HBC announces its 3Q FY2016 financial results

  • Consolidated retail sales increased 28.6% to $3.3 billion from $2.6 billion a year ago
  • Digital sales at Legacy HBC grew 12.9% on a constant currency comparable basis
  • Inventory levels on a comparable basis declined approximately 2% from a year ago as a result of the Company’s disciplined focus on this area
  • Adjusted EBITDAR decreased 1.4% to $276 million
  • Net Loss of $125 million; The current quarter included $3 million in net dilution gains related to the joint ventures compared to $91 million a year ago, which contributed to net earnings of $7 millionin that period

TORONTO & NEW YORK & COLOGNE, Germany, 2016-Dec-07 — /EPR Retail News/ — Hudson’s Bay Company (“HBC” or the “Company”) (TSX: HBC) today (December 5, 2016) announced its third quarter financial results for the thirteen and thirty-nine week periods ended October 29, 2016. Unless otherwise indicated, all amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted, normalized, comparable and/or constant currency basis, are non-IFRS financial measures (for more information please refer to the “Supplemental Information” section of this press release and the reconciliation tables further below).

“During the third quarter we continued to execute our all channel strategy in the face of a retail environment where there were challenges in the women’s apparel, department store and luxury segments. To address this we are continuing to move aggressively, making specific improvements both in our digital and brick and mortar operations that will allow us to better serve our customers. During the quarter we finished installing our world class robotic fulfillment system in Canada, and are already leveraging this technology at Hudson’s Bay during the busy holiday season. We are also excited about our progress in Europe. In the Netherlands, we are executing our organic growth strategy, and in November we completed our first major renovation in Germany at our GALERIA Kaufhof store in Düsseldorf. During the quarter, we took advantage of a favourable lending environment to reprice our term loan which will reduce our interest costs going forward. We believe our world class real estate portfolio, which is less affected by near term retail trends, continues to provide substantial value to the Company,” stated Richard Baker, HBC’s Governor and Executive Chairman.

Jerry Storch, HBC’s Chief Executive Officer, added, “Sales were challenging in the third quarter but we believe our all channel strategy is the right long-term strategy for generating profitable growth. We continue to focus on delighting our customers and building a digital and brick and mortar platform that will allow them to shop whenever, wherever and however they choose. Many of our initiatives revolve around finding new ways to wow our customers and offering tailored, exclusive product, which we expect will drive sales across all of our banners. While we have made considerable progress on increasing efficiencies during the last year, we believe that there are further areas for improvement and we will continue to evaluate our options. We remained focused on inventory management during the quarter and despite lower than expected sales, driven by challenges in some of our markets, comparable inventory levels decreased by approximately 2% from the prior year. We believe we are well positioned for and excited about the current holiday season and remain focused on executing our all channel strategy across our banners and geographies.”

Plans to Drive Sales Growth

Hudson’s Bay and Lord & Taylor are focused on strengthening outperforming categories such as dresses and active wear. Additionally, Hudson’s Bay is optimizing its Home Goods business while better utilizing existing space through the addition of new categories such as toys. Both banners will continue to emphasize top-performing brands and products that are “Exclusively Ours”. For the holiday season, Hudson’s Bay and Lord & Taylor look to deliver strong key items at tremendous values and the introduction of an all-door gift giving program is expected to drive incremental sales. Both banners are also increasing their focus on the fast-growing mobile segment of the digital market.

Saks Fifth Avenue is very focused on sourcing exclusive and limited distribution product in order to differentiate its offerings. In conjunction with this, SaksFirst, the Saks Fifth Avenue customer loyalty program, is dedicating its service towards driving loyalty among emerging customers and creating one-of-a-kind experiences for existing members. For the holiday season, Saks Fifth Avenue is also proud to introduce a new gift concierge service which will offer dedicated gift concierges to assist customers with all of their gift-giving needs, including gift-wrapping, shipping, delivery, or simply finding that perfect holiday gift. Along with these initiatives, Saks Fifth Avenue is equipping all of its sales associates with tools that allow them to market themselves locally and take greater control over their success.

GALERIA Kaufhof is continuing its renovation program to modernize its selling space and introduce new and exciting brands. For example, Topshop recently opened its first German location at the Berlin store on Alexanderplatz. While renovations at key stores have negatively impacted current sales, these initiatives are expected to drive long-term sales growth and modernize the shopping experience throughout the banner. In addition to the ongoing renovations, GALERIA Kaufhof is investing in digital platforms as it works towards creating a best-in-class all channel offering. Digital sales are currently a small portion of the banner’s overall sales and GALERIA Kaufhof believes that there is significant opportunity to grow sales in this channel.

HBC’s Off Price banners are refocusing on their core strategy: offering high end brands at everyday value. While Saks OFF 5TH attempted to broaden its appeal by offering a wider selection of price points, the banner’s ability to provide high end, sought after products is a major differentiating factor for Saks OFF 5TH as compared to other off priced retailers. Saks OFF 5TH is in the process of re-merchandising its product mix to have a higher concentration of products at the top end of Saks OFF 5TH’s offering range, which is expected to drive increased traffic and conversion as well as a higher overall basket size. In addition, Saks OFF 5TH introduced a revised pricing strategy which was fully implemented by the end of the third quarter in the prior year. This revised strategy substantially reduced promotional activity and focused on offering great value on an everyday basis. The revised pricing strategy is expected to drive increased margin by offering customers a clearer value proposition. Gilt recently unveiled holiday offerings that feature entire outfits curated from its selection of unique brands, and is expanding its concierge program to provide personalized service to top customers. Heading into next year, Gilt expects to expand its brand partnerships to include new up and coming brands in addition to securing exclusive launches and collaborations.

Third Quarter Summary

All comparative figures below are for the thirteen week period ended October 29, 2016 compared to the thirteen week period ended October 31, 2015. DSG refers, collectively, to the Lord & Taylor, Hudson’s Bay and Home Outfitters banners. HBC Europe refers, collectively, to GALERIA Kaufhof, Galeria INNO and Sportarena banners. HBC Off Price refers, collectively, to the Saks Fifth Avenue OFF 5TH (“Saks OFF 5TH”) and Gilt banners. Legacy HBC refers to the Company as structured prior to the acquisition of HBC Europe and Gilt.

Consolidated retail sales were $3,300 million, an increase of 28.6% from the prior year, primarily as a result of the addition of HBC Europe and Gilt offset by a decrease in comparable sales of 4.0%. On a constant currency basis, comparable sales declined by 2.4% at DSG, 2.2% at HBC Europe, 8.4% at HBC Off Price and 4.6% at Saks Fifth Avenue, resulting in a total comparable sales decline of 3.6%. Total digital sales increased by 73.0% from the prior year, with total digital comparable sales increasing by 5.4% on a constant currency basis. Total digital comparable sales at Legacy HBC increased 12.9% on a constant currency basis.

For HBC overall, gross profit rate as a percentage of retail sales was maintained at 42.2% compared to the prior year.

Over the last several quarters, HBC has grown dramatically through the acquisition of GALERIA Kaufhof, Gilt, and the creation of the respective joint ventures with RioCan Real Estate Investment Trust and Simon Property Group (collectively the “Joint Ventures”). Until the Company begins to anniversary these transactions, SG&A expenses will not be directly comparable to previous periods.

SG&A expenses were $1,342 million compared to $1,012 million in the prior year. This increase reflects the additions of HBC Europe, Gilt and the Joint Ventures. Normalized SG&A expenses were $1,284 million or 38.9% of retail sales, compared to 35.3% in the prior year. This rate increase was primarily driven by increased net rent expenses incurred in connection with the Joint Ventures, lower than expected comparable sales, and the inclusion of HBC Europe, which operates at a higher SG&A rate, for the full quarter.

Adjusted EBITDAR was $276 million, a decrease of 1.4% compared to $280 million in the prior year. This decrease should be viewed in relation to the 52.2% increase in Adjusted EBITDAR reported in the prior year. The decline in the current quarter was driven primarily by lower comparable sales, offset by the addition of HBC Europe for part of the quarter.

Adjusted EBITDA was $89 million, a decrease of $81 million compared to $170 million in the prior year. The Joint Ventures had a $60 million impact on Adjusted EBITDA compared to an $18 million impact in the prior year. Adjusting for this $42 million increase, the decline would have been 22.9%. This decline is relative to an Adjusted EBITDA increase of 44.1% in the prior year.

Commencing with the fourth quarter, the Company expects that its results will be more comparable as it anniversaries the increase in Joint Venture rent expenses associated with the contribution of its European properties and the sales of part of its equity in the HBS Joint Venture to third party investors. These Joint Venture rent expenses are essentially flat over the course of the year, while the retail business is seasonal, with sales and earnings weighted towards the back of the fiscal year.

Finance costs were $48 million compared to $29 million in the prior year. Of the $19 million increase, $8 million was due to the change in non-cash finance income generated from mark to market adjustments associated with the valuation of outstanding common share purchase warrants, and $6 million was related to higher interest expense associated with finance leases and pension liabilities acquired as part of the GALERIA Kaufhof transaction. Interest paid in cash was $41 million compared to $36 million in the prior year.

Net loss was $125 million compared to net earnings of $7 million in the prior year. Prior year earnings included a net gain of $91 million related to the dilution gains from investments in the Joint Ventures, compared to $3 million in the current year. Normalized Net Loss was $102 million compared to a loss of $1 million in the prior year. This increase in loss is primarily a result of increased rent expenses to the Joint Ventures and third parties, higher depreciation and amortization expenses, lower comparable sales and increased finance costs.

Year-to-Date Summary

All comparative figures below are for the thirty-nine week period ended October 29, 2016 compared to the thirty-nine week period ended October 31, 2015.

Consolidated retail sales were $9,855 million, an increase of 47.6% from the prior year, primarily as a result of the addition of HBC Europe and Gilt as well as an increase in comparable sales of 0.7%. On a constant currency basis, comparable sales grew 0.2% at DSG, offset by declines of 0.9% at HBC Europe, 8.0% at HBC Off Price and 4.0% at Saks Fifth Avenue, resulting in a total comparable sales decline of 2.0%. Total digital sales increased by 81.8% from the prior year, with total digital comparable sales increasing by 5.5% on a constant currency basis. Total digital comparable sales at Legacy HBC increased 13.0% on a constant currency basis.

For HBC overall, gross profit rate as a percentage of retail sales was 41.9%, an increase of 80 basis points from the prior year. This increase was primarily related to the addition of HBC Europe, which operates at relatively higher gross margin and SG&A rates.

SG&A expenses were $4,023 million compared to $2,567 million in the prior year, primarily as a result of the addition of HBC Europe, Gilt, and the Joint Ventures. Normalized SG&A expenses were $3,833 million or 38.9% of retail sales, compared to 36.1% in the prior year. This rate increase was primarily driven by the inclusion of HBC Europe, as well as net rent expense incurred in connection with the Joint Ventures.

Adjusted EBITDAR was $789 million, an increase of 37.5% compared to $574 million in the prior year, primarily as a result of the addition of HBC Europe. This increase follows an Adjusted EBITDAR increase of 22.1% in the prior year.

Adjusted EBITDA was $232 million, compared to $326 million in the prior year. The Joint Ventures had a $182 million impact on Adjusted EBITDA during the first three quarters of this fiscal year, compared to a $19 millionimpact in the prior year.

Commencing with the fourth quarter, the Company expects that its results will be more comparable as it anniversaries the increase in Joint Venture rent expenses associated with the contribution of its European properties and the sales of part of its equity in the HBS Joint Venture to third party investors. These Joint Venture rent expenses are essentially flat over the course of the year, while the retail business is seasonal, with sales and earnings weighted towards the back of the fiscal year.

Finance costs were $149 million compared to $128 million in the prior year. The majority of this increase is related to higher interest expense related to the Company’s finance leases and pension and employee liabilities acquired as part of the GALERIA Kaufhof transaction, as well an increase in short term borrowing interest expense. Interest paid in cash was $127 million, a $20 million increase over the prior year.

Net loss was $364 million compared to net earnings of $17 million in the prior year. Prior year earnings include total gains of $198 million related to the Joint Ventures, compared to $41 million in the current year. Normalized Net Loss was $315 million compared to a loss of $90 million in the prior year, primarily as a result of the creation of the Joint Ventures and the additional net rent expense associated with these entities, which are spread evenly over the course of the year, and increased depreciation and amortization expense.

Inventory

Inventory at the end of the third quarter increased by $217 million compared to the prior year. This increase was driven by the acquisition of Gilt, the opening of new Saks Fifth Avenue and Saks OFF 5TH stores and foreign exchange movements. During the quarter there was a heightened focus on inventory and as a result, on a comparable basis, inventory levels decreased by approximately 2% compared to the prior year.

Store Network

During the third quarter, the Company opened five Saks OFF 5TH stores in Canada, which are located in Toronto, Ontario; Ottawa, Ontario; Vancouver, British Columbia; Calgary, Alberta and Edmonton, Alberta. In the U.S., the Company opened two Saks Fifth Avenue stores located in New York, New York and Honolulu, Hawaii, as well as 12 Saks OFF 5TH stores, which are located in Woodland Hills, California; Frisco, Texas; Fairfax, Virginia; Palm Desert, California; Springfield, Virginia; Washington, DC; Pittsburgh, Pennsylvania; Brooklyn, New York; Naples, Florida;Scottsdale, Arizona; Rockville, Maryland and Clarksburg, Maryland. The Company closed two Saks Fifth Avenuestores in Short Hills, New Jersey and Fort Myers, Florida, one Saks OFF 5TH store in Schaumburg, Illinois and three Home Outfitters stores in Ottawa, Ontario; Nepean, Ontario and Montreal, Quebec.

INVESTOR RELATIONS:
Hudson’s Bay Company:
Kathleen de Guzman
646-802-7070
kathleen.deguzman@hbc.com

Elliot Grundmanis
416-256-6732
elliot.grundmanis@hbc.com

MEDIA CONTACTS:
Hudson’s Bay Company:
Andrew Blecher
646-802-4030
Andrew.blecher@hbc.com

Source: Hudson’s Bay Company

DAVIDsTEA Inc. to announce its 3Q FY2016 financial results on Thursday, December 8, 2016

MONTREAL, 2016-Nov-25 — /EPR Retail News/ — DAVIDsTEA Inc. (Nasdaq:DTEA) today (Nov. 23, 2016) announced that its financial results for the third quarter fiscal 2016 will be released after market close on Thursday, December 8, 2016.  The Company will host a conference call at 4:30 p.m. Eastern Time that day to discuss the financial results.

The earnings conference call will be broadcast on the Company’s website at http://www.davidstea.com, in the “investor relations” section. Online archive of the webcast will be available within two hours of the conclusion of the event and will remain available for one year.

About DAVIDsTEA Inc.
DAVIDsTEA is a fast-growing retailer of specialty tea, offering a differentiated selection of proprietary loose-leaf teas, pre-packaged teas, tea sachets and tea-related gifts, accessories and food and beverages, primarily through 208 company-operated DAVIDsTEA stores throughout Canada and the United States as of July 30, 2016, and its website, davidstea.com. The Company is headquartered in Montréal, Canada.

Investor Contact:

ICR, Inc.
Farah Soi/Rachel Schacter
203-682-8200
investors@davidstea.com

Source: DAVIDsTEA/globenewswire

Popeyes Louisiana Kitchen, Inc. announces 3Q FY2016 financial results

ATLANTA, 2016-Nov-10 — /EPR Retail News/ — Popeyes Louisiana Kitchen, Inc. (NASDAQ: PLKI), the franchisor and operator of Popeyes® restaurants, today (November 9, 2016) reported results for its fiscal third quarter of 2016, which ended October 2, 2016. The Company also reaffirmed same-store sales guidance and updated earnings guidance for fiscal 2016.

“We are pleased to report strong progress for the quarter” said Cheryl Bachelder, Popeyes Chief Executive Officer. “We generated global same store sales of 1.8%, opened 25 net new global restaurants and announced the refranchising of the Indianapolis company-operated market. We continue to expand our brand which has led to the achievement of another record high market share of 26.9%. We are firmly on the path of achieving our long term bold growth goals and we are creating value for our franchisees and shareholders.”

Third Quarter 2016 Highlights

  • Total revenues increased 4.7% to $64.0 million, compared to $61.1 million in the third quarter of 2015. The $2.9 million increase in revenues was primarily due to a $2.6 million increase in franchise royalties, a $0.7 million increase in sales by Company-operated restaurants partially offset by a $0.4 million decrease in franchise fees. The increase in franchise royalties was driven by net unit growth and positive same store sales.
  • Reported net income was $10.4 million, or $0.49 per diluted share, compared to $10.6 million, or $0.46 per diluted share in the third quarter of 2015. Reported net income includes $3.7 million of asset impairment expenses related to Company-operated restaurants and restaurants leased to franchisees. Excluding the impacts of the asset impairments and other non-operating items, adjusted earnings per diluted share(1) was $0.59 in the third quarter of 2016 compared to $0.47 in the third quarter of 2015, representing an increase of 25.5%.
  • Total system-wide sales increased by 8.3% in the third quarter of 2016 compared to the same period last year as a result of net new unit growth and positive same-store sales performance.
  • Global same-store sales increased 1.8% in the third quarter of 2016 compared to a 6.0% increase in the third quarter of 2015, marking the 26th quarter of positive global same-store sales.
  • Total domestic same-store sales increased 1.5%, compared to a 5.6% increase in the third quarter of 2015. Popeyes increased its domestic market share of the chicken-QSR category to a record high 26.9%, compared to 26.0% in the third quarter of 2015.
  • International same-store sales increased 3.7%, compared to a 9.1% increase in the third quarter of 2015, marking the 27th consecutive quarter of positive international same-store sales growth.
  • The Popeyes system opened 40 restaurants, which included 24 domestic and 16 international restaurants, compared to 47 total openings in the same period of last year. Net new restaurant openings were 25, compared to 39 net new restaurant openings in the same period last year.
  • As of the end of the third quarter, the Company operated and franchised 2,631 restaurants, compared to 2,475 at the end of the third quarter in 2015, representing net new unit growth of 6.3% over the last twelve months.
  • Sales by Company-operated restaurants were $26.1 million in the third quarter compared to $25.4 million in the same period last year. Company-operated restaurant operating profit(1) was $5.0 million, or 19.2% of sales, compared to $4.9 million, or 19.3% of sales, in the same period last year. The increase in Company-operated restaurant operating profit was primarily due to higher sales and lower chicken and grocery basket costs partially offset by higher labor costs.
  • Operating EBITDA(1) was $23.8 million, or 37.2% of total revenue, in the third quarter of 2016, compared to $20.3 million, or 33.2% of total revenue, in the same period last year. The $3.5 million increase in Operating EBITDA was primarily due to a $2.2 million increase in franchise royalties and fees, a $1.2 million decrease in general and administrative expenses, and a $0.1 million increase in Company-operated restaurant operating profit.
  • Through the first 40 weeks of fiscal 2016, free cash flow(1) was $43.0 million, compared to $37.0 million in the same period of 2015, a 16.2% increase.
  • The Company repurchased 537,957 shares of its common stock for $30.0 million in the third quarter.

(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.”

Fiscal 2016 Guidance:

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

  • Reported earnings per diluted share in the range of $2.00 to $2.05, compared to the previous guidance of $2.10 to $2.15. Excluding the impacts of asset impairments and other non-operating items, the Company maintains its adjusted earnings per diluted share range of $2.10 to $2.15, and now guides to the lower end of the adjusted earnings per share range.
  • General and administrative expenses in the range of $90 million to $92 million, approximately 2.8% of system-wide sales, compared to a previous range of 2.9% to 3.0% of system-wide sales.
  • Capital expenditures to be in the range of $15 million to $17 million from a previous range of $10 million to $15 million.
  • Share repurchases of approximately $100 million in outstanding shares from a previous range of $80 million to $120 million.

Conference Call

The Company will host a conference call and Internet webcast at 9:00 A.M. ET on November 10, 2016, to review third 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 84538166. The replay will be available until Thursday, November 24, 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 October 2, 2016, Popeyes had 2,631 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.

Investor inquiries:
Anita Booe
404-459-4665
Director, Investor Relations
anita.booe@popeyes.com

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

Source: Popeyes Louisiana Kitchen, Inc.

Nordstrom to hold 3Q FY2016 financial results conference call on Thursday, November 10, 2016

SEATTLE, 2016-Oct-30 — /EPR Retail News/ — Nordstrom, Inc. (NYSE:JWN) announced today (Oct. 27, 2016) that it will report its third quarter 2016 financial results after the close of the financial markets on Thursday, November 10, 2016. The announcement will be followed by a conference call at 4:45 p.m. Eastern Standard Time, in which senior management will comment on the company’s third quarter financial results and 2016 outlook. The 45-minute conference call will be available by telephone and audio webcast. Located within the Quarterly Earnings section of the company’s website will be the slides referenced during the conference call. After the conference call the speakers’ prepared remarks will be available in the Quarterly Earnings section.

To listen to the LIVE conference call on November 10, 2016, at 4:45 p.m. EST:
— Dial (201) 689-8354
— Access the audio webcast and slides at investor.nordstrom.com.

To listen to the REPLAY:
— A telephone playback will be available at (877) 660-6853 or (201) 612-7415, enter Conference ID 13648454, beginning approximately three hours after the live conference call through the close of business on November 17, 2016.
— An audio webcast and slides will be available at investor.nordstrom.com in the Quarterly Earnings section, where it will be archived and available for at least one year.

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 348 stores in 40 states, including 123 full-line stores in the United States, Canada and Puerto Rico; 215 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores. 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 six clubhouses. Nordstrom, Inc.’s common stock is publicly traded on the NYSEunder the symbol JWN.

Investors Contact:
Trina Schurman
206-303-6503

Media Contact:
Tara Darrow
206-303-3016

Source: Nordstrom, Inc.

SpartanNash TO announce its 3Q FY2016 financial results on Wednesday, November 9, 2016

Byron Center, MI, 2016-Oct-28 — /EPR Retail News/ — SpartanNash Company (the “Company”) (Nasdaq: SPTN) will announce its third quarter fiscal year 2016 financial results after the stock market close on Wednesday, November 9, 2016.

The Company will host a conference call to discuss these results with additional comments and details on Thursday, November 10, 2016 at 9:00 a.m. ET. The call will be broadcast live over the Internet hosted at SpartanNash’s website at www.spartannash.com/webcasts under the “Investor Relations” section and 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 of grocery products to military commissaries in the United States. 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 159 supermarkets, primarily under the banners of Family Fare Supermarkets, Family Fresh Markets, D&W Fresh Markets, and Sun Mart.

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

Al Meera Group announces 3Q FY2016 financial results

Al Meera Group announces 3Q FY2016 financial results
Al Meera Group announces 3Q FY2016 financial results

 

QATAR, 2016-Oct-28 — /EPR Retail News/ — Al Meera Group gross profit increased 6.2% (QAR 18.4 million), from QAR 295.5 million to QAR 313.9 million. Meanwhile, Group gross shops rental income increased 49.6%, from QAR 35.6 million to QAR 53.3 million, compared to the same period last year.

Dr. Mohammed Nasser Al Qahtani, Al Meera Deputy Chief Executive Officer said:
“For the third quarter of 2016, Al Meera’s Group sales increased 7.2% (QAR 129.2 million), from QAR 1,805.0 million to QAR 1,934.2 million, compared to the same period last year. Al Meera’s Group operating income increased 9.4%, from QAR 349.6 million to QAR 382.6 million, compared to the same period last year.”

Al Meera’s financial results for 2016’s third quarter reflect the Company’s sound policies, high standards of service, and the continued progress achieved in its medium and long term expansion plans, including the recent soft opening of its 4,239 m2 Bu Sidra branch; the first of five new shopping centers set to open their doors to consumers in succession in the soon future, adding a total of 9,709 m2 Supermarket Area to Al Meera’s presence in Qatar.

Al Qahtani continued:
“Guided by a clear vision, a passion for excellence, and a growth strategy that is perfectly aligned with the country’s National Vision and its urbanization plans, Al Meera has successfully concluded yet another successful quarter that boasts strong financial results, growth figures, and Key Performance Indicators. 2016’s Q3 results propels us to continue our march of progress, and spare no effort in bringing our future expansion plans to fruition and Al Meera’s upcoming shopping centers to new neighborhoods across Qatar’s various regions, with an unmatched, totally revamped shopping experience designed to take our household brand and the retail market in the country to greater new heights.”

Earlier this month, the Company announced that it is in the final stages of preparations for four of the Company’s upcoming stores in North Sailiya (Al Miarad), Al Wakra (East), Um Salal Ali, and Leaibab 2, on a covered area of 4,000 m2, 2,667 m2, 4,014 m2 and 5,093 m2 respectively, in addition to the recently launched Bu Sidra branch. Each center will feature a supermarket equipped with world-class technologies and facilities, a huge parking space, and a diversity of shops and restaurants and other stores, further fulfilling the Company’s vision of becoming consumers’ ‘Favourite Neighbourhood Retailer’.

With the upcoming stores reaching the finalization stage, the Supermarket Retail Chain is bringing progress to 11 out of the ‘14 shopping centers’ expansion plan that Al Meera announced last year.

Contact:

Tel: 40119111/40119112
Fax: +974 40119186
Email: admin@almeera.com.qa

Source: Al Meera

###