Home Accents Today Staff -- Home Accents Today, October 19, 2009
Tuesday Morning Expects 1Q Loss
Declines in sales and store traffic during the first quarter will result in a loss for the period, Tuesday Morning reported.
The company now forecasts a loss per share of 11 cents to 13 cents for the period ended Sept. 30. In the year-ago quarter, the retailer posted a loss of 10 cents per share.
Sales for the first quarter fell 4.3% to $165.9 million, while comps declined 5.8%. Traffic was down by 1.7% decrease and average ticket declined by 4.1%.
Target Opens 26 New Units
Target earlier this month opened 26 new units located around the country, from Alaska to Florida, including five full-grocery SuperTarget stores and 21 general merchandise stores — 18 of which will feature a new 135,000-square-foot format with an expanded food options.
The general merchandise locations are in Anchorage, Alaska, and DeKalb, Ill. General merchandise sites featuring the expanded food selection include: Blue Springs, Mo.; Sioux Falls, S.D.; Portland NE, Ore.; Wauwatosa, Wis.; Brea, Calif.; Henderson SW, Nev.; four sites in California – Bakersfield West, Culver City, Rancho Cordova, and Sunnyvale (which opens Nov. 15); West Palm Beach, Fla.; D'Iberville, Miss.; Kyle, Texas; Middletown and St. Matthews, Ky.; Springfield West, Pa.; and Hanover and Lowell, Mass.
The new SuperTarget units are in: Highlands Ranch, Colo.; Tucson North, Ariz.; Hoover West, Ala.; Mesquite, Texas; and Tulsa South, Okla.
Home Outfitters to Produce Linens 'n Things Product for Canada
Linens 'n Things, a trademark owned by Hilco and Gordon Brothers, has signed a long-term license agreement with Home Outfitters under which the Canadian home specialty retailer will product LNT branded goods for its stores.
The deal includes bed, bath, home décor and seasonal products. Linens 'n Things merchandise will roll out at all 69 Home Outfitter stores in spring 2010. The license will run through 2016 and is expected to generate more than $100 million in retail sales in the time.
Lowe's Receives Green Awards
Home improvement chain Lowe's has earned two more top honors this year available to retailers in its partnerships with the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE).
The EPA honored Lowe's with the 2009 “WaterSense Retail Partner of the Year” award and the 2009 “SmartWay Transport Partnership Environmental Excellence” award.
These awards come on the heels of the 2009 “Energy Star” Retail Partner of the Year award that Lowe's received in March.
“To be the first retailer to simultaneously hold these three awards honors our leadership role in empowering consumers to make choices that are good for their homes, their wallets and the environment,” said Nick Canter, evp, merchandising.