition of closing that DBRS Limited (“DBRS”) assign a rating of BBB(high) with a stable trend and Standard & Poor’s, a division of the McGraw Hill Companies, Inc. (“S&P”) assign a rating of BBB- for the Debentures.

The offering is being made under RioCan’s base shelf short form prospectus dated August 10, 2016. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators. The offering is expected to close on or about August 26, 2016.

The press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The Debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the Debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration.

About RioCan:
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15 billion as at June 30, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 302 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 45 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.

Contact Information:
RioCan Real Estate Investment Trust
Cynthia J. Devine
Executive Vice President, Chief Financial Officer
and Corporate Secretary
(647) 253-4973
www.riocan.com

Source: Rio Can

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The Bon-Ton Stores, Inc. announces Q2 FY2016 operating results ended July 30, 2016

YORK, Pa., 2016-Aug-22 — /EPR Retail News/ — The Bon-Ton Stores, Inc. (NASDAQ:BONT) today (August 18, 2016) reported operating results for its fiscal second quarter ended July 30, 2016, and reaffirmed its earnings guidance for the full year fiscal 2016.

Results for the Second Quarter Ended July 30, 2016

  • Comparable store sales decreased 2.0% as compared with the prior year period.
  • Net loss was $38.7 million, or $1.95 per diluted share, compared with net loss of $39.6 million, or $2.01 per diluted share, in the second quarter of fiscal 2015.
  • Adjusted EBITDA totaled $2.5 million, inclusive of $2.2 million of severance costs associated with the Company’s previously announced planned expense reductions and a $2.4 million consulting expense related to cost reduction initiatives. (Adjusted EBITDA is not a measure recognized under generally accepted accounting principles – see the financial table accompanying this release.) Excluding the financial impact of the severance costs and consulting expenses, Adjusted EBITDA would have been $7.1 million in the second quarter of fiscal 2016.In the second quarter of fiscal 2015, Adjusted EBITDA was $5.7 million, including a $0.7 million gain associated with an insurance settlement and $1.0 million of severance costs. Excluding the financial impacts of these items, Adjusted EBITDA would have been $6.0 million in the second quarter of fiscal 2015.

Kathryn Bufano, President and Chief Executive Officer, commented, “We made progress on a number of our strategic initiatives during the second quarter, although the soft mall traffic trends continued to negatively impact our business.  Importantly, we delivered sales gains in our key growth categories and brands, and drove accelerated double digit growth in our omnichannel business, with a triple digit increase on our mobile site.  In addition, we maintained careful inventory controls, as we reduced inventory by 6% with fewer markdowns.  We also continued to make progress on our cost savings plan.”

Ms. Bufano continued, “Looking ahead, we believe that the Fall assortment will be our best to date.  We also expect that our omnichannel business will continue to deliver strong performance. While we are cognizant that the operating environment remains difficult, we believe that we are well positioned for the back half of the year with a strong merchandising assortment, a compelling marketing program focused on new customer acquisition, and continued discipline in inventory management and cost controls.”

Second Quarter Review
Comparable store sales in the second quarter of fiscal 2016 decreased 2.0%.  Total sales in the period decreased 2.4% to $542.4 million, compared with $555.4 million in the second quarter of fiscal 2015.  Sales increases were achieved in Activewear, Big & Tall, Denim, Young Men’s, Young Contemporary Plus, Women’s Better Handbags, Hard Home and Furniture.

The Company achieved accelerated growth in omnichannel, which reflects sales via its website, mobile site, and its Buy Online Pick Up In-Store and Let Us Find It initiatives, as it continued to successfully leverage its West Jefferson facility and expanded store-fulfillment network.

Other income in the second quarter of fiscal 2016 was $16.3 million, an increase of $0.7 million over the comparable prior year period.  The increase was largely the result of higher revenues associated with the Company’s proprietary credit card operations.  Proprietary credit card sales, as a percentage of total sales, increased 390 basis points to 57.1% in the second quarter of fiscal 2016.

Gross profit decreased $6.5 million to $198.1 million in the second quarter of fiscal 2016, primarily as a result of decreased sales volume. The gross margin rate in the second quarter of fiscal 2016 was 36.5% of net sales as compared to 36.8% in the same quarter last year.

Selling, general and administrative (“SG&A”) expense in the second quarter of fiscal 2016 decreased $3.3 million, or 1.5%, to $211.9 million, compared to the second quarter of fiscal 2015. This was largely due to a benefit from a mid-single digit decline in non-customer facing store expenses, partially offset by higher medical claims, as well as severance costs and consulting expenses associated with the Company’s cost reduction initiatives. The SG&A expense rate in the second quarter of 2016 was 39.1% of net sales, an increase of 40 basis points over the prior year, primarily as a result of the decreased sales volume in the period. Excluding the severance and consulting costs in the second quarter of fiscal 2016, as well as the severance costs in the second quarter of fiscal 2015, SG&A expense in the second quarter of fiscal 2016 decreased $6.9 million from the comparable prior year period, and the SG&A expense rate leveraged 40 basis points, to 38.2%.

As of July 30, 2016 , the Company had approximately $225 million of borrowing capacity under its revolving credit facility and expects to decrease debt by approximately $40 million to $50 million by the end of the year.

Guidance
For fiscal 2016, loss per diluted share is expected to be in a range of $0.95 to $1.45. The Company continues to expect Adjusted EBITDA in a range of$130 million to $140 million.  (As used in this release, Adjusted EBITDA is not a measure recognized under GAAP – see the accompanying financial table which reconciles this non-GAAP measure to net loss.)

ABL Refinancing
As announced earlier this week, the Company successfully closed a new $150 million ABL Term Loan that replaces the existing $100 million A-1 Tranche of the Company’s credit facility and increases the total commitment under the facility to $880 million. The Company will use approximately $75 million of the net proceeds to reduce all amounts currently outstanding under the existing A-1 Tranche of its credit facility which matures in December 2018. The balance of the net proceeds will be used to enhance the Company’s liquidity and retire the remaining approximately $57 million of its Senior Notes due in July 2017.

Call Details
The Company’s quarterly conference call to discuss second quarter fiscal 2016 results will be broadcast live today at 10:00 a.m. Eastern time.  Investors and analysts interested in participating in the call are invited to dial (888) 208-1361 at 9:55 a.m. Eastern time and reference conference ID 7684146.  A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through August 25, 2016.  The number to call for the taped replay is (877) 870-5176 and the replay PIN is 7684146.  The conference call will also be broadcast on the Company’s website at http://investors.bonton.com.  An online archive of the webcast will be available within two hours of the conclusion of the call.

About The Bon-Ton Stores, Inc.
The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 267 stores, which includes nine furniture galleries and four clearance centers, in 26 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates.  The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings.  For further information, please visit the investor relations section of the Company’s website at http://investors.bonton.com.

Cautionary Note Regarding Forward-Looking Statements
Certain information included in this press release contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which may be identified by words such as “may,” “could,” “will,” “plan,” “expect,” “anticipate,” “believe,” “estimate,” “project,” “intend” or other similar expressions and include the Company’s fiscal 2016 guidance, involve important risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. Factors that could cause such differences include, but are not limited to: risks related to retail businesses generally; a significant and prolonged deterioration of general economic conditions which could negatively impact the Company in a number of ways, including the potential write-down of the current valuation of intangible assets and deferred taxes; risks related to the Company’s proprietary credit card program; potential increases in pension obligations; consumer spending patterns, debt levels, and the availability and cost of consumer credit; additional competition from existing and new competitors or changes in the competitive environment; inflation; deflation; changes in the costs of fuel and other energy and transportation costs; weather conditions that could negatively impact sales; uncertainties associated with expanding or remodeling existing stores; the ability to attract and retain qualified management; the dependence upon relationships with vendors and their factors; a data security breach or system failure; the ability to reduce or control SG&A expenses, including initiatives to reduce expenses and improve efficiency; operational disruptions; unsuccessful marketing initiatives; the ability to expand our capacity and improve efficiency through our new eCommerce fulfillment center; changes in, or the failure to successfully implement, our key strategies, including initiatives to improve our merchandising, marketing and operations; adverse outcomes in litigation; the incurrence of unplanned capital expenditures; the ability to obtain financing for working capital, capital expenditures and general corporate purposes; the impact of regulatory requirements including the Health Care Reform Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act; the inability or limitations on the Company’s ability to favorably adjust the valuation allowance on deferred tax assets; and the financial condition of mall operators.  Additional factors that could cause the Company’s actual results to differ from those contained in these forward-looking statements are discussed in greater detail under Item 1A of the Company’s Form 10-K filed with the Securities and Exchange Commission.

CONTACT:
Investor Relations:
Wendy Wilson
414-347-5153
Wendy.Wilson@bonton.com

Source: The Bon-Ton Stores, Inc. /GLOBE NEWSWIRE

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Abercrombie & Fitch Co. declares quarterly cash dividend of $0.20 per share on the Class A Common Stock

New Albany, Ohio, 2016-Aug-22 — /EPR Retail News/ — Abercrombie & Fitch Co. (NYSE: ANF) today reported that on August 17, 2016, the Board of Directors declared a quarterly cash dividend of $0.20 per share on the Class A Common Stock of Abercrombie & Fitch Co., payable on September 12, 2016 to stockholders of record at the close of business on September 2, 2016.

About Abercrombie & Fitch
Abercrombie & Fitch Co. is a leading global specialty retailer of high-quality, casual apparel for men, women and kids with an active, youthful lifestyle under its Abercrombie & Fitch, abercrombie kids and Hollister Co. brands.  At the end of Fiscal 2015, the Company operated 754 stores in the United States and 178 stores across Canada, Europe, Asia, and the Middle East. The Company also operates e-commerce websites at www.abercrombie.com,  www.abercrombiekids.com and www.hollisterco.com.

Media Contact:
Michael Scheiner
Public Relations
Abercrombie & Fitch
(614) 283-6192
Public_Relations@abercrombie.com

Investor Contact:
Brian Logan
Abercrombie & Fitch
(614) 283-6877
Investor_Relations@abercrombie.com

Source: Abercrombie & Fitch

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Lenta Ltd to release its reviewed IFRS financial results for H1 FY2016 on 25th August 2016

St-Petersburg, Russia, 2016-Aug-22 — /EPR Retail News/ — Lenta Ltd, (LSE, MOEX: LNTA) (“Lenta”), one of the largest retail chains in Russia, is pleased to announce it will release its reviewed IFRS financial results for the first half-year of 2016 on 25th August 2016. Lenta will also host an Analyst and Investor Conference Call on the same day to discuss the results.

Conference call details:

Date: Thursday, 25th August 2016

Time: 17:00 (Moscow time), 15:00 (UK time), 10:00 (EST)

Speakers:
Jan Dunning, Chief Executive Officer
Jago Lemmens, Chief Financial Officer
Albert Avetikov, Director for Investor Relations

To participate in the conference call, please dial:

Russia:
+7 495 705 9450

UK:
+44 20 7136 2050 (local access)
0800 279 5004 (toll free)

USA:
+1 718 354 1359 (local access)
1 877 280 2342 (toll free)

Conference ID: 2058090 or quote the conference call title: “Lenta Ltd. 1H 2016 Financial results”

The reviewed IFRS financial results for the first half-year ended 30 June 2016 and respective presentation will be published at 10:00am Moscow time (08:00am UK time) and will be available at www.lentainvestor.com

About Lenta
Lenta is the largest hypermarket chain in Russia (in terms of selling space) and the country’s fifth largest retail chain (in terms of 2015 sales). The Company was founded in 1993 in St. Petersburg. Lenta operates 147 hypermarkets in 72 cities across Russia and 42 supermarkets in Moscow and St. Petersburg, with a total of approximately 922,865 sq.m of selling space. The average Lenta hypermarket store has selling space of approximately 6,000 sq.m. The average Lenta supermarket store has selling space of approximately 1,000 sq.m. The Company operates six owned hypermarket 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 38,414 people as of 31 December 2015.

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, the European Bank for Reconstruction and Development, all of whom 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 can be seen here.

For further information please visit www.lentainvestor.com, or contact:

Lenta
Albert Avetikov,
Director for Investor Relations
+7 812 363 28 44
Albert.Avetikov@lenta.com

Citigate
International Media:
David Westover and Marina Zakharova
Тel: +44 207 282 2886
lentateam@citigatedr.co.uk

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

Source: Lenta

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Popeyes Louisiana Kitchen, Inc. announces Q2 FY2016 results ended July 10, 2016

ATLANTA, 2016-Aug-22 — /EPR Retail News/ — Popeyes Louisiana Kitchen, Inc. (NASDAQ: PLKI), the franchisor and operator of Popeyes® restaurants, today (August 16, 2016) reported results for its fiscal second quarter of 2016, which ended July 10, 2016. The Company also reaffirmed earnings guidance for fiscal 2016.

“The second quarter was a productive one for Popeyes on each of our three strategic pillars, despite the competitive pressures on comparable sales,” said Cheryl Bachelder, Popeyes Chief Executive Officer. “We have continued to offer our guests a balance of exciting new products and value-oriented promotions, and our share of chicken-QSR grew this quarter. We have successfully implemented our new field visit protocols to advance our operations and we completed the scoping of our One Technology initiative. Our international team is delivering excellent results. So while we are experiencing slower domestic sales, consistent with the sector; we remain highly confident that our bold long term goals are achievable.”

Second Quarter 2016 Highlights:

  • Total revenues increased 3.9% to $61.7 million, compared to $59.4 million in the second quarter of 2015.
  • Reported net income was $10.3 million, or $0.47 per diluted share, compared to $10.3 million, or $0.44 per diluted share in the second quarter 2015. Adjusted earnings per diluted share(1) was $0.47, compared to$0.44 in 2015. Both earnings per diluted share and adjusted earnings per diluted share had a year over year growth of 6.8%.
  • Total system-wide sales increased by 6.5% in the second quarter 2016 as a result of net unit growth and same-store sales performance.
  • Global same-store sales increased 0.7%.
  • Total domestic same-store sales were flat, compared to a 7.9% increase in the second quarter of 2015.Popeyes increased its domestic market share of the chicken-QSR category to a record high 26.6%, compared to 25.4% in the second quarter of 2015.
  • International same-store sales increased 6.4%, compared to a 4.3% increase in the second quarter of 2015, marking the 26th consecutive quarter of positive international same-store sales growth.
  • Sales by Company-operated restaurants were $25.2 million in the second quarter compared to $25.1 million last year. Company-operated restaurant operating profit(1) was $4.7 million, or 18.7% of sales, compared to$4.9 million, or 19.5% of sales in the second quarter of 2015. The decrease was primarily due to lower sales in our new markets along with higher labor costs, which were partially offset by lower chicken and grocery basket costs.
  • Operating EBITDA(1) was $19.8 million, or 32.1% of total revenue in the second quarter, compared to $19.5 million, or 32.8% of total revenue last year. The increase was primarily due to an increase in franchise royalties and fees partially offset by a planned increase in general and administrative expenses to support the Company’s new strategic roadmap along with a decrease in Company-operated restaurant operating profit.
  • Through the first 28 weeks of fiscal 2016, free cash flow(1) was $23.6 million, compared to $19.6 million in 2015.
  • The Popeyes system opened 43 restaurants, which included 23 domestic and 20 international restaurants. Net restaurant openings were 36 compared to 31 in the same period last year.
  • As of the end of the second quarter, the Company operated and franchised 2,594 restaurants, compared to 2,443 at the end of the second quarter in 2015, representing a net unit growth of 6.2% over the last twelve months.
  • The Company repurchased 532,864 shares of its common stock for approximately $30 million.

Fiscal 2016 Guidance:

Based on performance through the second quarter, the Company is making the following adjustments to guidance for the full-year fiscal 2016:

  • System-wide same-store sales growth in the range of 1.0% to 2.0%, a decrease from previous guidance in the range of 2.0% to 3.0%.
  • Two new Company-operated restaurant openings, a decrease from previous guidance of three to five.

In addition, the Company reiterates the following guidance for full year fiscal 2016:

  • New restaurant openings in the range of 200 to 235, including approximately 85 to 100 internationally.
  • Net new restaurant openings in the range of 140 to 185, for a net new unit growth rate of approximately 6% to 7%.
  • General and administrative expenses to be approximately 2.9% to 3.0% of system-wide sales, maintaining an investment rate that supports long-term growth.
  • Capital expenditures to be in the range of $10 million to $15 million, including approximately $10 million for new Company-operated restaurants and other capital improvements at existing restaurants.
  • Earnings per diluted share and adjusted earnings per diluted share to be in the range of $2.10 to $2.15.
  • Share repurchases of $80 million to $120 million in outstanding shares, compared to $62 million in 2015, with$60 million purchased from operating cash flows and up to $60 million from additional borrowings.
  • Effective income tax rate in 2016 to be approximately 38%.

Conference Call

The Company will host a conference call and Internet webcast at 9:00 A.M. ET on August 17, 2016, to review second quarter 2016 results. A live listen-only webcast of the conference call will be available on the Popeyes website at www.popeyes.com/investors. The conference call can also be accessed live over the phone by dialing (855) 427-4392 or for international callers by dialing (484) 756-4257. A replay will be available after the call and can be accessed by dialing (855) 859-2056, or for international callers by dialing (404) 537-3406; the conference ID is 41416512. The replay will be available until Wednesday, August 31, 2016. A replay of the conference call will also be available for 90 days at the Company’s website.

Corporate Profile

Popeyes Louisiana Kitchen, Inc. is the franchisor and operator of Popeyes® restaurants, the world’s second-largest Quick- Service Restaurant (“QSR”) chicken concept based on number of units. As of July 10, 2016, Popeyes had 2,594 operating restaurants in the United States, the District of Columbia, three territories, and 26 foreign countries. The Company’s primary objective is to deliver sales and profits by offering excellent investment opportunities in its Popeyes brand and providing exceptional franchisee support systems and services to its owners. Popeyes Louisiana Kitchen, Inc. can be found at www.popeyes.com.

(1) Adjusted earnings per diluted share, operating EBITDA, Company-operated restaurant operating profit, and free cash flow are supplemental non-GAAP measures of performance. See the heading entitled “Management’s Use of Non-GAAP Financial Measures.”

Investor inquiries:
ICR
Dara Dierks
404-459-4584
Investor Relations
investor.relations@popeyes.com

Media inquiries:
Popeyes Louisiana Kitchen, Inc.
Renee Kopkowski
404-459-4630
Vice President, Brand Communications
renee.kopkowski@popeyes.com

Source: Popeyes Louisiana Kitchen, Inc.

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Barnes & Noble to report fiscal 2017 first quarter earnings results on September 8, 2016

New York, NY, 2016-Aug-22 — /EPR Retail News/ — Barnes & Noble, Inc. (NYSE: BKS) today (08/18/2016) announced the company will report fiscal 2017 first quarter earnings results on Thursday, September 8, before the market opens. The company will host an investor conference call at 10:00 a.m. Eastern Time on Thursday, September 8, to review the company’s financial results and operations.

This call is being webcast and can be accessed at Barnes & Noble, Inc.’s corporate website at www.barnesandnobleinc.com/webcasts. The webcast of this call will be archived and available for three months on Barnes & Noble, Inc.’s corporate website.

About Barnes & Noble, Inc.
Barnes & Noble, Inc. (NYSE: BKS) is a Fortune 500 company, the nation’s largest retail bookseller, and a leading retailer of content, digital media and educational products. The Company operates 640 Barnes & Noble bookstores in 50 states, and one of the Web’s premier e-commerce sites, BN.com (www.bn.com). The NOOK Digital business offers a lineup of popular NOOK (www.nook.com) and UK® tablets and eReaders and an expansive collection of digital reading and entertainment content through the NOOK Store®. The NOOK Store features more than 4 million digital books in the US plus periodicals, comics, apps, movies and TV shows, and offers the ability to enjoy content across a wide array of popular devices through Free NOOK Reading Apps™ available for Android™, iOS® and Windows®.

General information on Barnes & Noble, Inc. can be obtained by visiting the Company’s corporate website at www.barnesandnobleinc.com.

Contacts:
Mary Ellen Keating
Senior Vice President,
Corporate Communications
Barnes & Noble, Inc.
(212) 633-3323
mkeating@bn.com

Andy Milevoj
Vice President,
Investor Relations
Barnes & Noble, Inc.
(212) 633-3489
amilevoj@bn.com

Source: Barnes & Noble, Inc.

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Tiffany & Co. declares regular quarterly dividend of $0.45 per share of Common Stock

NEW YORK, 2016-Aug-22 — /EPR Retail News/ — The Board of Directors of Tiffany & Co. (NYSE: TIF) has declared a regular quarterly dividend of $0.45 per share of Common Stock. The dividend will be paid on October 11, 2016 to shareholders of record on September 20, 2016. Future dividends are subject to declaration by the directors.

Tiffany is the internationally-renowned jeweler founded in New York in 1837. Through its subsidiaries, Tiffany & Co. manufactures products and operates TIFFANY & CO. retail stores worldwide, and also engages in direct selling through Internet, catalog and business gift operations. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110.

Contact:

Mark L. Aaron
212-230-5301
Mark.aaron@tiffany.com

Source: Tiffany & Co.

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ICA Gruppen releases its 1Q2016 sustainability report

Solna, Sweden, 2016-Aug-22 — /EPR Retail News/ — ICA Gruppen today ( 2016,18 August) presented its sustainability report for the first quarter of 2016. The report addresses important issues and initiatives regarding the environment, quality, ethical trade, health and community engagement.

ICA Gruppen’s greenhouse gas emissions decreased by 27% during the period July 2015 to June 2016 compared with 2006.

“Our ambition is to be a leader in corporate responsibility,” comments Per Strömberg, CEO of ICA Gruppen. “It is a position we want to achieve in part because of the responsibility we have by virtue of our size, and in part because we so clearly see that sustainability is a driver of growth. Spurred by our customers’ interests and our new, internal climate targets, during the past quarter we further accelerated the pace of our activities to include such measures as a continued review of refrigerants in stores, efficiency improvements in transports, and the launch of climate-guided recipes on ica.se.”

  • ICA first to offer climate-guided recipes
    During the quarter ICA launched a climate guide for recipes on ica.se. The recipes are marked with one, two or three leaves to symbolise how beneficial they are from a climate perspective. At the end of the period approximately 2,000 climate-guided recipes were available, and going forward all new recipes will be climate-rated.
  • Swedish milk in ICA’s private label dairy products
    During the quarter ICA Sweden signed a new agreement concerning production of ICA’s private label dairy products. Once the agreement has taken full effect, most of ICA’s private label dairy products and hard cheeses will be made using milk produced in Sweden.
  • Launch of industry-wide country of origin label – “Från Sverige”
    In April the new, industry-wide Från Sverige (“From Sweden”) country of origin label was launched. The label may be used on food, ingredients and plants that are produced in Sweden and that meet the label’s criteria. ICA Sweden was one of the initiative-takers behind the new label, which was developed in collaboration with the Swedish Food Federation, Svensk Dagligvaruhandel and the Federation of Swedish Farmers (LRF).
  • Continued positive sales trend for organic products
    Store sales of organic products from ICA Sweden’s central assortment remained positive during the quarter. On a rolling 12-month basis, sales growth for organic products was 25%.
  • Intensified environmental monitoring of suppliers
    During the quarter, ICA Gruppen’s tool for auditing and monitoring working conditions at suppliers – ICA Social Audit – was complemented with additional aspects focusing on suppliers’ environmental work. The aim is to expand the monitoring of suppliers to include their environmental performance. The new aspects focus on waste handling, chemicals and water treatment, among other things.

ICA Gruppen discloses the information provided herein pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08:00 CET on Thursday, August, 2016.

For more information:

ICA Gruppen press service
Telephone number: +46 10 422 52 52

Source: ICA Gruppen

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ICA Gruppen announces favourable earnings and higher market shares during Q2 report 2016

Solna, Sweden, 2016-Aug-22 — /EPR Retail News/ —

Second quarter of 2016 in summary

  • Consolidated net sales amounted to SEK 26,222 million (25,542), an increase of 2.7%
  • Operating profit excluding non-recurring items totalled SEK 1,154 million (1,018). Operating profit for the comparison period included costs of SEK 27 million associated with the acquisition and integration of Apotek Hjärtat
  • Profit from continuing operations (ICA Gruppen excl. ICA Norway) was SEK 829 million (786). Profit includes capital gains on sales of noncurrent assets and impairment losses totalling SEK -37 million, net (47)
  • Earnings per share for continuing operations were SEK 4.12 (3.77)
  • Cash flow from operating activities for continuing operations amounted to SEK 1,785 million
  • The same period in 2015 included SEK 1.2 billion of capital gain in earnings and SEK 2.8 billion in cash flow from the divestment of ICA Norway
  • inkClub was divested as per 29 June 2016, giving rise to a capital loss of SEK 30 million

After the end of the quarter

  • No significant events have taken place after the end of the quarter

Comment from the CEO of ICA Gruppen, Per Strömberg:

“ICA Gruppen continued to show favourable performance into the second quarter. All parts of the Group posted earnings improvements, except for ICA Bank. It is especially positive to note that we gained market shares and that the ICA stores in Sweden have had a few months with very good sales performance. On the negative side, we have experienced continued disruptions with associated high costs in our logistics operation in southern Sweden.”

Press and analyst meeting

ICA Gruppen is arranging a press and analyst meeting at Tändstickspalatset, Stockholm, on Wednesday, 17 August 2016 at 10.00 CET. CEO Per Strömberg and CFO Sven Lindskog will present the interim report. The meeting will be webcast and can be followed at  www.icagruppen.se/investerare. There is also an opportunity to call in on tel.

SE: +46856642694

UK: +442030089801

Calendar

9 November 2016                  Interim report January–September 2016

15 December 2016                Capital Markets Day

8 February 2017                    Year-end report 2016

ICA Gruppen discloses the information provided herein pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication at time 07.00 CET on Wednesday, August 17, 2016.

For further information, please contact:

Frans Benson
Head of Investor Relations
tel. +46 8-561 500 20

ICA Gruppen press service
Tel +46 10 422 52 52

Source: ICA Gruppen

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Ross Stores announces 2Q financial results ended July 30, 2016

DUBLIN, Calif., 2016-Aug-22 — /EPR Retail News/ — Ross Stores, Inc. (Nasdaq: ROST) today (Aug. 18, 2016) reported earnings per share for the second quarter ended July 30, 2016 of $.71, a 13% increase on top of an 11% gain in the prior year.  Net earnings for the current year period grew to $282 million, up from $259 million last year.  Sales for the 2016 second quarter rose 7% to $3.181 billion, with comparable store sales up 4% on top of 4% growth in the prior year.

For the first six months of fiscal 2016, earnings per share were $1.44, up 9% on top of a 15% increase last year. Net earnings were $573 million, up from $541 million in the prior year.  Sales for the first half of 2016 rose 6% to $6.270 billion, with comparable store sales up 3% versus a 5% gain in the same period last year.

Barbara Rentler, Chief Executive Officer, commented, “Both sales and earnings results in the second quarter were ahead of our forecast. Higher merchandise gross margin during the quarter drove a 50 basis point increase in operating margin to 14.4%, up from 13.9% in the same period last year.”

Ms. Rentler continued, “During the second quarter and first six months of fiscal 2016, we repurchased 3.1 million and 6.2 million shares of common stock, respectively, for an aggregate price of $176 million in the quarter and$352 million year-to-date.  As planned, we expect to buy back a total of $700 million in common stock during fiscal 2016 to complete the two-year $1.4 billion authorization approved by our Board of Directors in February 2015.”

Looking ahead, Ms. Rentler said, “For the third quarter ending October 29, 2016, we are forecasting a same store sales gain of 1% to 2% on top of a 3% increase in the prior year, and earnings per share of $.52 to $.55, compared to $.53 in last year’s third quarter. For the fourth quarter ending January 28, 2017, we are also projecting same store sales to grow 1% to 2% versus a 4% increase last year, with earnings per share expected to be $.73 to $.76, up from $.66 in the 2015 fourth quarter.  Based on our first half results and second half guidance, fiscal 2016 earnings per share are now planned to increase 7% to 10% to $2.69 to $2.75, on top of a 14% gain last year.”

The Company will host a conference call on Thursday, August 18, 2016 at 4:15 p.m. Eastern time to provide additional details concerning its second quarter results and management’s outlook for the remainder of the year.  A real-time audio webcast of the conference call will be available in the Investors section of the Company’s website, located at www.rossstores.com. An audio playback will be available at 404-537-3406, PIN #60158976 until 8:00 p.m. Eastern time on August 25, 2016, as well as on the Company’s website.

Forward-Looking Statements:  This press release contains forward-looking statements regarding expected sales, earnings levels and other financial results in future periods that are subject to risks and uncertainties which could cause our actual results to differ materially from management’s current expectations. The words “plan,” “expect,” “target,” “anticipate,” “estimate,” “believe,” “forecast,” “projected,” “guidance,” “looking ahead” and similar expressions identify forward-looking statements. Risk factors for Ross Dress for Less® (“Ross”) and dd’s DISCOUNTS® include without limitation, competitive pressures in the apparel or home-related merchandise retailing industry; changes in the level of consumer spending on or preferences for apparel or home-related merchandise; market availability, quantity, and quality of attractive brand name merchandise at desirable discounts and our buyers’ ability to purchase merchandise that enables us to offer customers a wide assortment of merchandise at competitive prices; impacts from the macro-economic environment, financial and credit markets, and geopolitical conditions that affect consumer confidence and consumer disposable income; our ability to continually attract, train and retain associates to execute our off-price strategies; unseasonable weather trends; potential data security breaches, including cyber-attacks on our transaction processing and computer information systems, which could result in theft or unauthorized disclosure of customer, credit card, employee, or other private and valuable information that we handle in the ordinary course of our business – such breaches of our data security, or our failure or delay in detecting and mitigating a loss of personal or business information, could result in damage to our reputation, loss of customer confidence, violation (or alleged violation) of applicable laws, and could expose us to civil claims, litigation and regulatory action, and to unanticipated costs and disruption of our operations; potential disruptions in our supply chain or information systems; issues involving the quality, safety, or authenticity of products we sell; our ability to effectively manage our inventories, markdowns, and inventory shortage to achieve planned gross margin; volatility in revenues and earnings; an adverse outcome in various legal, regulatory, or tax matters; natural or man-made disaster inCalifornia or in another region where we have a concentration of stores or a distribution center; increase in our labor costs; unexpected issues or costs from expanding in existing markets and entering new geographic markets; obtaining acceptable new store sites with favorable demographics; damage to our corporate reputation or brands; issues from importing merchandise from other countries; and maintaining sufficient liquidity to support our continuing operations, new store and distribution center growth plans, and stock repurchase and dividend programs. Other risk factors are set forth in our SEC filings including without limitation, the Form 10-K for fiscal 2015 and Form 10-Q and 8-Ks for fiscal 2016.  The factors underlying our forecasts are dynamic and subject to change.  As a result, our forecasts speak only as of the date they are given and do not necessarily reflect our outlook at any other point in time.  We do not undertake to update or revise these forward-looking statements.

Ross Stores, Inc. is an S&P 500, Fortune 500 and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2015 revenues of $11.9 billion.  The Company operates Ross Dress for Less® (“Ross”), the largest off-price apparel and home fashion chain in the United States with 1,317 locations in 34 states, theDistrict of Columbia and Guam as of July 30, 2016. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. The Company also operates 184 dd’s DISCOUNTS® in 14 states as of July 30, 2016 that feature a more moderately-priced assortment of first-quality, in-season, name brand apparel, accessories, footwear and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Additional information is available at www.rossstores.com.

Contact:

Michael Hartshorn
Group Senior Vice President
Chief Financial Officer
(925) 965-4503

Connie Kao
Vice President, Investor Relations
(925) 965-4668
connie.kao@ros.com

SOURCE: Ross Stores, Inc.

Posted on by

Ross Stores, Inc. declares regular quarterly cash dividend of $.135 per common share

DUBLIN, Calif., 2016-Aug-22 — /EPR Retail News/ — Ross Stores, Inc. (Nasdaq: ROST) announced today (Aug. 17, 2016) that the Company’s Board of Directors declared a regular quarterly cash dividend of $.135 per common share, payable on September 30, 2016 to stockholders of record as of September 2, 2016.

Ross Stores, Inc. is an S&P 500, Fortune 500 and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2015 revenues of $11.9 billion.  The Company operates Ross Dress for Less® (“Ross”), the largest off-price apparel and home fashion chain in the United States with 1,317 locations in 34 states, the District of Columbia and Guam as of July 30, 2016. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. The Company also operates 184 dd’s DISCOUNTS® in 14 states as of July 30, 2016 that feature a more moderately-priced assortment of first-quality, in-season, name brand apparel, accessories, footwear and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Additional information is available at www.rossstores.com.

Contact:

Michael Hartshorn
Group Senior Vice President
Chief Financial Officer
(925) 965-4503

Connie Kao
Vice President, Investor Relations
(925) 965-4668
connie.kao@ros.com

SOURCE: Ross Stores, Inc.

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SpartanNash Company reports Q2 FY2016 financial results

Byron Center, MI, 2016-Aug-22 — /EPR Retail News/ — SpartanNash Company (the “Company”) (Nasdaq: SPTN) today (Aug 17th, 2016) reported financial results for the 12-week second quarter and 28-week period ended July 16, 2016.

Second Quarter Results

Consolidated net sales for the 12-week second quarter increased to $1.83 billion from $1.80 billion in the prior year quarter, driven by increases in the food distribution and military segments.

Reported operating earnings were $32.6 million compared to $36.8 million for the prior year quarter primarily due to higher restructuring and asset impairment charges. Adjusted operating earnings improved $2.1 million to $39.3 million from $37.2 million for the prior year quarter due to lower operating expenses resulting from productivity and efficiency initiatives as well as the benefit from increased sales, partially offset by higher health care costs and expenses related to the start-up of new business.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) was $58.7 million, or 3.2 percent of net sales, compared to $58.5 million, or 3.3 percent of net sales in the prior year quarter. Adjusted EBITDA is a non-Generally Accepted Accounting Principles (GAAP) financial measure. Please see the financial tables at the end of this press release for a reconciliation of net earnings to Adjusted EBITDA, and a reconciliation of each non-GAAP financial measure to the most directly comparable measure prepared and presented in accordance with GAAP.

Reported earnings from continuing operations for the second quarter were $17.6 million, or $0.47 per diluted share, compared to $20.3 million, or $0.54 per diluted share, in the prior year quarter. Adjusted earnings from continuing operations for the second quarter increased to $21.7 million, or $0.58 per diluted share, from $19.8 million, or $0.53 per diluted share, in the prior year quarter. Current year adjusted earnings from continuing operations exclude net after-tax charges of $0.11 per diluted share primarily related to asset impairment charges, restructuring activities associated with the Company’s warehouse rationalization plan, and ongoing merger integration activities. Prior year adjusted earnings from continuing operations excluded a net after-tax gain of $0.01 per diluted share related to a benefit associated with tax planning initiatives and net gains on sales of previously closed stores, partially offset by expenses associated with merger integration activities. Adjusted earnings from continuing operations is a non-GAAP operating financial measure.

“We are generally pleased with our execution in the second quarter and the progress we have made operationally and strategically, particularly our ability to grow sales in a challenging operating environment,” stated Dennis Eidson, SpartanNash’s President and Chief Executive Officer. “New business growth and operational efficiencies helped mitigate the impact of deflation on our bottom line. We are also encouraged by our diverse pipeline of sales opportunities and remain on track to achieve our financial objectives for the year. Additionally, we continue to take steps to position the company for growth by: enhancing our merchandising, pricing, and promotional strategies to drive greater customer engagement and improve the overall shopping experience; expanding our organic and private brand product offerings to provide our customers with quality products at affordable prices; investing in select retail markets; and improving operations and expense leverage through our supply chain optimization and merger integration efforts.”

Gross profit margin for the second quarter was 14.4 percent compared to 14.6 percent in the prior year quarter primarily due to changes in the mix of business operations, new business, and deflationary impacts.

Reported operating expenses for the second quarter were $230.1 million, or 12.6 percent of sales, compared to $225.2 million, or 12.5 percent of sales, in the prior year quarter. Second quarter operating expenses would have been $223.4 million, or 12.2 percent of net sales, compared to $224.9 million, or 12.5 percent of net sales in the prior year quarter, if restructuring, asset impairment, and merger integration charges were excluded from both periods and last year’s net gains on property sales and expenses related to tax planning initiatives were excluded. The decrease as a rate to sales would have been primarily due to lower: depreciation expense associated with fully depreciated assets; utility and occupancy costs; and various operating expenses resulting from productivity and efficiency initiatives, partially offset by higher health care costs.

Food Distribution Segment

Net sales for the food distribution segment increased to $820.3 million from $782.7 million in the prior year quarter primarily due to new business gains and growth of existing accounts.

Reported operating earnings for the food distribution segment were $19.2 million compared to $19.4 million in the prior year quarter. Second quarter adjusted operating earnings increased to $21.6 million from $18.5 million in the prior year quarter. The increase was due to improvements from new sales, supply chain optimization efforts, merger synergies and lower depreciation expense partially offset by higher health care costs.

Second quarter adjusted operating earnings exclude $2.4 million of net pre-tax charges consisting of restructuring charges related to the Company’s warehouse optimization plan and merger integration expenses. The prior year second quarter excludes $0.9 million of pre-tax gains related to a legal settlement, net of merger integration costs and professional fees associated with tax planning initiatives. Adjusted operating earnings is a non-GAAP operating financial measure.

Retail Segment

Net sales for the retail segment were $501.8 million in the second quarter compared to $516.1 million for the prior year quarter. The decrease was primarily attributable to a 3.0 percent decrease in comparable store sales, excluding fuel; $9.8 million in lower sales resulting from the closure of retail stores and fuel centers; and $4.1 million due to lower retail fuel prices compared to the prior year; partially offset by contributions from stores acquired in the second quarter of last year.

Comparable store sales reflect the continued challenging economic conditions in select geographies, retail price deflation and competitive store openings, particularly in the Company’s western region.

Reported operating earnings in the retail segment were $10.9 million compared to $13.5 million in the prior year quarter primarily due to asset impairment charges incurred in the current year. Adjusted operating earnings increased to $15.5 million from $14.7 million in the prior year quarter. Current year adjusted operating earnings exclude $4.6 million of pre-tax asset impairment and merger integration charges. The prior year second quarter excludes $1.2 million of pre-tax merger integration and acquisition costs and net gains on the sales of previously closed stores. The increase in adjusted operating earnings was primarily due to improved fuel margins and favorable rebate programs, partially offset by the lower comparable store sales volumes.

During the second quarter, the Company completed one remodel in Michigan and eight remodels in Omaha. Grand re-openings for the Omaha stores, which were re-bannered to Family Fare, were held the first week of the third quarter. SpartanNash ended the quarter with 160 Company-owned retail stores, 79 pharmacies, and 29 fuel centers.

Military Segment

Net sales for the Company’s military segment increased to $505.4 million from $497.0 million in the prior year quarter. The increase was primarily due to new business gains associated with the distribution of fresh products, partially offset by continued lower sales at the Defense Commissary Agency (DeCA) operated commissaries.

Reported operating earnings for the military segment were $2.5 million compared to $3.9 million in the prior year quarter. The decrease was primarily due to the lack of inflationary gains, higher health care costs, and a shift in business mix. Second quarter adjusted operating earnings were $2.2 million compared to $4.0 million in the prior year period.

Balance Sheet and Cash Flow

Cash flow provided by operating activities for the year-to-date period was $54.7 million, compared to $123.4 million in the comparable period last year. The decrease was primarily due to changes in working capital, particularly around the timing of vendor and income tax payments and increased working capital requirements to support sales growth.

Long-term debt and capital lease obligations, including current maturities, were $492.5 million at July 16, 2016 compared to $486.8 million at January 2, 2016. Net long-term debt (including current maturities and capital lease obligations and subtracting cash) for the Company was $468.7 million as of July 16, 2016 compared to $464.1 million at January 2, 2016. The Company’s total net long-term debt-to-capital ratio is 0.4-to-1.0 and net long-term debt to Adjusted EBITDA is 2.0-to-1.0 as of July 16, 2016. Net long-term debt is a non-GAAP financial measure.

Outlook

Mr. Eidson continued, “With current market headwinds and economic conditions likely to persist, particularly in our western geographic areas, we remain focused on operating our business with a disciplined approach. We will continue to implement our initiatives to enhance our merchandising, pricing and promotional strategies, including expanding our organic and private brand product offerings, improving our produce offering, and driving greater customer engagement through our loyalty program. We are excited about the initial roll out of Open Acres™, our new private brand for fresh products, as this will provide our consumers in both Company-owned and independent store locations with quality fresh products at a significant savings. Additionally, we recently completed eight remodels and re-banners to Family Fare in Omaha, Nebraska, improving our offering to the customer while highlighting our variety and value, especially as it relates to produce and private brand, and have been encouraged by the initial customer response. In our combined food distribution and military network, we consolidated our Statesboro, Georgia warehouse facility and continue to look for ways to optimize our supply chain. We also continue to see opportunities to drive new business and growth, including those within the alternative channel space, and we remain dedicated to offering solutions to complicated logistic issues. We will also proactively pursue financially and strategically attractive acquisition opportunities.”

Based on the first half results and outlook for the remainder of the year, the Company is maintaining its previously issued fiscal 2016 guidance of adjusted earnings per diluted share from continuing operations of approximately $2.07 to $2.18, excluding merger integration costs and other adjusted charges and gains, compared to $1.98 in the prior year. We anticipate that reported earnings from continuing operations will be in the range of approximately $1.66 to $1.77 per diluted share, compared to $1.67 in the prior year. The guidance is based on expectations for the second half of the year of sales growth in food distribution; continued contributions from new fresh business in the Company’s military division, which will lessen the volume impact of the poor performance at the DeCA operated commissaries; and slightly negative to flat comparable retail store sales, reflecting deflation and the competitive sales environment, partially offset by improvements resulting from capital investments, merchandising initiatives and the cycling of competitive openings. The Company anticipates that fourth quarter adjusted earnings per diluted share from continuing operations will be lower than the prior year due to the significant inflation-related benefit from LIFO realized in the fourth quarter of fiscal 2015 of approximately $0.07 per diluted share.

The Company continues to expect capital expenditures for fiscal year 2016 to be in the range of $72.0 million to $75.0 million, with depreciation and amortization of approximately $76.0 million to $78.0 million and total interest expense of approximately $18.0 to $20.0 million.

Conference Call

A telephone conference call to discuss the Company’s second quarter of fiscal 2016 financial results is scheduled for 9:00 a.m. Eastern Time, Thursday, August 18, 2016. A live webcast of this conference call will be available on the Company’s website, www.spartannash.com/webcasts. Simply click on “For Investors” and follow the links to the live webcast. The webcast will remain available for replay on the Company’s website for approximately ten days.

About SpartanNash

SpartanNash (SPTN) is a Fortune 400 company and the leading distributor serving U.S. military commissaries and exchanges in the world, in terms of revenue. The Company’s core businesses include distributing grocery products to military commissaries and exchanges and independent and Company-owned retail stores located in 47 states and the District of Columbia, Europe, Cuba, Puerto Rico, Bahrain and Egypt. SpartanNash currently operates 160 supermarkets, primarily under the banners of Family Fare Supermarkets, Family Fresh Markets, D&W Fresh Markets, and Sun Mart.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These include statements preceded by, followed by or that otherwise include the words “outlook,” “pipeline,” “optimistic,” “committed,” “anticipates,” “continue,” “expects,” “look forward,” “guidance,” “opportunities,” “position,” “focus,” or “plan” or similar expressions or that an event or trend “will” occur, or is “beginning.” Forward-looking statements relating to expectations about future results or events are based upon information available to SpartanNash as of today’s date, and are not guarantees of the future performance of the combined company, and actual results may vary materially from the results and expectations discussed. Additional risks and uncertainties include, but are not limited to, the company’s ability to compete in the highly competitive grocery distribution, retail grocery, and military distribution industries. Additional information concerning these and other risks is contained in SpartanNash’s most recently filed Annual Report on Form 10-K, recent Current Reports on Form 8-K and other SEC filings. All subsequent written and oral forward-looking statements concerning SpartanNash, the merger, or other matters and attributable to SpartanNash or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. SpartanNash does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.

Investor Contact:
Chris Meyers
Executive Vice President & CFO
(616) 878-8023

Media Contact:
Meredith Gremel
Vice President Corporate Affairs and Communications
(616) 878-2830

Source: SpartanNash Company

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Nordstrom declares quarterly dividend of 37 cents per share

SEATTLE, 2016-Aug-19 — /EPR Retail News/ — Nordstrom, Inc. (NYSE: JWN) announced today (Aug. 17, 2016) that its board of directors approved a quarterly dividend of 37 cents per share payable on September 13, 2016, to shareholders of record at the close of business on August 29, 2016.

About Nordstrom
Nordstrom, Inc. is a leading fashion specialty retailer based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 329 stores in 39 states, including 121 full-line stores in the United States, Canada and Puerto Rico; 200 Nordstrom Rack stores; two Jeffrey boutiques; and one clearance store. Additionally, customers are served online through Nordstrom.com, Nordstromrack.com and HauteLook. The company also owns Trunk Club, a personalized clothing service serving customers online at TrunkClub.com and its five clubhouses. Nordstrom, Inc.’s common stock is publicly traded on the NYSE under the symbol JWN.

INVESTOR CONTACT:
Nordstrom, Inc.
Trina Schurman
206-303-6503

MEDIA CONTACT:
Nordstrom, Inc.
Dan Evans
206-303-3036

Source: Nordstrom, Inc.

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L Brands, Inc. announces 2Q2016 results

COLUMBUS, Ohio, 2016-Aug-19 — /EPR Retail News/ — L Brands, Inc. (NYSE:LB) today (Aug. 17, 2016) reported 2016 second quarter results.

Second Quarter Results
Earnings per share for the second quarter ended July 30, 2016 , were $0.87 compared to $0.68 for the quarter ended Aug. 1 , 2015.  Second quarter operating income increased 1 percent to $408.2 million compared to $402.9 million last year, and net income was $252.4 million compared to$202.5 million last year.

The reported results above include certain significant items as detailed below:

  • In 2016:
    • A pre-tax gain of $108.3 million ( $0.24 per share) related to a cash distribution from Easton Town Center; and
    • A pre-tax charge of $35.8 million ( $0.08 per share) related to the early extinguishment of the company’s July 2017 notes

Excluding the significant items above, adjusted second quarter earnings per share increased 3% to$0.70 compared to $0.68 last year, and adjusted net income increased 1% to $204.7 million compared to $202.5 million last year.

The company reported net sales of $2.890 billion for the second quarter ended July 30, 2016 , an increase of 5 percent compared to net sales of $2.765 billion for the quarter ended Aug. 1 , 2015.  The company reported a comparable sales increase of 3 percent for the second quarter ended July 30, 2016 .

At the conclusion of this press release is a reconciliation of reported to adjusted results, including a description of the significant items.

2016 Outlook
The company stated that it expects 2016 third quarter earnings per share to be $0.40 to $0.45 .  It expects to report full-year earnings per share between $3.79 and $3.94 , which includes a net$0.09 per share from year-to-date significant items as detailed in the attached reconciliation of reported to adjusted results.  Excluding these items, the company expects to report full-year adjusted earnings per share between $3.70 and $3.85 , versus its previous guidance of $3.60 to $3.80 .

Earnings Call Information
L Brands will conduct its second quarter earnings call at 9 a.m. Eastern on Aug. 18.  To listen, call 1-866-363-4673 (international dial-in number: 1-973-200-3978).  For an audio replay, call 1-855-859-2056 (conference ID 33156271) (international replay number: 1-404-537-3406 (conference ID 33156271)) or log onto www.LB.com.  Additional second quarter financial information is also available at www.LB.com.

ABOUT L BRANDS :
L Brands , through Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel , is an international company.  The company operates 3,052 company-owned specialty stores in the United States , Canada , the United Kingdom and Greater China , and its brands are sold in more than 700 additional franchised locations worldwide.  The company’s products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and www.LaSenza.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or the second quarter earnings call or made by our company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “planned,” “potential” and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or the second quarter earnings call or otherwise made by our company or our management:

  • general economic conditions, consumer confidence, consumer spending patterns and market disruptions including severe weather conditions, natural disasters, health hazards, terrorist activities, financial crises, political crises or other major events, or the prospect of these events;
  • the seasonality of our business;
  • the dependence on mall traffic and the availability of suitable store locations on appropriate terms;
  • our ability to grow through new store openings and existing store remodels and expansions;
  • our ability to successfully expand internationally and related risks;
  • our relationships with independent franchise, license and wholesale partners;
  • our direct channel businesses;
  • our ability to protect our reputation and our brand images;
  • our ability to attract customers with marketing, advertising and promotional programs;
  • our ability to protect our trade names, trademarks and patents;
  • the highly competitive nature of the retail industry and the segments in which we operate;
  • consumer acceptance of our products and our ability to keep up with fashion trends, develop new merchandise and launch new product lines successfully;
  • our ability to source, distribute and sell goods and materials on a global basis, including risks related to:
    • political instability, significant health hazards, environmental hazards or natural disasters;
    • duties, taxes and other charges;
    • legal and regulatory matters;
    • volatility in currency exchange rates;
    • local business practices and political issues;
    • potential delays or disruptions in shipping and transportation and related pricing impacts;
    • disruption due to labor disputes; and
    • changing expectations regarding product safety due to new legislation;
  • our geographic concentration of supplier and distribution facilities in central Ohio ;
  • fluctuations in foreign currency exchange rates;
  • stock price volatility;
  • our ability to pay dividends and related effects;
  • our ability to maintain our credit rating;
  • our ability to service or refinance our debt;
  • our ability to retain key personnel;
  • our ability to attract, develop and retain qualified employees and manage labor-related costs;
  • the ability of our manufacturers to deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations;
  • fluctuations in product input costs;
  • fluctuations in energy costs;
  • increases in the costs of mailing, paper and printing;
  • claims arising from our self-insurance;
  • our ability to implement and maintain information technology systems and to protect associated data;
  • our ability to maintain the security of customer, associate, supplier or company information;
  • our ability to comply with regulatory requirements;
  • legal and compliance matters; and
  • tax matters.

We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release or the second quarter earnings call to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in Item 1A. Risk Factors in our 2015 Annual Report on Form 10-K.

Contact:

L Brands:
Investor Relations:
Amie Preston
(614) 415-6704
apreston@lb.com

Media Relations:
Tammy Roberts Myers
(614) 415-7072
communications@lb.com

Source: L Brands Inc

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The Children’s Place declares quarterly dividend

SECAUCUS, N.J., 2016-Aug-19 — /EPR Retail News/ — The Children’s Place, Inc. (Nasdaq:PLCE),the largest pure-play children’s specialty apparel retailer in North America, today announced that its Board of Directors has declared a quarterly dividend.

Jane Elfers, President and Chief Executive Officer, commented, “The continuation of the quarterly dividend is a further reflection of our confidence in our ability to execute on our strategic initiatives and our continuing commitment to return excess capital to shareholders. The Children’s Place has a profitable business model which generates strong cash flow. Since 2009, we have returned over $710 million to shareholders through dividends and share repurchases,” concluded Ms. Elfers.

The Board declared a quarterly cash dividend of $0.20 per share to be paid October 6, 2016 to shareholders of record at the close of business on September 16, 2016.  Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s future financial performance and other investment priorities.

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 July 30, 2016, the Company operated 1,064 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 123 international points of distribution open and operated by its 6 franchise partners in 16 countries.

Forward Looking Statements
This press release contains 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 30, 2016. 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.

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

Source: The Children’s Place, Inc.

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Lowe’s reports of 3.7 percent net earning increase for quarter ended July 29, 2016 from same period last year

MOORESVILLE, N.C., 2016-Aug-18 — /EPR Retail News/ — Lowe’s Companies, Inc. (NYSE: LOW) today reported net earnings of $1.2 billion for the quarter ended July 29, 2016, a 3.7 percent increase over the same period a year ago. Diluted earnings per share increased 9.2 percent to $1.31 from $1.20 in the second quarter of 2015. For the six months ended July 29, 2016, net earnings increased 14.0 percent from the same period a year ago to $2.1 billion, and diluted earnings per share increased 20.5 percent to $2.29.

The second quarter results include a loss on a foreign currency hedge entered into in advance of the company’s acquisition of RONA, inc. (RONA), which decreased pre-tax earnings for the second quarter by $84 million and diluted earnings per share by $0.06.  The six month period includes a net gain on the settlement of the foreign currency hedge, which increased pre-tax earnings by $76 million and diluted earnings per share by $0.05.

Sales for the second quarter increased 5.3 percent to $18.3 billion from $17.3 billion in the second quarter of 2015, and comparable sales increased 2.0 percent. For the six month period, sales were $33.5 billion, a 6.4 percent increase over the same period a year ago, and comparable sales increased 4.4 percent. Comparable sales for the U.S. home improvement business increased 1.9 percent for the second quarter and 4.4 percent for the six month period.

“We delivered solid results for the first half of the year, in line with our expectations,” commented Robert A. Niblock, Lowe’s chairman, president and CEO. “We believe we are well positioned to capitalize on a favorable macroeconomic backdrop for home improvement in the second half of this year as we continue to execute on our strategic priorities to provide better omni-channel experiences, deepen our relationships with professional customers, and drive productivity and profitability.

“I would like to express my appreciation for our employees’ unwavering commitment to serving customers, enabling us to provide inspiration and support whenever and wherever they shop and positioning Lowe’s as the project authority in our industry,” Niblock added.  “We are also very pleased to welcome RONA’s talented team into the Lowe’s family following the completion of the acquisition on May 20, 2016.”

Delivering on its commitment to return excess cash to shareholders, the company repurchased $1.2 billion of stock under its share repurchase program and paid $251 million in dividends in the second quarter. For the six month period, the company repurchased $2.4 billion of stock under its share repurchase program and paid $506 million in dividends.

As of July 29, 2016, Lowe’s operated 2,108 home improvement and hardware stores in the United States, Canada and Mexico representing 211.9 million square feet of retail selling space.

A conference call to discuss second quarter 2016 operating results is scheduled for today (Wednesday, August 17) at 9:00 am ET.  The conference call will be available by webcast and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s Second Quarter 2016 Earnings Conference Call Webcast.  Supplemental slides will be available fifteen minutes prior to the start of the conference call. A replay of the call will be archived on Lowes.com/investor until November 15, 2016.

Lowe’s Business Outlook

The company is updating its Fiscal Year 2016 Business Outlook to reflect the impact of the acquisition of RONA, which was completed in May 2016.  There have been no other changes to the Business Outlook presented below.

Fiscal Year 2016 — a 53-week Year (comparisons to fiscal year 2015 — a 52-week year; based on U.S. GAAP unless otherwise noted)

  • Total sales are expected to increase approximately 10 percent, including the 53rd week
  • The 53rd week is expected to increase total sales by approximately 1.5 percent
  • Comparable sales are expected to increase approximately 4 percent
  • The company expects to add approximately 45 home improvement and hardware stores.
  • Earnings before interest and taxes as a percentage of sales (operating margin) are expected to increase approximately 50 basis points.1
  • The effective income tax rate is expected to be approximately 38.1%.
  • Diluted earnings per share of approximately $4.06 are expected for the fiscal year ending February 3, 2017.

1 Operating margin growth excludes the net gain on the settlement of the foreign currency hedge entered into in advance of the company’s acquisition of RONA, as well as the impact of the non-cash impairment charge the company recognized in the fourth quarter of 2015 in connection with its decision to exit its joint venture with Woolworths Limited in Australia.

Cautionary Note Regarding Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as “believe”, “expect”, “anticipate”, “plan”, “desire”, “project”, “estimate”, “intend”, “will”, “should”, “could”, “would”, “may”, “strategy”, “potential”, “opportunity” and similar expressions are forward-looking statements. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties.  Forward-looking statements include, but are not limited to, statements about future financial and operating results, Lowe’s plans, objectives, expectations and intentions, expectations for sales growth, comparable sales, earnings and performance, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for services, share repurchases, Lowe’s strategic initiatives, including those regarding the acquisition by Lowe’s Companies, Inc. of RONA, inc. and the expected impact of the transaction on Lowe’s strategic and operational plans and financial results, and any statement of an assumption underlying any of the foregoing and other statements that are not historical facts.  Although we believe that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, we can give no assurance that such statements will prove to be correct. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as the rate of unemployment, interest rate and currency fluctuations, fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability of consumer credit and of mortgage financing, inflation or deflation of commodity prices, and other factors that can negatively affect our customers, as well as our ability to: (i) respond to adverse trends in the housing industry, such as a demographic shift from single family to multi-family housing, a reduced rate of growth in household formation, and slower rates of growth in housing renovation and repair activity, as well as uneven recovery in commercial building activity; (ii) secure, develop, and otherwise implement new technologies and processes necessary to realize the benefits of our strategic initiatives focused on omni-channel sales and marketing presence and enhance our efficiency; (iii) attract, train, and retain highly-qualified associates; (iv) manage our business effectively as we adapt our traditional operating model to meet the changing expectations of our customers; (v) maintain, improve, upgrade and protect our critical information systems from data security breaches and other cyber threats; (vi) respond to fluctuations in the prices and availability of services, supplies, and products; (vii) respond to the growth and impact of competition; (viii) address changes in existing or new laws or regulations that affect consumer credit, employment/labor, trade, product safety, transportation/logistics, energy costs, health care, tax or environmental issues; (ix) positively and effectively manage our public image and reputation and respond appropriately to unanticipated failures to maintain a high level of product and service quality that could result in a negative impact on customer confidence and adversely affect sales; and (x) effectively manage our relationships with selected suppliers of brand name products and key vendors and service providers, including third party installers. In addition, we could experience additional impairment losses if either the actual results of our operating stores are not consistent with the assumptions and judgments we have made in estimating future cash flows and determining asset fair values, or we are required to reduce the carrying amount of our investment in certain unconsolidated entities that are accounted for under the equity method. With respect to the acquisition of RONA, potential risks include the effect of the transaction on Lowe’s and RONA’s strategic relationships, operating results and businesses generally; our ability to integrate personnel, labor models, financial, IT and others systems successfully; disruption of our ongoing business and distraction of management; hiring additional management and other critical personnel; increasing the scope geographic diversity and complexity of our operations; significant transaction costs or unknown liabilities; and failure to realize the expected benefits of the transaction. For more information about these and other risks and uncertainties that we are exposed to, you should read the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” included in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and the description of material changes thereto, if any, included in our Quarterly Reports on Form 10-Q or subsequent filings with the SEC.

The forward-looking statements contained in this news release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this release or other specified date and speak only as of such date. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf about any of the matters covered in this release are qualified by these cautionary statements and in the “Risk Factors” included in our most recent Annual Report on Form 10-K and the description of material changes thereto, if any, included in our Quarterly Reports on Form 10-Q or subsequent filings with the SEC. We expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, change in circumstances, future events, or otherwise.

Lowe’s Companies, Inc.

Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving more than 17 million customers a week in the United States, Canada and Mexico. With fiscal year 2015 sales of $59.1 billion, Lowe’s and its related businesses operate or service more than 2,355 home improvement and hardware stores and employ over 285,000 employees. Founded in 1946 and based in Mooresville, N.C., Lowe’s supports the communities it serves through programs that focus on K-12 public education and community improvement projects. For more information, visit Lowes.com.

If you’re a journalist working on a story about Lowe’s:
704-758-2917
PublicRelations@lowes.com

SOURCE: Lowe’s